[NYguy]

I hope Vornado doesn't screw this up. But since Roth practically wants to take credit for the Midtown East rezoning, and feels this site is best suited to take advantage of it, I think they will try hard to get this done.



https://therealdeal.com/2019/05/03/v...-midtown-east/

Vornado, Rudin mull 1,450-foot tower in Midtown East
Brochure envisions 1.68M-sf office project for Park Avenue


By Kathryn Brenzel
May 03, 2019

Vornado Realty Trust and Rudin Management might build a 1,450-foot tower at 350 Park Avenue, marking the latest project to take advantage of Midtown East’s rezoning.

A brochure for the potential project, which is presented as a possibility for the site and has not yet been filed with the city’s Department of Buildings, shows a tower that would rise more than 100 feet above SL Green Realty and Hines’ One Vanderbilt and would have 1.68 million square feet of rentable space.

The New York Post reported last month that the two companies were discussing a possible joint venture to build a new office tower on Park Avenue. Such a plan would require the demolition of Vornado’s existing building at 51st and 52nd streets, and Rudin’s at 40 East 52nd Street.

A source familiar with the potential joint venture said this was just one option for the sites. Rudin and Vornado could decide, instead, to redevelop their properties independently.

Renderings for the potential project are reminiscent of the stepped look of One Vanderbilt, though the different levels of 350 Park’s facade (achieved through setbacks) form outdoor space. The brochure envision multiple floors of amenities, including a “sky bar” at the top of the tower, a sports club, some sort of fine dining, an auditorium and an arts club. Vornado and Rudin declined to comment.

In August 2017, the city rezoned Midtown East, a move intended to encourage the creation of 6.5 million square feet of new office space over the next two decades by allowing developers to build larger projects. The zoning change has already inspired JPMorgan Chase to demolish 270 Park Avenue and build a new 1,400-foot tower in its place. Harry Macklowe has announced plans for a 1,500-foot tall office building at 14 East 52nd Street.

Not everyone is committed to tearing down older building stock to make way for flashy new towers. Tishman Speyer just ditched its plan to redevelop 300 Park Avenue after consumer goods conglomerate Colgate-Palmolive renewed about 242,000 square feet at the building for its global headquarters.