NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,575 FT | 86 FLOORS

[jbermingham123]

Originally Posted by Dylan Dude

I didn't say anyone owes me anything, you'd think someone would just answer the question out of generosity instead of muiltiple people freaking out at me over my question lol and who asks questions if they're not interested?

Ok. I'll take the time to answer these questions. You are getting teased a bit because you asked questions nobody knows the answer to, because answers like this dont really exist for any project at this stage. If they did, we would all be talking about them, and it would be easy to google them.




For the first question: when will construction start?

It depends on a ton of factors. More factors than i can write down, even, but they all fall into three broad categories: finance, approval, and logistics. This project has made a lot of headway in the first two categories, but theres still more to be done. And in the third category? Long long way to go. Its a bit difficult to start constructing a building when there's already an existing building in your way. Once demolition starts on the Hyatt, we can maybe start attempting to predict the start of construction.

In turn, the date of demolition start, in and of itself, relies on dozens of factors, which again fall into the finance, approval, and logistics categories. That date probably hasnt been decided yet.





For the second question: when will it T/O?

There is almost NEVER a firm date for the topping out of a structure. Far too many things are unpredictable when it comes to construction. Have you ever built a house, or had your house remodeled, or known someone who did either of those things? Could you imagine asking someone what day their new house will be finished, before the previous house on the lot has even been torn down? Now try it for a skyscraper.

Usually, about a month or two before top out, the construction team will announce a week that they intend to top out. E.g. "Aiming for T/O in the final week of November". Before that, usually the prediction is by quarter. E.g. "Topping out in the final quarter of 2023" This is determined around the time construction begins, and is subject to change, which happens a lot.

[Dylan Dude]

Thank you guys appreciate it!! Especially the detailed answers!

[NYguy]

Originally Posted by jbermingham123

It depends on a ton of factors. More factors than i can write down, even, but they all fall into three broad categories: finance, approval, and logistics. This project has made a lot of headway in the first two categories, but theres still more to be done. And in the third category? Long long way to go. Its a bit difficult to start constructing a building when there's already an existing building in your way. Once demolition starts on the Hyatt, we can maybe start attempting to predict the start of construction.

I'll post this again, because there's already too much misinformation out there. If people would take the time to read, there wouldn't be the need for these ridiculous questions to keep being repeated.

[pianowizard]

Originally Posted by Dylan Dude

When does construction start? And when would it be topped out?

https://www.skyscrapercenter.com/bui...k-avenue/39965

[Zerton]

I think I've said this before but I love how the crown's motifs allude to the crown of the Chrysler Building. Like an homage.

[NYguy]

^ Yes, like a modern Chrysler.



















If Xing could update those skyline images with 270 Park and 520 5th (and the lower 175 Park) it would be great!

[NYguy]

I know we talk mainly about the skyscraper portion of this project (for obvious reasons), but there are a lot of transit improvements that are part of it.

One of them will be the changes to the Lexington Passage, with higher ceilings and more daylight flowing through.

At just under the 30 minute mark in the video you get a look at current conditions of that passage...


• Video Link

[Ahoi]

A few old photos of the hotel they show the old stone facade.


1952


Aerial view of the Grand Central Terminal Areal 1979.

Collection by Miss Mackensen

[NYguy]

https://www.nytimes.com/2023/12/28/n...ought-nyc.html


By Matthew Haag
Dec. 28, 2023,

…Despite the headwinds, many office developers are still eager to build the next supertall tower. They believe the pandemic has accelerated a so-called flight to quality — companies upgrading to the latest, greatest offices.

They point to the new JPMorgan Chase Building on Park Avenue and One Vanderbilt, the 1,401-foot-tall tower next to Grand Central Terminal that opened in 2020. One Vanderbilt is more than 99 percent leased, with some tenants paying $150 per square foot and more.

“When JPMorgan builds this brand-new headquarters, the competitors of JPMorgan will want to be in that type of space as well,” said Scott Rechler, the chief executive of RXR, a real estate company.

RXR has proposed one of the largest of the office buildings yet to start construction, at 175 Park Avenue, on the site of a Grand Hyatt hotel in Midtown Manhattan. Mr. Rechler hopes to break ground next year, but the tower needs an anchor tenant, a large company that could commit to leasing about a quarter of it, which would be roughly 500,000 square feet.

Another developer, Silverstein Properties, has been searching roughly 15 years for an anchor tenant for 2 World Trade Center in Lower Manhattan. Also waiting is BXP, the real estate investment trust formerly known as Boston Properties, which plans to build a roughly 900,000-square-foot tower on Madison Avenue.

A handful of significantly smaller office buildings in Manhattan, which are mostly between 15 and 25 stories tall, are being built without tenants already lined up. Real estate analysts say those buildings carry far less risk for lenders and do not face the same hurdles as large developments.

[Zapatan]

I hope they still plan to demo / start this upcoming year.

This thing is a gem and hopefully will get the ball rolling for other projects.

[NYguy]

Well, next year is next week. Time flies, so we shall see.

[NYguy]

It's now 2024, and this could very well be the year we begin to see some action on this one.











DECEMBER 30, 2023


This tower is very fitting for this city and this neighborhood. It's like a tower that was always meant to be.


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[NYguy]

https://www.leadersmag.com/issues/20...aturo-RXR.html

An Interview with Michael Maturo, President, RXR

What are your views on the state of the New York real estate market?

The current turmoil in the office market is real and is evolving in regard to hybrid work, flexible environments, and a new normal. However, we are developing a project at 175 Park Avenue which, when complete, will be a 2.8 million-square-foot office tower with a hotel at the top.

We opened up a marketing center last November that has amazing technology that allows you to literally feel what it will be like walking into that office building. Since we opened up the center, we have had over 15 million square feet of potential tenants seriously consider occupancy in the building. The interest ranges by industry and in size, and this is for spaces becoming available in 2029-2030.

The point is that institutions are considering and evaluating their office needs for the future, and offices are not going away. There will clearly be changes in expectations of tenants in terms of a menu of diversified services and programmed experiences an office building can deliver that will help to attract and retain talent. We are focused on providing buildings that fulfill those needs.

[ChiND]

When was this interview conducted? I don’t see a date.

[NYguy]

Originally Posted by ChiND

When was this interview conducted? I don’t see a date.

October. (quarterly magazine)

[ChiND]

Originally Posted by NYguy

October. (quarterly magazine)

Thanks. NYC is not what I thought. When I tell my family and friends what I’ve read on this site about all of these new projects, they refuse to believe it and insist that NYC is dead. I want to visit again.

I get the impression that an anchor will be announced soon.

[NYguy]

Originally Posted by ChiND

Thanks. NYC is not what I thought. When I tell my family and friends what I’ve read on this site about all of these new projects, they refuse to believe it and insist that NYC is dead.

Well firstly, as we discussed before, whatever your “family and friends” believe has no bearing on actual reality. There are places that don’t have many developments to speak of, doesn’t mean they are dead.

But for the topic at hand, these leases, especially large leases take months to finalize. For RXR, the good news is that there are no new major office developments in the area coming online in the next few years (Citadel will anchor 350 Park). That can be expanded citywide, as all of the new towers have basically filled up. This will cause movement on a number of developments, but it won’t make the space here any cheaper.

[ChiND]

This looks promising. I need to visit New York City again.

https://therealdeal.com/new-york/202...ailing-market/

[NYguy]

Originally Posted by ChiND

This looks promising. I need to visit New York City again.

https://therealdeal.com/new-york/202...ailing-market/

That link seems broken, but I believe this is the same article…


https://therealdeal.com/new-york/202...ailing-market/

Triple-digit leases give “pulse” to ailing Manhattan office market
Demand for high-end office space remains strong: report


By Elizabeth Cryan
January 24, 2024

The “flight to quality” continued in the Manhattan office market last year as tenants inked a large number of leases for $100 per square foot or more.

That premium space fared better than the rest of the market, according to two separate reports. The number of $200 per square foot deals also remained high.

“There’s still a flight to quality, and it’s become such a big portion of overall leasing that gets done in a given year,” said JLL’s Cynthia Wasserberger, who wrote one of the reports. “It’s meaningful, and it’s definitely giving a pulse to the market in an otherwise sleepy lease year.”

Tenants signed a record 192 leases for at least $100 per square foot last year, according to JLL’s recap. That was a record number of new leases at the price point, edging out the 190 recorded in 2022.

”It’s largely financial,” he said. “And financial these days is the hedge fund, the money manager, the private equity, the midsize financials. Those users are doing really well, their business is strong and they all want the best space, and rent per square foot is not a huge cost relative to labor.”

SL Green’s One Vanderbilt scored the highest rent of the year with a $247 per square foot lease to AIMCO, and RFR’s Seagram Building had 12 triple-digit deals, the most of any office building, according to JLL.

[ChiND]

That’s it.

NYC is crazy. I can’t believe the amount of construction and the scope of the projects. I keep urging people to look at this site because no one believes what I tell them about NYC. They think it’s all gangs robbing stores and assaulting people on the streets. I’m going to visit this summer.