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hunser

Mar 4, 2015 2:04 PM

NEW YORK | 335 Madison Ave | FT | FLOORS

New tallest?

http://www.crainsnewyork.com/article...r-in-the-works

New Milstein tower in the works

Quote:

A new spire is slated for the Vanderbilt Avenue corridor near Grand Central Terminal, and it's not SL Green Realty Corp.'s controversial 1 Vanderbilt. Developer Howard Milstein plans to develop and design a much larger new tower at 335 Madison Ave., according to the New York Post.

The existing 1.1 million-square-foot office tower was actually built in 1984 by Mr. Milstein, who redeveloped the 1913-era Biltmore Hotel that his family razed before preservationists could protest. The proposed new tower will likely include a luxury hotel.

scalziand

Mar 4, 2015 2:28 PM

Not exactly the type of tower that was expected to be replaced by the rezoning, as its only 30 years old.

hunser

Mar 4, 2015 2:40 PM

http://nypost.com/2015/03/03/vanderb...ive-new-tower/

Vanderbilt corridor set for massive new tower

By Lois Weiss

Quote:

The Vanderbilt corridor may be getting a new tower on a site no one expected to be redeveloped so fast.

Shrewd Howard Milstein is now focusing on designing and developing a completely new modern tower at 335 Madison Ave. that would take advantage of the new Vanderbilt corridor zoning boost, The Post has learned.

To those of you who can’t make heads or tails out of taking down a 1.1 million square-foot tower from 1984 for a slightly larger one, think again.

Some sources have indicated that Milstein, harkening back to its location and history, would like to include a “high end” hotel as part of the new plans.

The 1984 tower was actually a stealthy redevelopment of the 1913-era Biltmore Hotel that the Milstein family started razing before preservationists could react.
[...]
To make his dream development happen, Milstein may try to tie up most, if not all, of the 1,224,109 million square feet of transferable development rights (TDRs) held by Andrew Penson through his ownership of Grand Central Terminal.

Penson did not return a request for comment but is known to be seething that the city allowed SL Green to use both its own TDRs and buy or create public amenities to get the other 540,000 feet “dirt cheap.”

CBRE’s uber broker, Steve Siegel, who was unaware of Milstein’s plans, said, “It’s a great site and next to SL Green’s building and will only get more valuable. It’s an incredible address.”
[...]

Zapatan

Mar 4, 2015 3:25 PM

damn NYC, you just don't stop do you?

NYguy

Mar 4, 2015 4:32 PM

Quote:

Originally Posted by scalziand (Post 6937041)

Not exactly the type of tower that was expected to be replaced by the rezoning, as its only 30 years old.

It's actually one of the sites that's getting a jumpstart on the midtown east rezoning due to it's location.

http://www.pbase.com/nyguy/image/156159101/original.jpg

Crawford

Mar 4, 2015 5:15 PM

I am not surprised, at all, that Milstein is moving ahead with this potential tower.

They have only been giving shorter-term leases on the property, so that signals that something is being planned. With all those adjacent Grand Central air rights, Milstein could build an enormous tower, easily rivaling One Vanderbilt.

I suspect that, 10-15 years from now, there will be a bunch of supertalls along Madison Ave. in Midtown.

TonyNYC

Mar 4, 2015 8:32 PM

Three Supertalls here would pretty cool. 1 Vanderbilt, 335 Madison Ave and possibly 347 Madison Ave if they can purchase 50 and 52 Vanderbilt or their air rights.

I'd be pissed off if they tear down the Roosevelt Hotel. The last of the grand Hotels that were at one time all over this area. The Biltmore, 335 Mad, was stripped down to it's frame by Milstein and reconfigured into an office building back in the '80's even though it was landmarked.

I'm sure everyone sees another opportunity for a supertall at the Roosevelt, but to me that's a mistake.. this isn't some nondescript post war building in the area.. it's the last of the grand hotels and should be left untouched.

While we're at it, the Commodore should be bought back to it's former glory and Trump smacked around a bit for what he did to that building.

NYguy

Mar 5, 2015 5:59 AM

The sites again along the Vanderbilt corridor that seek the early jump on midtown east rezoning.

While 1 Vanderbilt moves through the approvals process simultaneously, future towers will still need to move through the approvals process as the language is being written.

http://www.pbase.com/nyguy/image/159345369/original.jpg

http://www.pbase.com/nyguy/image/159345370/original.jpg

https://www.honestbuildings.com/buil...e#.VPfvXDTF-XE

https://cdn.honestbuildings.com/s3.h...b035f17ab6.JPG

In it's former life as a hotel...

http://www.nyc-architecture.com/IM-1...-GON041-02.jpg
http://www.nyc-architecture.com/GON/GON041.htm

http://www.postcardroundup.com/wp-co...-terminal2.jpg

Eidolon

Mar 9, 2015 5:50 PM

I tale a short break from SSP and meanwhile a bunch of new supertalls were announced or hinted at?!

:haha:

Hopefully the renders are released soon, I can't keep on waiting for this one in addition to all those new ShoP towers and 217 W 57th's official renders. With this tower, I believe it's something like 35 - 40 supertalls in various stages of construction, completion, prep and proposal in NYC.

:cheers:

chris08876

Mar 9, 2015 5:57 PM

^^^^

Yes sir. 33 to be exact. 7 Completed, 4 under construction, 7 currently having site preparation and expected to rise in the months coming, 1 on hold (wtc2), and 15 more in the pipeline.

Its an unprecedented era. :slob:

In terms of 200m +, if all goes well, the city will literally add a calculated value of 109.67 % of the current existing 200m + stock to its resume. :worship:

scalziand

Mar 9, 2015 9:04 PM

Quote:

Originally Posted by scalziand (Post 6937041)

Not exactly the type of tower that was expected to be replaced by the rezoning, as its only 30 years old.

Quote:

Originally Posted by NYguy (Post 6938281)

In it's former life as a hotel...

http://www.nyc-architecture.com/IM-1...-GON041-02.jpg
http://www.nyc-architecture.com/GON/GON041.htm

I take that back, as I did not realize that this was a reclad.

NYguy

Mar 12, 2015 1:32 AM

http://rew-online.com/2015/03/11/van...something-big/

Vanderbilt rezoning the start of something big

MARCH 11, 2015
By Steven Spinola

Quote:

There’s been a lot of activity around Grand Central Terminal lately, and not just the usual hustle bustle of rush hour commuters.

Last month, at a City Planning Commission hearing, the proposed Vanderbilt Corridor Text Amendment and SL Green’s Special Permit Application for One Vanderbilt received strong support.

The Text Amendment would permit the five blocks (from 42nd Street to 47th Street) along the Vanderbilt Avenue to be redeveloped up to a 30 FAR, either through the purchase of air rights from a landmark or through an improvement in the public realm.

New developments in the Vanderbilt corridor would require a special permit and would go through a seven-month public review process.

The 1,500-foot One Vanderbilt tower, planned by SL Green, is being developed under this special permit process and is proceeding concurrently with the Text Amendment.

This transit network improvement that SL Green will undertake and be required to complete as a requirement for the additional floor area will make significant improvements to pedestrian circulation in Grand Central Terminal and the adjacent subway lines.

The important goal of the Vanderbilt Corridor Rezoning Text Amendment is to encourage modern commercial development along Vanderbilt Avenue, to create a mechanism to link new development to much needed infrastructure and public realm improvements in the Grand Central area, and to allow more flexibility for the transfer of unused landmark development rights.

We think the proposed rezoning will create opportunities to construct new landmarks that reflect modern ideals and set new standards in sustainability and design. The project is projected to create 5,200 construction jobs, 190 permanent union building service jobs, and approximately $50 million in annual tax revenues.

The SL Green One Vanderbilt tower, an approximately 1.8 million gross square foot mixed use office building with an enclosed public space at ground level, is exactly the type of dense, transit-oriented development that belongs immediately adjacent to Grand Central Terminal.

Designed with careful attention paid to the needs of modern tenants, One Vanderbilt will feature open and efficient floor plans and will be a LEED-certified, Class A building. SL Green will finance and facilitate the construction of all public improvements, including enhanced transit connectivity and new public spaces for an estimated $210 million.

SL Green has worked diligently with the Community Board and Borough President’s Office to further improve urban design elements that may impact public space.

As a result of this collaboration, the Manhattan Borough President Gale Brewer has supported the project at the Planning Commission hearing but was clear that there were still important changes that had to be made to the project, such as the inclusion of restrooms and benches in the transit hall, continued maintenance to the plaza by SL Green, doors to the building’s ground-floor retail section that open into the plaza, and more changes which reflect an emphasis not only on appealing to the workers in the One Vanderbilt building, but to the general public as well.

The Text Amendment and the One Vanderbilt Tower hearing at the City Planning Commission was very encouraging for the future of East Midtown.

We think these two actions will launch the revitalization of this section of East Midtown and pave the way for a rezoning of the greater Midtown East area. This project is currently being discussed by a Steering Committee comprised of major stakeholders, including REBNY, the Grand Central Partnership and the East Midtown Partnership and chaired by Manhattan Borough President Gale Brewer and City Council Member Dan Garodnick.

Meanwhile, last week it was reported that Howard Milstein is planning to develop a completely new modern tower at 335 Madison Avenue. This rezoning could trigger even more development than expected.

Greater East Midtown may create even more good middle class jobs and ensure that New York City remains the center of world commerce, culture, media, and finance.

So the next time you’re passing by Vanderbilt Avenue, if you listen carefully amid the hustle bustle of commuters, you might hear the theme song from the old Steve Allen Show, “This Could Be the Start of Something Big.”

JR Ewing

Jun 10, 2015 10:35 AM

This is happening, lads.

This is not some dim witted, pie in the sky project in Chicago by an Irish plumber!

As per today's NYP, Milstein is not renewing expiring leases.

This city esta en fuego!

http://nypost.com/2015/06/09/metlife...3-bryant-park/

Lois Weiss wrote:

Quote:

. The investment firm GIC, which is the wholly owned fund manager for the Government of Singapore, will say hello to 280 Park and good-bye to 335 Madison. GIC will depart early as the Milstein-owned office building is winding down tenancies and is no longer renewing or recasting leases or signing new deals. As we first revealed on March 3, Howard Milstein plans to demolish the structure and develop another tower under the new Vanderbilt Corridor zoning.
GIC had a lease that could have kept it there to the year 2022 but will now move in the first quarter of 2016 from its spot at 335 Madison Ave. to the 9th floor’s 49,724 square feet at 280 Park Ave.
The 15-year lease had an asking rent of $100 per square foot.
Frank Doyle, Clark Finney, Barbara Winter of JLL represented GIC while the duel ownership of Vornado Realty Trust and SL Green Realty Corp. were represented by a CBRE team of Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Eric Deutsch and Sam Seiler. Glen Weiss and Andrew Ackerman of Vornado, along with Steve Durels, David Amsterdam and David Kaufman of SLG, represent the joint ownership in-house.
Since December 2014, Fiduciary Trust Co. and PJT have signed deals for 149,401 square feet and 98,740 square feet respectively at the 1.24-million-square-foot building.

aquablue

Jun 10, 2015 10:59 AM

Quote:

Originally Posted by JR Ewing (Post 7057269)

why do you Keep repeating those words in many posts, " Irish" plumber.. Do you have something against the Irish, and for that matter, plumbers? We all know how much you love to disparage Chicago so no need to ask there. I don't like the vibe, mate. You shouldn't hate so much.

JR Ewing

Jun 10, 2015 11:52 AM

Why don't you contribute something of value?

wilfredo267

Jun 10, 2015 2:32 PM

l guess this is one of those situations where revenge is best served taller.:)

Vertical_Gotham

Jun 10, 2015 3:14 PM

Good news!! Since the Vanderbilt corridor rezoning is out of the way.. The dominoes is starting to fall! After Millsteins, I suspect the MTA tower at 341 Madison could be next should they find a winning bidder to develop. There is a lot of air rights available in play should any of these developers want to take advantage. :cheers:

Vertical_Gotham

Jul 1, 2015 3:52 AM

News for the greater Midtown East Rezoning:

East Midtown Rezoning Plan Moves Forward
http://www.wnyc.org/story/east-midto...moves-forward/

June 30, 2015

Quote:

Manhattan's East Midtown area is one step closer to allowing for denser buildings. The East Midtown steering committee, set up to consider how to boost development in what was once a marquee commercial district, held its final meeting Tuesday.

The group has recomdended a proposal to city planners that would free up landmarked properties to sell the space above their properties, or unused air rights, anywhere within the East Midtown zoning district.

The cost of the development rights would be negotiated by the buyer and seller.

"Landmarks like St. Patrick's Cathedral, or St. Barts or Central Synagogue, or even Grand Central itself will be able to sell their air rights throughout the entire district," said city councilman Dan Garodnick, who co-chaired the steering committee.

Such sales are limited now to adjacent properties.

The city would then take a percentage of each sale of development rights and put those funds toward public improvements in the district.

An earlier failed proposal to rezone East Midtown put forth by Mayor Michael Bloomberg's administration would have allowed the city to charge $250 per square foot for air rights, that developers could purchase if they had a qualified site within the district.

"We've been working on a plan for East Midtown for over a year, and we’ve arrived at a framework that balances and addresses this neighborhood’s needs, including securing its landmarks, improving the transit system, building new high-quality office space, and creating open space," said Gale Brewer, Manhattan borough president, the steering committee co-chair.

But the city would have priced the development rights at the same amount, even though they'd likely be worth more, for example, at 57th Street and Park Avenue, than they would at 39th and Third Avenue.

The new proposal would also allow developers to make transit upgrades in exchange for receiving a building height and density bonus.

City planners will consider the proposal and enter it into the city's formal land use review process.

Last month, the New York City Council approved plans for a 63-story office tower in East Midtown, at One Vanderbilt.

Eidolon

Oct 8, 2015 9:02 PM

The new Hudson Yards station is scooping up business
By Steve Cuozzo
October 5, 2015

Quote:

But Penson’s air rights seem anything but worthless. He can sell them to owners of at least five nearby development sites — the Roosevelt Hotel, MTA headquarters on Madison Avenue, 237 Park Ave., the Grand Hyatt Hotel and 355 Madison Ave.

My colleague Lois Weiss previously reported that 355 Madison owner Howard Milstein indeed might buy Penson’s air rights to build a larger tower.

NYguy

Dec 4, 2015 8:56 PM

Quote:

The Vanderbilt corridor may be getting a new tower on a site no one expected to be redeveloped so fast.

Shrewd Howard Milstein is now focusing on designing and developing a completely new modern tower at 335 Madison Ave. that would take advantage of the new Vanderbilt corridor zoning boost, The Post has learned.

Some sources have indicated that Milstein, harkening back to its location and history, would like to include a “high end” hotel as part of the new plans.

To make his dream development happen, Milstein may try to tie up most, if not all, of the 1,224,109 million square feet of transferable development rights (TDRs) held by Andrew Penson through his ownership of Grand Central Terminal.

We'll see.

NYguy

May 17, 2017 4:20 PM

https://therealdeal.com/2017/05/17/m...5-madison-ave/

Milstein plans $100M renovation of
335 Madison Ave.
Developer abandons plans of building new tower

May 17, 2017

Quote:

Howard Milstein abandoned the idea of tearing down office tower 335 Madison Avenue and now wants to spend $100 million renovating it instead.

The developer plans to expand the building’s so-called Urban Tech Hub, which offers free incubator space and below-market rents to technology firms, from 100,000 to 250,000 square feet. The New York Post reported renovation plans also call for a new lobby, lower facade and 150,000 square feet of new retail space and amenities.

The Post reported on Milstein’s plans to tear down the property in 2015. The 1.1-million-square-foot tower is connected to Grand Central Terminal and sits next to SL Green Realty’s office development One Vanderbilt.

SL Green recently reported that it won’t start leasing until 2018, leading to concern among some analysts.

Milstein made headlines in 2015 when animal rights activists protested outside his home after the New York Blood Center, which Milstein chaired, withdrew funds from a chimpanzee facility.

Sky88

May 17, 2017 5:42 PM

Quote:

Originally Posted by NYguy (Post 7807820)

https://therealdeal.com/2017/05/17/m...5-madison-ave/

Milstein plans $100M renovation of
335 Madison Ave.
Developer abandons plans of building new tower

May 17, 2017

Milstein didn't have the money to build a new tower. The plan of renovation isn't a good deal, it is better to sell the tower.

NYguy

Jun 6, 2018 4:05 AM

Been waiting to see how SHoP will redevelop this building. No plans yet, but ome details...

http://rew-online.com/2018/06/05/335...pany-building/

335 Madison to become ‘vertical tech campus,’ rebranded Company Building

BY KYLE CAMPBELL
JUNE 5, 2018

Quote:

Once destined for the wrecking ball, Howard Milstein’s 335 Madison Avenue will be reborn as a vertical tech campus with all 1.1 million s/f being used to house and support startups.

Through a new enterprise called Company, Milstein Properties will pour $150 million into modernizing the 1984 office building, outfitting it with state-of-the-art fiber optics, an ironclad cybersecurity system and 150,000 s/f of new amenities and retail.

Floors three through seven will be home to the startup tenants, which will be hand-picked by Company based on not only their business credentials but also corporate values, Company co-founder and CEO Matthew Harrigan said. Higher floors will be reserved for established global brands but only those that are willing to collaborate with the budding companies below.

“The idea is to have a building that houses the entire tech ecosystem under one roof,” Harrigan said. “For potential tenants, it’s not just a question of whether you’re interested in joining Company but whether you can add value to Company and contribute to the tech community we’re trying to cultivate.”

At the property, which Harrigan said will be rebranded as The Company Building, 250,000 s/f will be designated for between 150 and 200 new ventures while 700,000 s/f will be set aside for 10 to 30 enterprise tenants. The remaining space will be for amenities such as a pool, a gym, a medical center, a creative studio, event spaces, dining venues and a terrace with a bar and a view of nearby Grand Central Station.

SHoP Architects will oversee the design of the overhauled office tower.

Quote:

Previously, Howard Milstein toyed with the idea of tearing down the 335 Madison to build a new, state-of-the-art tower that could take advantage of the Vanderbilt Avenue rezoning that paved the way for SL Green to assemble the development rights for One Vanderbilt. However, the company backed down from that plan in 2015. The next year, the company received a grant from the city to expand its startup offices.

Grand Central Tech will still occupy 15,000 s/f within The Company Building and continue to offer free space to selected programs. The rest of the building will operate on a traditional rent model.

Renovations at the site will be rolled out in phases, with the first new office space coming online in August followed by the terrace in October; the hotel-style lobby and bars in January 2019 then retail and other amenities later next year.

Harrigan said the goal is not to compete with other tech-centric development in the city, such as the rising office parks in Hudson Yards and FiDi, or even with the sprawling campuses of Silicon Valley. However, he said 335 Madison will have the advantage of having all ends of the startup lifecycle, “from soup to nuts,” in one single location.

“This is one tower so people won’t be distributed across buildings, they’ll be distributed across different floors,” Harrigan said. “They’ll share a pool, bars and restaurants with other people who they can collaborate with and that’s really going to drive the interactivity that makes the notion of a tech campus exciting in the first place.”

NYer34

Jun 6, 2018 10:46 AM

That's a shame. 335 Madison is a uniquely hideous building in that neighborhood; it was the best candidate for a redo into a new tower. I hope ShOp totally guts the exterior.

Sky88

Jun 6, 2018 3:50 PM

The tower must be sold and not renewed. In this area it is useless to open office spaces for the startups. There are other good places in New York for startups.

JMKeynes

Jun 6, 2018 4:23 PM

I think that this will be a short-term fix and that it will be razed in twenty years. Milstein is just not ready to go that route now.

Hudson11

Aug 12, 2018 5:09 PM

probably good for the city as a transit-oriented tech hub, but certainly boring for us skyscraper nerds.

First Look at Company, the SHoP Architects-Designed Vertical Tech Campus in NYC

https://images.adsttc.com/media/imag...jpg?1530377522

Busy Bee

Aug 12, 2018 7:25 PM

1970 much?

Submariner

Aug 13, 2018 1:15 AM

Quote:

Originally Posted by Busy Bee (Post 8278996)

1970 much?

For real. The lobby looks like a dying mall.

Zerton

Aug 13, 2018 6:19 PM

https://images.adsttc.com/media/imag...jpg?1530377575

Source: Archdaily/SHoP

It's like they're sending the building back in time.
This would make more sense if the building had a 70's Internationalist exterior, but it's 80s Pomo.
Everything from the furniture in the renderings to the framed Audobon Society bird prints is sooo 70s. It's almost kitschy.

Crawford

Aug 13, 2018 6:22 PM

This building is horrible, and needs to be demolished/replaced with a supertall under the new Midtown zoning.

The "vertical tech campus" idea is gimmicky marketing fluff. This neighborhood is dominated by finance, not tech. If Milstein can't do the job, he needs to sell to someone who can.

NYguy

Aug 14, 2018 1:00 AM

I think it'll probably come down within the next 20 years.

A page from Vandy...

https://www.6sqft.com/shop-architect...t-335-madison/

https://imgs.6sqft.com/wp-content/up...-Madison-4.jpg

https://imgs.6sqft.com/wp-content/up...-Madison-3.jpg

https://imgs.6sqft.com/wp-content/up...-Madison-7.jpg

https://imgs.6sqft.com/wp-content/up...-Madison-6.jpg

https://imgs.6sqft.com/wp-content/up...-Madison-5.jpg

NYguy

May 21, 2019 4:18 AM

https://therealdeal.com/2019/05/20/s...-of-buildings/

Scaffold at Milstein tower didn’t have guardrails when worker fell to his death: Department of Buildings
Fatality occurred at 335 Madison Avenue

https://s12.therealdeal.com/trd/up/2...th-650x405.jpg

By Kathryn Brenzel
May 20, 2019

Quote:

A construction worker died on Saturday after falling from an unguarded scaffold at Milstein Properties’ 335 Madison Avenue.

Giuseppe Pagano, 49, of Queens, was cleaning debris on a scaffold on the fifth floor when he fell through a part of the structure that didn’t have guardrails, according to the city’s Department of Buildings and New York Police Department. He fell 30 feet to the second floor and was transported to the hospital, where he was later pronounced dead, NBC first reported.

The DOB issued a full stop worker order and intends to file violations, though the agency’s investigation remains ongoing. A DOB representative indicated that guardrails were required at the construction site.

Quote:

“We were deeply saddened to learn of the tragic death of a construction worker at 335 Madison on Saturday,” Milstein said in a statement. “We take site safety extremely seriously and will be working with [the project’s] construction manager and the city on a thorough and detailed review of this incident.”

The site’s construction manager, Sciame Construction, said in a statement that Pagano was a “long-time, beloved employee.”

“Everyone at Sciame is devastated by this tragic accident and extend our deepest condolences to his family, loved ones and colleagues,” the company said in a statement. “We are working closely with the city on a full investigation and to ensure that every protocol is in place to keep our construction workers and worksites safe.”

Quote:

A representative for the project indicated that a subcontractor might have removed a section of guardrail on a work floor where an interior curtain wall system was being installed.

The office building is undergoing a $100 million renovation, and last last year, Facebook inked a lease for 40,000-square-foot lease in the tower. It wasn’t immediately clear if the construction was being done with all or a mix of union and nonunion labor, but records indicate Pagano was a member of a labor union.

The city has seen a steady stream of construction deaths in recent years, recording 18 last year. In April, three construction workers were killed on the job in a single week. In response, the DOB announced that was sending more than 90 inspectors out to some 5,000 sites to ensure safety compliance.

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