[NYguy]

Originally Posted by Zapatan

I hope Chicago and other US cities start booming the same way too.

Other cities are also building, but lets please leave what's going on in other cities out of the discussion.

Originally Posted by sentinel

I like the massing, but boy, it is overpowering, especially in relation to the Chrysler Building. The cladding/skin will make or break this, I think.

I'm interested to see exactly what the cladding will be, and what type of crown this building will have. And it will have to have some type of grand lighting scheme. The Chrysler is such an icon. I'm looking forward to more details coming out at their presentation next week, and more later next month at the scoping meeting.

Originally Posted by Sky88

NYguy, when the new Grand Hyatt tower will be completed is it possible that RXR Realty can move the offices of the 237 Park Avenue tower into the new GH tower?

They have their own marketing plans for the properties they control, of which I have no idea. The potential tenants they are talking to could come from anywhere, but likely that same midtown area. A game of musical chairs as far as tenants in the area goes could happen, but who knows.

https://rxrrealty.com/details/parkave237


Not to get off topic, but a little more based on tenants at 237 Park...


https://therealdeal.com/2020/10/22/h...7-park-avenue/

What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue

October 22, 2020
By Kevin Sun

In early 2017, on the heels of a four-year, $65 million renovation of the trophy office building at 237 Park Avenue, private equity firm Walton Street Capital put its 49 percent stake in the property on the market.

Walton Street had teamed up with Scott Rechler’s RXR Realty to acquire the 21-story Midtown tower for $810 million in 2013, and managed to bring in major creditworthy tenants like NewYork-Presbyterian Hospital and the Consulate General of Canada while completely redeveloping the lobby, atrium and retail space.

After just a few months on the market, Walton Street changed its plans. In a low interest rate environment, the partners secured a $850 million refinancing package from Morgan Stanley and Societe Generale instead, the bulk of which was then securitized in the CMBS market.

Documents associated with the securitization provide an inside look at 237 Park Avenue’s sturdy, highly creditworthy rent roll.

At the time of the latest refinancing, the 1.2 million-square-foot building was 96 percent leased, according to the offering circular. The top five tenants, all with “investment grade” credit ratings, accounted for 93 percent of the rentable area and 98 percent of underwritten gross rent.

The largest tenant, NewYork-Presbyterian Hospital, has an atypical arrangement for its “lease” at the building, which extends through 2048. As a nonprofit, the hospital can enjoy tax benefits by owning rather than leasing its office space, so RXR created an office condo for the hospital that dissolves after 30 years. The purchase price for the condo is paid in monthly installments, and this “rent” comes out to $65 per square foot, the lowest base rent among the building’s five major tenants.

The other corporate tenants at the building are investment bank JPMorgan Chase, advertising agency Wunderman Thompson (known as J. Walter Thompson before a 2018 merger), and Prudential Financial subsidiary Jennison Associates. Rounding out the top five, the Canadian government’s Permanent Mission to the United Nations and Consulate General in New York occupy a total of 72,900 square feet at the property.

Co-working firm Convene has a 29,800-square-foot space that caters to “executive retreats, corporate offsites, product launches, roadshows, and private receptions,” according to its website.

https://secretnyc.co/highest-skycraper-nyc-grand-hyatt/

This Massive 89-Story Building Could Become The Tallest Skyscraper In NYC
Midtown East might become home to the tallest building (by roof height) in the NYC skyline to date!


BY JUSTINE GOLATA
NOVEMBER 23, 2020

A new project proposal is underway to build the highest skyscraper (by roof height) in New York City. The current highest building in NYC is

The Project Commodore is a proposed development towering at 1,646 feet high, designed by Skidmore, Owings & Merrill and developed under Commodore Owner LLC by RXR Realty and TF Cornerstone. The site of the project would take place where the Grand Hyatt New York hotel is currently located.

The construction would mean a smaller Grand Hyatt hotel, new offices, retail stores, enormous public space, and a reimagined entrance to the Grand Central-42nd Street subway station.

The skyscraper would total to 2,976,740 square feet and be 89 stories high. Of that, 43,370 square feet would go towards retail locations, 10,000 towards “open-air publicly accessible space,” and 2,108,820 for new offices.