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Originally Posted by Hudson11
does a redevelopment need to be offices for it to take advantage of the rezoning?
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The zoning was worded specifically to encourage commercial (office) construction, with restrictions on hotel use. Residential use of a tower can be no more than 20%, or that's what was in the proposal. Development is also restricted to lot size, which is why there won't be a lot of demolition in the area. There just aren't that many continuous lots in the area. But lots can be combined, like we are seeing with the 350 Park Avenue proposal. If combined with the site just to the south, which is also seeking redevelopment, it could yield a decent sized office building. But even as is, a decent sized residential could go up on the site.
From earlier in the thread:
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Cohen speculated that ultimately, 417 and 405 Park “are perfect for a new, blockfront assemblage.”
No. 405 is a 175,000-square-foot office property that was sold last year to Deutsche Bank and MRP Realty. The partners said they plan to add four stories after buying 30,000 square feet of Grand Central air rights.
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Quote:
GDS Development, a builder with several commercial projects underway in the city, is negotiating to purchase an over 100-year old residential co-op building at 417 Park Ave. on the corner of East 55th Street for around $200 million, several sources with knowledge of the deal said.
If completed, the firm could erect a nearly 220,000 square foot boutique office building on the site under the rezoning plan, or an even larger structure if it is able to purchase neighboring properties to enlarge its footprint.
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