NEW YORK | 343 Madison Avenue | 844 FT | 49 FLOORS

[ChiND]

Originally Posted by NYguy

^ Whether the actual tower gets moving or not remains to be seen, but either way, they are supposed to get that station entrance built regardless. Looks like a lot more site prep though.

Perhaps. You’re more familiar with this than I am. I assumed that equipment was a precursor to construction of the tower.

[ChiND]

Originally Posted by TKD

How does that equate to proceeding? Unless you are purely basing that on the presence of construction equipment popping up onsite, which still doesnt necessarily mean that this is moving forward "now".

I didn’t realize that. Anyway, I’m only eager for this to rise if, in fact, there’s a new design that looks very different. The current design is not worthy of this location. If, despite the rumors, the design hasn’t changed, I’d rather see BP walk away and have a new developer build something different.

[TKD]

Originally Posted by ChiND

I didn’t realize that. Anyway, I’m only eager for this to rise if, in fact, there’s a new design that looks very different. The current design is not worthy of this location. If, despite the rumors, the design hasn’t changed, I’d rather see BP walk away and have a new developer build something different.

The site is technically still in the demolition phase, there is a small portion of remaining structure from the previous buildings in the northeast corner of the lot that needs to be demolished. BP like all the other large developers is not going to go against the conditions of the market and build on spec without getting a tenant first and news will surely come if they do get one.

[ChiND]

Originally Posted by TKD

The site is technically still in the demolition phase, there is a small portion of remaining structure from the previous buildings in the northeast corner of the lot that needs to be demolished. BP like all the other large developers is not going to go against the conditions of the market and build on spec without getting a tenant first and news will surely come if they do get one.

Thanks. Since BP has a deep-pocketed investor, I thought that they might build on spec considering the demand for high-end, new space. Also, this tower presumably has fairly small floor plates that will appeal to boutique lawfirms, hedge funds, etc. It doesn’t seem like the type of tower that would get one user to pre-lease 400k sf+, which is essentially half of the building’s total space.

Most importantly, can you comment if the design has evolved?

[TKD]

Originally Posted by ChiND

Thanks. Since BP has a deep-pocketed investor, I thought that they might build on spec considering the demand for high-end, new space. Also, this tower presumably has fairly small floor plates that will appeal to boutique lawfirms, hedge funds, etc. It doesn’t seem like the type of tower that would get one user to pre-lease 400k sf+, which is essentially half of the building’s total space.

Most importantly, can you comment if the design has evolved?

Nope, that is confidential, any project that is put on hold and then revived will generally experience design changes, there isn't a single instance I can think of in a project being revived from being on hold that retained the same initial design.

[ChiND]

Originally Posted by TKD

Nope, that is confidential, any project that is put on hold and then revived will generally experience design changes, there isn't a single instance I can think of in a project being revived from being on hold that retained the same initial design.

Thanks. We can safely assume then that the bland design that has been shown will not rise. KPF’s work is consistently solid, so I was greatly let down by the design that has been disclosed.

[NYguy]

Originally Posted by ChiND

Thanks. Since BP has a deep-pocketed investor, I thought that they might build on spec considering the demand for high-end, new space.

Doubt it. We're still waiting to get 3 Hudson out of the ground, and they've said they were going to wait it out here.

https://www.crainsnewyork.com/real-e...ding-new-space

Boston Properties says office rents must double to justify building new space


AARON ELSTEIN
September 12, 2023

[ChiND]

Originally Posted by NYguy

Doubt it. We're still waiting to get 3 Hudson out of the ground, and they've said they were going to wait it out here.

I recall the article with BP’s claim. I think that 341 Madison will be much easier to build than 3 HY. It’s a much smaller building in a more desirable location.