[NYguy]

The rezoning of midtown east has at least opened the door for landlords who no longer want to see tenants leaving the district for newer, shinier offices. I mentioned before that 345 is just across the street...

345 Park Avenue is a 634-foot tall, 1,832,210-square-foot office skyscraper in Midtown, Manhattan. It was built in 1969 at the former site of The Ambassador Hotel by Rudin Management Comapany, and was designed by Emery Roth & Sons architects. It was renovated in 1999.

The buildings biggest leaseholder is accounting firm KPMG with 639,562-square-feet.

It makes sense that Rudin would want to keep such a large tenant like KPMG, and a new tower could go a long way in doing that. They own both 345 and 40 E. 52nd, which would be demolished for the new tower, or another new tower.


https://www.rudin.com/commercial-pro...st-52nd-street

40 East 52nd Street, also known as The BlackRock Building, was designed by The Eggers Group and opened in 1986. This Plaza District tower features a granite through-block lobby, which provides access from both 51st and 52nd Streets, as well as two outdoor plazas. The building offers floor plates ranging from 16,000 to 21,000 square feet.

https://www.rudin.com/commercial-pro...45-park-avenue

Located on a prime stretch of Park Avenue, and home to the headquarters of Rudin Management Company, 345 Park Avenue was designed by Emery Roth & Sons and opened in 1969. Tenants of this full-block building in the Plaza District, with floor plates from 40,000 to 70,000 square feet, enjoy exceptional views across Midtown, Central Park, the Upper East Side, and the East River.

I think we'll be looking at a game of "musical chairs" as far as tenants go as developers now have the option to rebuild as well as renovate existing properties.

https://www.crainsnewyork.com/featur...iness-district

Pricey renovations of Midtown East office buildings are underway at 237 Park Ave., 277 Park Ave., 280 Park Ave., 399 Park Ave. and 390 Madison Ave. The Stahl Organization is spending $100 million on 277 Park Ave., and Cushman, its leasing agent, has inked deals with Chase and another major financial services firm.

“Since One Vanderbilt and 270 Park [Levinson’s building] got underway, there has been a significant flurry of activity,” says Mark Boisi, executive vice chairman at Cushman. He says the activity is the strongest since the 1960s.

Boisi should know. His father headed the real estate operation of the New York Central Railroad and was instrumental in using air rights to transform Park Avenue from residential to office buildings.

However, those buildings still have the intrusive columns and low ceilings that are out of favor. As the Chase and Hyatt examples show, taking advantage of the Midtown East rezoning is a Herculean task. Only one or two more such projects are likely to be undertaken in the next decade.

Most owners will instead hope that the unparalleled location and transportation—together with the cachet restored by the new buildings—will
outweigh the turnoff of archaic space.