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  #541  
Old Posted Feb 14, 2023, 1:27 AM
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Originally Posted by ArchGuy1 View Post
Does anyone here know if 350 Park Avenue will have an observation deck open to the public like what is seen at the Empire State Building, 30 Rockefeller Plaza, One World Trade Center, 30 Hudson Yards, and One Vanderbilt.
Until someone says there will be an observation deck in any given building, just assume that there WON'T be one. No need to ask or bring it up in every thread.
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  #542  
Old Posted Feb 14, 2023, 2:22 PM
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https://finance.yahoo.com/news/vorna...212100549.html

Vornado Realty Trust
February 13, 2023


Quote:
350 Park Avenue:

On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.

Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).

In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”).
Quote:
From October 2024 to June 2030, KG will have the option to either:

-acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin joint venture).

-at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;

-the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;

-the master leases will terminate at the scheduled commencement of demolition;

-or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case Vornado/Rudin would not participate in the new development.
Quote:
The parties intend to immediately commence design of the project and process approvals.

Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.
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  #543  
Old Posted Feb 15, 2023, 2:20 PM
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https://finance.yahoo.com/news/q4-20...092907615.html

February 15, 2023


Quote:
Jing Xian Tan Bonnel

I know the opportunity with Citadel is still a bit down the road, but are you able to speak to the financing strategy there in context with your existing development pipeline around Penn District? Just generally, like how are you thinking about the capital allocation and sourcing for these future projects.

Michael J. Franco

Camille, I think the good news is we don't have to do it today because it would be very, very difficult to line up construction financing and very expensive. So with respect to 350, that project is not right yet, right? It's -- it'll be right in 2, 3 years, but it's not right today. And so hopefully, the markets are more hospitable than we expect they will be. And I think the same goes with respect to PENN. Again, we're not -- as I think Steve commented on the last call, the market really is not conducive for new development today. Construction financing is very expensive, if available, which generally is not as banks have pulled back.

Steven Roth

So, we're pretty excited about 350 Park Avenue, and maybe even more importantly, tenants even more excited about it. Our strategy there is actually very simple. The land value, our land value will constitute our equity contribution. So our land value will represent the equity. We will not have to put in maybe another -- a very tiny $10 million, $20 million, $30 million of cash to represent our share in the equity. The balance of it should be easily in a normalized market (inaudible) under -- in the construction financing or permanent financing.
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  #544  
Old Posted Feb 15, 2023, 3:30 PM
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Damnit I wish they would just go for the whole block. The added FAR would take this impressive proposal into drooling territory.
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  #545  
Old Posted Feb 15, 2023, 6:12 PM
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Damnit I wish they would just go for the whole block. The added FAR would take this impressive proposal into drooling territory.
Or get another 50 Hudson. But there’s still time.
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  #546  
Old Posted Feb 15, 2023, 8:51 PM
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Or get another 50 Hudson. But there’s still time.
Exactly, don't give them any ideas for a shorter fatter building....
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  #547  
Old Posted Feb 22, 2023, 3:21 AM
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  #548  
Old Posted Feb 22, 2023, 5:25 PM
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Originally Posted by NYguy View Post
Until someone says there will be an observation deck in any given building, just assume that there WON'T be one. No need to ask or bring it up in every thread.
I did hear some discussions about a restaurant on one of the top floors in the earlier design for 350 Park Avenue similar to the Peak at 30 Hudson Yards, Saga at 70 Pine Street, or the Manhatta at One Chase Manhattan Plaza.
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  #549  
Old Posted Feb 22, 2023, 7:42 PM
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Thumbs down

Yet another anti-grand design dilution.... NYC-style:


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  #550  
Old Posted Feb 22, 2023, 7:52 PM
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To each their own but the new design is much better.
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  #551  
Old Posted Feb 22, 2023, 8:24 PM
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Now that the original design is dead I would love if they used that design for the proposed supertall next to 30th St Station in Philadelphia. Please Mr. Foster.
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  #552  
Old Posted Feb 23, 2023, 1:28 AM
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Originally Posted by TREPYE View Post
Yet another anti-grand design dilution.... NYC-style:
I don't know about that, but the new design is being geared for a specific tenant (one that will actually get it built).
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  #553  
Old Posted Feb 23, 2023, 8:51 PM
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From the Real Deal, a look at the future office pipeline. Some of these projects are mixed-use (with hotel or residential). So the numbers only show office and retail ammounts.






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  #554  
Old Posted Feb 27, 2023, 5:12 PM
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Lol, couldn’t help but think of some people here…


https://www.theargus.co.uk/news/2334...ower-brighton/

Man shocked by trees planted on new tower in Brighton





By Andrew Gardner
February 27, 2023


Quote:
A roofer has told of his shock after he discovered trees were being planted on the top of an eighteen-storey building.

Luke Cooke spotted trees being planted atop the York and Elder development near the New England Quarter in Brighton.

He fears the trees could be "uprooted" in high winds, causing damage to buildings or even people.

Luke told The Argus: "I couldn’t believe that a piece of nature was sat upon a huge lump of ugly concrete. My first reaction was utter shock.

"I honestly believe that, on a windy day, these trees will simply be uprooted and get carried by the wind at dangerous speeds, potentially hurting someone."

….. Luke shared his concerns with the wider community in Brighton on the Facebook group Brighton Skies.

He received many responses rejecting his concerns. One said: "This is no different to trees on hills, or mountains."

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  #555  
Old Posted Feb 27, 2023, 5:22 PM
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This is an absolutely beautiful, supertall tower.

Really gorgeous design, a lot better than the previous iteration.
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  #556  
Old Posted Feb 27, 2023, 5:24 PM
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Brighton, UK


Lets see how those trees fare from the Channel winds

Ultimately I admittedly show my bias that trees shoukd be in terra firma. An arborvitae in a pot or a bonzai in the window, sure. But 40 foot trees 800 feet above the street just seems strange - and nauseatingly trendy.
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  #557  
Old Posted Feb 27, 2023, 5:34 PM
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Originally Posted by Busy Bee View Post
I admittedly show my bias that trees shoukd be in terra firma. An arborvitae in a pot or a bonzai in the window, sure. But 40 foot trees 800 feet above the street just seems strange - and nauseatingly trendy.
Who needs shiny new things.
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  #558  
Old Posted Mar 21, 2023, 2:18 AM
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MARCH 18, 2023


The new Citadel headquarters at 350 Park Avenue - the latest new addition to the street by Foster and Partners, will leave its mark on the canyon.



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Not sure what will rise on this lot...


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  #559  
Old Posted Apr 13, 2023, 10:18 PM
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Quote:
Originally Posted by NYguy View Post
MARCH 18, 2023


The new Citadel headquarters at 350 Park Avenue - the latest new addition to the street by Foster and Partners, will leave its mark on the canyon.



1.



2.



3.



4.



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Not sure what will rise on this lot...


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Do you have any constructive diagrams from the New York City Department of Buildings of 350 Park Avenue that you can post here.
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  #560  
Old Posted Apr 13, 2023, 10:24 PM
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Do you have any constructive diagrams from the New York City Department of Buildings of 350 Park Avenue that you can post here.
They’re too far away from that. Approvals haven’t even begun. Then the demo, and finally filing for the new building.
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