View Single Post
Old Posted Mar 4, 2015, 2:40 PM
hunser's Avatar
hunser hunser is offline
don't *meddle*...
Join Date: Feb 2009
Location: New York City / Wien
Posts: 4,016

Vanderbilt corridor set for massive new tower

By Lois Weiss

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.”
Reply With Quote