NEW YORK | 425 Park Ave | 860 FT | 42 FLOORS

[chris08876]

baronsonphoto-20191219-032.jpg by Brian Aronson, on Flickr

[NYguy]

425 and friends


DECEMBER 31, 2019


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[chris08876]

Credit: Mackensen via Earthcam

[chris08876]

Credit: 5Bfilms

[chris08876]

baronsonphoto-20200126-007.jpg by Brian Aronson, on Flickr

[NYguy]

https://www.instagram.com/p/B81crMSFGMT/




Rendering

[JMKeynes]

The greatest city in the U.S. by a VERY WIDE MARGIN!!!!

[NYguy]

https://receive.news/02/28/2020/the-...n-park-avenue/

The company’s financial Citadel expands on Park Avenue

Receive News
February 28, 2020

Citadel Securities, a market-making financial firm founded by hedge fund billionaire Ken Griffin, is ramping up its presence on Park Avenue as it continues to wait for its future Manhattan office to be finished.

The firm is planning to move into 425 Park Ave. along with Griffin’s similarly-named, but separate, hedge fund business Citadel. Construction of the glitzy new office building, however, has been marred by delays.

While Citadel Securities waits for the space, it is expanding at 350 Park Ave., where it is close to signing a deal for about 120,000 square feet. The lease will last roughly three years, giving the company time to continue to expand there while work continues on 425 Park Ave.

425 Park Ave.’s developer, L&L Holding Co., broke ground on the 47-story tower in mid-2016, originally saying that the ultra-high end office property would be complete by the end of 2018. The tower, which was designed by architect Norman Foster, was more difficult to build than originally anticipated.

The developers said they struggled installing a triangular-shaped lattice of steel beams on portions of the building’s facade. And because the tower’s ground breaking preceded a rezoning of Midtown East, the builders had to integrate portions of the previous office property at the site into the new structure to permit its nearly 700,000 square foot size. That process, which included preserving concrete floors and steel beams from the original structure, proved complex.

After the delays, L&L Holding Co. then said the building would be finished by early 2020. But Citadel Securities’ lease at 350 Park Ave. suggests the timeline has again been pushed back. Although the building appears nearly complete, construction continues. A spokesman for L&L Holding Co. declined to specify when it would be finished.

David Levinson, L&L Holding Co.’s chairman and CEO, insisted in an email that the building was close to complete, stating that he expected it would receive a temporary certificate of occupancy, a necessary approval from the city before tenants can move in, by the summer.

“Much of the building is already operational,” Levinson said, stating that its elevators and heating systems were functional.

Levinson indicated L&L Holding Co. had turned over floors at the property to Citadel and Citadel Securities to allow the firms to begin building out their offices – a step that generally happens close to a building’s completion.

“Citadel’s plans have been approved and we expect them to start construction in the near future,” Levinson said.

Chicago-based Citadel, which operates several hedge funds with over $30 billion in combined assets, leased over 200,000 square feet at 425 Park Ave. in 2016, paying around $300 per square foot, the highest ever office rent in the city, for the tower’s penthouse floor. Last year, the firm took over 100,000 square feet of additional space at 425 Park Ave.

Citadel Securities had been subleasing about 60,000 square feet at 350 Park Ave., an office building owned by Vornado Realty Trust. In the new lease, Citadel Securities will take an additional 60,000 square feet and will lease the entirety of the space directly from the building’s landlord.

The three-year timeline for the deal also suits Vornado, which has been contemplating tearing down 350 Park Ave. and developing a larger, state of the art office tower in its place using the Midtown East rezoning plan passed in 2017.

[NYguy]

https://www.gettyimages.com/detail/p...age/1208136860

[NYguy]

https://nypost.com/2020/03/03/citade...-425-park-ave/

Citadel set to move into the lavish top floor of 425 Park Ave.


By Lois Weiss
March 3, 2020

There’s just one tiny flaw with billionaire Ken Griffin’s massive new office on the top floor of 425 Park Ave. — he won’t be able to see his new $238 million quadplex at 220 Central Park South, as it is blocked by towers.

The Citadel founder’s 13,900-square-foot office floor will otherwise be awesome. The 47th floor office — roughly 680 feet in the air — has 38-foot-tall windows overlooking most of the city and Central Park.

His two companies, Citadel Securities and the Citadel hedge fund, have also rented the 46th floor along with 14 others on over half the 670,080-square-foot tower.

On my recent exclusive tour of the yet-to-be completed 425 Park, developer David Levinson of L&L Holding Co. explained he brought in feng shui master Alex Stark, who has already performed three blessings on the space and will do another before a final one when the building opens in early 2021.

Mineral quartz crystals, wind chimes and additional feng shui items were buried and inserted into the walls.

The shimmering walls of the 45-foot-tall lobby, slated to be completed in November, are lined with thick glass panels imported from Germany that sandwich vertical metallic strips. The lobby floor and reception desk will echo the silvery grey look with a white marble that has bluish grey “flow marks” and columns clad in embossed stainless steel.

The same German glass lines the Thyssenkrupp elevators that whoosh silently up and down the 47 stories at 1,200 feet per minute. As the elevator is still in test mode, our ride was throttled back to a mere 1,000 feet per minute.

Lest you think Citadel will get all of the perks, chef Daniel Humm will operate the ground-floor restaurant, and will be serving breakfast and lunch with a full-time barista on duty.

This Club Floor includes two outdoor gardens, while a meditation space and guest lecturers will be programmed through a partnership with the David Lynch Foundation.

There’s also a private 52-space garage and a lounge for chauffeurs that will receive worldwide security alerts. Companies can also sign up for a digital, point-to-point emergency radio network.

For décor, 500 of the mirrored, stainless steel globes created by Japanese artist Yayoi Kusama that last floated in Central Park as the “Narcissus Garden” were purchased by Levinson to be piled onto gardens in the center of the floor. How much did they cost? “A lot,” he says.

It is the first building in the city to have a “Well” designation, which relates to the health of the occupants, whereas LEED is focused on the environmentally friendliness of the structure.

Helping the Well certification is the stunning metallic façade encasing the rear exterior that will suck in tons of fresh air.

When the sun hits the front façade, there are channels in the Art Deco-like exoskeleton that will glow as if they are strips of light, Levinson says. The building is dramatically topped by three 136-foot-tall “fins” that will light up the skyline with LEDs.

Availabilities include the 28,900-square-foot eighth floor and the 24th and 25th floors of 20,400 square feet. While some rents will be less than $200 per foot, most are over. Citadel famously leased the top at $300 per square foot — the highest office rent ever.

“We will respond to the market,” Levinson insisted of the rents. “We want the right tenants in the building.” In fact, he confided, he’s already turned down tenants that he declined to identify. “This is like a club,” he says.

Snooty, lol.

[chris08876]

[Prezrezc]

Holy Crow
did those fins get covered fast.......

[NYguy]

Turned out great. I love this building, and am looking forward to the other new towers planned to rise on Park Avenue. It's been a long time coming.


https://www.instagram.com/p/B9UwEv2lnRC/

[NYguy]

https://www.gettyimages.com/detail/n...?adppopup=true

[NYguy]

https://twitter.com/Eugene00694118/s...90076477317123

[chris08876]

Credit: Drone Fanatic

[chris08876]

Credit: gardenviewnyc

[NYguy]

https://www.instagram.com/p/B-hovvAFM6j/

[NYguy]

https://www.instagram.com/p/B-zd1NRFyIw/

[Zapatan]

Awesome shot! Love the fins