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  #441  
Old Posted Jan 27, 2023, 4:43 PM
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Originally Posted by RobEss View Post
Another built-to-last building demolished and replaced by a toothpick and glass tower with a design that will look dated before construction wraps. Wheeeee.
Please.
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  #442  
Old Posted Jan 27, 2023, 5:31 PM
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Quote:
Originally Posted by RobEss View Post
Another built-to-last building demolished and replaced by a toothpick and glass tower with a design that will look dated before construction wraps. Wheeeee.
yes, why don't we just encase the entire city in amber never to be changed again.
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  #443  
Old Posted Jan 30, 2023, 4:51 PM
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So Grand Central Madison opened on wednesday, and so far from what I’vecseen, the biggest complaints have been about navigating the station. I don’t think people (media included) realize that the intended access to the new terminal isn’t primarily from the current (old) terminal. The name hasn’t given it away, as it was intended. Butvuntil these new entrances in these new buildings are open, people will have to figure it out.

That being said, the entrance here will be finished begore tower construction, so there is a sense of getting it open.







Video Link







Back on the transit connection, now that the new LIRR concourse is operational, it’s essential that these new entry/exit points be completed.





































January 28, 2023










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  #444  
Old Posted Jan 30, 2023, 5:07 PM
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Nice
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  #445  
Old Posted Jan 31, 2023, 2:59 AM
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This is going to be a very nice addition to GCT’s infrastructure.
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  #446  
Old Posted Jan 31, 2023, 4:26 AM
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^ It changes the game of taking the LIRR into the city, and from what I could tell, people are excited and happy to have it. It will be a few weeks before the terminal is running at normal capacity (they're currently running shuttles from Jamaica), and I would like to see it then when its fully operational. The Madison Avenue entrances will eliminate a lot of the confusion about how to actually enter the new concourse, with direct entryways.
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  #447  
Old Posted Feb 1, 2023, 1:38 PM
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  #448  
Old Posted Feb 26, 2023, 5:17 AM
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FEBRUARY 25, 2023














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  #449  
Old Posted Mar 13, 2023, 12:49 PM
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Demolition Wraps Up For KPF-Designed Office Skyscraper At 343 Madison Avenue In Midtown East, Manhattan



Quote:
Demolition is nearly complete at 343 Madison Avenue, the site of a 49-story commercial skyscraper in Midtown East, Manhattan. Designed by Kohn Pedersen Fox and developed by Boston Properties, the 844-foot-tall structure will yield 750,400 square feet of office space, ground-floor retail, and multiple cellar levels. Titan Industrial Services is the demolition contractor for the property, which is bound by East 45th Street to the north, East 44th Street to the south, and Madison Avenue to the west.

The remainder of the former 15-story headquarters of the Metropolitan Transportation Authority has been razed since our last update in December, and only a small steel-framed section remains standing at the northern end of the plot. The site has been largely cleared of debris, and several excavators are stationed on the property awaiting the start of excavation.

The site is located within close proximity of Grand Central Terminal, with access to the 4, 5, 6, 7, and Shuttle trains, as well as the Metro-North commuter rail lines and the recently opened Grand Central Madison concourse.

343 Madison Avenue is anticipated to be finished by 2026.
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  #450  
Old Posted Apr 27, 2023, 12:46 AM
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In the neighborhood...


https://www.bloomberg.com/news/artic...uverify%20wall

Jefferies Explores Moving, Expanding Bank’s NYC Office Space
Bank is looking for new offices but may opt to stay put
Jefferies is currently at 520 Madison Ave. in Manhattan



ByNatalie Wong and Katherine Doherty
April 26, 2023


Quote:
Jefferies Financial Group Inc. is exploring options for more office space in Manhattan as its headquarters lease is set to expire near the end of the decade.

The New York-based bank is seeking roughly 600,000 square feet (55,740 square meters) of space, according to people familiar with the matter who asked not to be identified citing confidential information.

A space that large would be bigger than the roughly 460,000 square feet Jefferies has at its current spot at 520 Madison Ave., a 43-story building owned by Tishman Speyer. The bank, which hired brokerage Cushman & Wakefield for its search, could also decide to stay put at the Madison Avenue tower, one of the people said.

With large lease expirations on the horizon, a handful of big finance firms are looking to potentially upgrade to newer spaces in areas such as Midtown Manhattan or Hudson Yards. While New York’s office vacancies have hit record heights, tenants who still want space are seeking the highest-quality offices in newer developments.

Other banks are on the hunt as well. The US unit of Tokyo-based Nomura Holdings Inc. is also looking for new offices, Bloomberg reported Tuesday.
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  #451  
Old Posted May 2, 2023, 11:51 AM
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  #452  
Old Posted May 6, 2023, 4:17 AM
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  #453  
Old Posted May 26, 2023, 8:18 PM
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  #454  
Old Posted Jul 3, 2023, 6:56 PM
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https://therealdeal.com/magazine/nat...-most-in-2023/

Here are the developers who shaped New York City the most in 2023


By Ellie Quinlan Houghtaling
Research by Matthew Elo
July 3, 2023


Quote:
Uncertainty reigns in real estate, but New York City developers are still reaching for the sky.

In the 12 months preceding May 1, the city’s 20 most active developers filed plans for 16.7 million square feet of new development — nearly a million more than in the previous year-long period.
Quote:
For the second year in a row, Moroccan émigré Joseph Chetrit’s eponymous firm topped the list, filing plans to develop just shy of 2 million square feet across three new projects. Its plans included the largest filing in the city: a 71-story mixed-use skyscraper with allotments for affordable housing on a Two Bridges development site that Chetrit Group bought from CIM Group and L+M Development Partners for $100 million in 2021.

Also included in the firm’s count is 100 West 37th Street in the Garment District, where Chetrit filed plans for a 360,000-square-foot, 68-story tower.

Gary Barnett’s Extell Development placed second, plotting out four new developments that combine for an estimated 1.5 million square feet. Extell’s major projects include 259 Clinton Street, a 421a-approved, 62-story tower just a block from Chetrit’s Two Bridges site. On the Upper East Side, Barnett’s firm filed more plans for a 30-story, 400,000-square-foot medical tower at 403 East 79th Street, also known as 1520 First Avenue.

Rounding out the top three was Domain Companies, which filed plans for nearly 1.3 million square feet across three multifamily projects. Those included a 500-unit complex at 2-33 50th Avenue in Long Island City and two Gowanus projects: a 360-unit, two-tower development at 420 Carroll Street and a 241-unit building at 545 Sackett Street.
Quote:
Across Manhattan, developers are forging ahead with earlier projects (filed before the time period covered by this ranking), including RXR’s 1,600-foot-tall tower at 175 Park Avenue that is slated to offer more than 2 million square feet of office space along with 500 hotel rooms, as well as Boston Properties’ nearly 1 million square foot office tower on the site of the MTA’s former headquarters.

“The occupancy rates around the Plaza District, particularly Park Avenue, are very, very strong,” said Hilary Spann, an executive with Boston Properties’ New York division, which placed fifth on the ranking thanks to its largest project at 343 Madison Avenue, just north of SL Green’s One Vanderbilt.
Quote:
Commercial tenants looking for more than 100,000 square feet of space are struggling to find available properties with modern amenities worthy of bringing their employees back to the workplace, according to the developers TRD spoke with.

“We’re even hearing stories about tenants being displaced from their buildings by other tenants that are larger and expanding, and sort of having the smaller tenant scramble to find space,” Spann said.
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  #455  
Old Posted Aug 2, 2023, 8:03 PM
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https://www.crainsnewyork.com/real-e...n-avenue-tower

Boston Properties finds partner, finalizes ground lease for huge Midtown tower





EDDIE SMALL
August 2, 2023


Quote:
Boston Properties has secured a partner and finalized the ground lease for its planned office tower at 343 Madison Ave., by Grand Central Terminal, the firm said on its second quarter earnings call Wednesday morning.

CEO Owen Thomas identified the partner only as "a leading global real estate investor who will own a 45% interest in the project" and declined to provide additional details. The company's 99-year ground lease for the site with the Metropolitan Transportation Authority will require it to build a direct entrance to Grand Central Madison, the new portion of Grand Central that allows Long Island Rail Road trains to access the station.
Quote:
Boston Properties filed plans for a 982,000-square-foot office tower at 343 Madison Ave. in August 2022. It will stand 49 stories and 812 feet tall, smaller than the 55-story, 1,050-foot-tall tower the City Council gave the company a special permit for in November 2021. The firm is already having "preliminary discussions with potential anchor clients," Thomas said.

The real estate giant, which owns famed Manhattan properties including the General Motors Building and 601 Lexington Ave., is pushing forward with the project despite continued sluggishness in Manhattan's office market. The firm's New York portfolio was 90.6% leased at the end of the second quarter, down slightly from 90.9% at the end of 2022, and 88.5% occupied, up slightly from 86.8% at the end of last year.
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  #456  
Old Posted Aug 3, 2023, 1:18 AM
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A little more on that.....


https://seekingalpha.com/article/462...all-transcript


Boston Properties, Inc. (BXP) Q2 2023 Earnings Call Transcript


Aug. 02, 2023


Quote:
Owen Thomas

...BXP recently accomplished two important milestones in the predevelopment of the 900,000 square foot 343 Madison premier workplace in Midtown Manhattan. We completed a joint venture with a leading global real estate investor who will own a 45% interest in the project.

Further, the joint venture completed a 99-year ground lease with the Metropolitan Transit Authority for the 343 Madison Avenue site. Under the terms of the lease, the joint venture is required to construct a direct entrance into the Long Island Railroad East Side Access project known as Grand Central Madison.

The joint venture can terminate the ground lease and be reimbursed for its costs in constructing the access to Grand Central Madison. With direct access to transit in the relatively tight Grand Central submarket, 343 Madison is a unique offering and preliminary discussions with potential anchor clients have been constructive.
Quote:
John Kim

I think I'll try to ask a multipart question on 343 Madison. Any additional commentary you could provide on the total costs of both the site access and the building itself, development yields that you expect, who the partner is or at least what regions they're in? And what level of pre-leasing you need to move forward for the project?

Douglas Linde

So let me answer the first three parts of your question, and then we'll let Hilary answer the fourth. So we're designing the building. The building hasn't been designed yet. We are not in a position to discuss the economics of the development or the returns. Clearly, the capital markets are different than they were, so the return thresholds necessary to rationalize putting capital into building are going to be higher than they would have been in 2019 or 2020. I will let Hilary talk about the demand side.

Hilary Spann

Thanks, Doug. The demand side for this building has been interesting in the sense that, as Doug pointed out, the building is still being designed and yet we're receiving inbound calls from clients who are interested in anchoring the development even in spite of the fact that it would take several years to build the building. This has to do, as Owen mentioned, with the tightness in the Park Avenue district and the Plaza submarket more generally in the sense that there's very little Class A premier workplace available for folks to occupy and as businesses are expanding in that district, they're finding themselves boxed out of larger space options.

And so I would say, particularly given the fact that we have not had a very active marketing program in place for 343, the interest in the building has been very, very robust with multiple clients ranging from call it, 200,000 to 300,000 square feet seeking information on the building.
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  #457  
Old Posted Aug 3, 2023, 1:10 PM
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Hmmmm, so that design we've seen is likely not the final.
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  #458  
Old Posted Aug 3, 2023, 1:25 PM
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Originally Posted by colemonkee View Post
Hmmmm, so that design we've seen is likely not the final.
It’s final in terms of the basic format, but design details haven’t been finalized. I expect the height given isn’t final as well. Some tenant signing may affect the design a little too.
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  #459  
Old Posted Aug 3, 2023, 4:41 PM
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I love these projects that include public transit entrances as part of the building.
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  #460  
Old Posted Aug 6, 2023, 3:17 AM
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I love these projects that include public transit entrances as part of the building.
Yes, the eastside has long had access in several buildings, and now with the new LIRR terminal, that will be expanded. It's the way it should be, especially with the coming congestion pricing with the goal of pushing more people onto mass transit to get into Manhattan. That's why it's equally important to get this same setup at Penn, and that's what the plan is.
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