NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[ArchGuy1]

Originally Posted by NYguy

They’re too far away from that. Approvals haven’t even begun. Then the demo, and finally filing for the new building.

I do know that the original design of 350 Park Avenue called for a restaurant and bar near the top. I am wondering if this redesign will also include one.

[artspook]

The newly completed Foster standing on the East side
of Park Av. between 55 & 56 looks spectacular ! . .
Well proportioned parts add up to a really sharp whole,
a 1st rate skyscraper ! . . The only corners corners that
look like they’ve been cut, are the ones that bring
a lot of style to this fine piece of architecture . .

The clean sleek soaring contours, of the unique
segments that make up a futuristic-looking 350 Park Av.
tower, are yet another Great Foster design proposal for
NYC ! . . The best one yet ! . . Yeah, I am speaking of
the proposal recently rejected, in favor of this latest
pedestrian version, with the plants . . its like comparing
The design of a stealth bomber to an Airbus A320
passenger jet.

Sorry, this is but a stack of unimaginative generic boxy
parts, that could be assembled into any number of med-
ical buildings near suburban shopping-malls . .
But instead, the mediocrity is being thrown up 1350 ft
over Manhattan . . It’s a 2nd rate vibe that’s compound-
ed & reconfigured as an amateur lego-shaped 15 Penn
Plaza look-alike . . Garlands of horticultural froufrou,
might be a real-estate pleasantry, to sufficiently mask
Standard-issue design on low profile buildings . .
Not here . .

[NYguy]

Originally Posted by artspook

The clean sleek soaring contours, of the unique
segments that make up a futuristic-looking 350 Park Av.
tower, are yet another Great Foster design proposal for
NYC ! . . The best one yet ! . . Yeah, I am speaking of
the proposal recently rejected, in favor of this latest
pedestrian version, with the plants . . its like comparing
The design of a stealth bomber to an Airbus A320
passenger jet.

Sorry, this is but a stack of unimaginative generic boxy
parts, that could be assembled into any number of med-
ical buildings near suburban shopping-malls . .
But instead, the mediocrity is being thrown up 1350 ft
over Manhattan . . It’s a 2nd rate vibe that’s compound-
ed & reconfigured as an amateur lego-shaped 15 Penn
Plaza look-alike . . Garlands of horticultural froufrou,
might be a real-estate pleasantry, to sufficiently mask
Standard-issue design on low profile buildings . .
Not here . .

Well, the rendering shown for this proposal isn’t really a rendering at all, but more conceptual in nature. This tower, and the finer details, aare being put together as we speak. As far as the older design goes, all you need to know is that the current design is being driven by the tenant that will actually get it built. A tenant that paid the highest office rent in the city’s history at the Foster designed tower down the street, 425 Park Avenue. They know what they want, and Foster will deliver. All we have to do is wait for it.

[artspook]

OK thanks NYguy . . that’s reassuring . . Can’t wait.
(Wouldn’t mind if it looked more like the former design though)

[NYguy]

https://nypost.com/2023/05/02/ken-gr...nyc-footprint/

Ken Griffin inks massive deal with Steven Roth, William Rudin to expand Citadel’s NYC footprint





By Steve Cuozzo
May 2, 2023

Three billionaire moguls — Citadel’s Ken Griffin, Vornado’s Steven Roth and Rudin Management’s William Rudin — are putting their megabucks into the Big Apple’s future.

The trio formed a joint-venture partnership that will give Citadel room to grow in the city and bring an iconic new office skyscraper to Midtown Park Avenue — despite forecasts that work-from-home will make offices obsolete.

“We think we have seen the peak in work from home,” Roth said Tuesday during Vornado’s first-quarter earnings report.

“With each passing week, the office buildings feel more like 2019. And we believe it’s just a matter of time before everyone is back for good,” he added.

As spelled out in Vornado’s earnings report, Citadel took a 10-year “master” lease on the real estate company’s 350 Park Ave., which has 585,000 square feet.

The rent starts at $35 million a year, or $61.50 per square foot — and will rise at an undisclosed rate over time.

The master lease means that tenants currently in the building will pay rent to Citadel.

Citadel also master-leased Rudin’s adjacent 390,000 square-foot 40 E. 52nd St. Terms were not disclosed.

Both buildings are expected to be empty of tenants other than Citadel within 10 years so they can be torn down for a new, supertall, 1.7 million square-foot skyscraper.

Vornado and Rudin are also buying the small building next door, 39 E. 51st St., for $40 million to enlarge the footprint for the cloud-buster, where Griffin would lease at least half of the space.

The arrangement gives Griffin the option to buy out both Vornado and Rudin for a total of $1.4 billion by June 2030 and develop the tower himself.

The real estate companies could also require Griffin to buy their stakes for $1.2 billion.

Citadel already leases a significant amount of space at 425 Park Ave., where it’s the anchor tenant, as well as at 350 Park.

CBRE tristate CEO Mary Ann Tighe — who does not represents either Citadel or the developers at the site — said their plans “reinforce two New York City fundamentals.”

“When government creates an intelligent, targeted, commercially viable, ‘as-of-right’ real estate program for developers — in other words, a carrot and not a stick — positive results happen fast,” she said, referring to new East Midtown zoning that permits larger structures than in the past in exchange for public-realm improvements.

[MAC123]

I really don't like this new design, especially when compared to the old one. But at least something will replace the building there now, and it's another 400 + M building which is nice.

Side note but is there a reason for all the megadevelopments being on this side of the avenue? 3 400 + M buildings have been proposed for this stretch (one of which is under construction right now), but the other side doesn't seem to have any? Or am I wrong? I don't really know.

[NYguy]

Originally Posted by MAC123

I really don't like this new design, especially when compared to the old one. But at least something will replace the building there now, and it's another 400 + M building which is nice.

Side note but is there a reason for all the megadevelopments being on this side of the avenue? 3 400 + M buildings have been proposed for this stretch (one of which is under construction right now), but the other side doesn't seem to have any? Or am I wrong? I don't really know.

There have been new developments like 425 Park and other sites just south of that one coming together. But the real answer is that it’s not as if there are large, empty lots on Park Avenue. The other side of that stretch mostly falls into one of two categories: massive building or landmark building.

[NYguy]

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[NYguy]

Originally Posted by TKD

Made this early in the morning (based upon how I have understood/interpreted the render)

I see some similarities to this Foster design (Torre Cepsa)

[The New York Lion]

Originally Posted by JohnMarlborough

This is a beautiful tower. I hope that it gets built. Same with 175 Park. The hotel closing date seems elusive.

I concur.

In time, they will be built.

[MAC123]

It's basically Foster copy + paste.

Boring but not ugly.
Sigh, just wish the other design could have happened.

[NYguy]

This should help cover space while the two buildings are demolished…


https://therealdeal.com/new-york/202...-280-park-ave/

Ken Griffin’s Citadel eyeing big office lease at 280 Park Ave
Hedge funder said to be in talks to occupy a third of the SL Green, Vornado tower


JUN 21, 2023

Griffin’s hedge fund Citadel is in talks to take 400,000 square feet at 280 Park Avenue, Crain’s reported, citing two unnamed sources. Such a move would be a boon to the city’s two largest commercial landlords, SL Green and Vornado Realty Trust, which co-own the 1.2 million-square-foot tower.

Whether or not the lease actually happens remains to be seen, and there are reasons to be skeptical. After signing a short-term sublease for 24,000 square feet at 520 Madison Avenue a few years ago, Citadel is relocating some of its 1,500 New York employees to L&L Holding Company’s new tower at 425 Park Avenue. Citadel signed a record $300-per-square-foot deal for the 47-story tower’s penthouse in 2015, months after the building broke ground.

Then, there’s 350 Park Avenue. This year, details emerged about Citadel’s hopes for a 51-story, Norman Foster-designed tower at the site, where it would redevelop properties leased from Vornado and Rudin Management. Citadel would occupy 54 percent of the property’s 1.7 million square feet, though the project could still be a decade away from coming to fruition.

Finally, there’s Citadel’s broader relocation from Chicago to Miami, where two months ago, Griffin cut ties with Sterling Bay on plans to build the company a new headquarters. Citadel isn’t retreating from South Florida, however, instead choosing to handle some of the work in-house and partner with another developer for the Brickell project.

280 Park Avenue is 98 percent occupied, according to Crain’s, though six tenants are set to leave by the end of the year. Citadel declined to comment to the publication. Vornado and SL Green did not immediately respond to a request for comment from The Real Deal.

[NYguy]

https://www.crainsnewyork.com/commer...idtown-changes

A key parcel for Citadel's planned Midtown tower changes hands


C. J. HUGHES
June 26, 2023

A planned supertall tower for Citadel Securities appears to have taken a small but significant step forward.

The hedge fund giant's potential partners have purchased a 5-story, townhouse-style building located within the massive footprint of the 1,350-foot-tall project for $40 million, public records show. The structure, which is at 39 E. 51st St., closed on June 20, according to a deed filed in the City Register on Friday.

The buyer of the Beaux-Arts structure was a joint venture of Vornado Realty Trust and Rudin Management Co., two landlords that have been announced as possible development partners of Citadel in the project.

Under plans shared last winter, the developers would raze 39 E. 51st as well as two much larger buildings around it, 350 Park Ave. and 40 E. 52nd St., in order to construct a new office building containing 1.7 million square feet.

Under one scenario being considered, Citadel, which is helmed by billionaire Ken Griffin, would partner with Vornado and Rudin on the tower, which is intended to allow all of Citadel’s scattered offices to be consolidated under one roof. But Citadel is also reportedly considering being the sole developer of the tower, which would have the address of 350 Park Ave.

Rudin and Vornado make sense as potential partners, as they already control the two biggest parcels at the proposed site. Indeed, Rudin currently owns 40 E. 52nd, a 23-story office building that opened in the 1980s and that until last fall was the headquarters of the asset manager BlackRock. Vornado, meanwhile, is the landlord of 350 Park Ave., a 30-story tower from the 1960s where Citadel leases space.

Though Vornado and Rudin’s purchase of 39 E. 51st might suggest that Citadel has agreed to a joint-venture approach as opposed to a solo endeavor, Citadel spokesman Zia Ahmed had no comment on the deal or its implications for the larger project. And Rudin and Vornado declined to comment.

Citadel appears to be making moves on other fronts too. In January it signed an $84 million, 10-year lease deal for 40 E. 52nd St., records show, after BlackRock relocated to 50 Hudson Yards, a new tower for which BlackRock is the anchor tenant. But Citadel’s Ahmed declined to say whether Citadel was actually planning to move into the building.

At a time when many firms are shrinking their office footprints in the neighborhood, Citadel, which is headquartered in Miami but which has about 1,500 New York employees, seems to be going in a perhaps counterintuitive direction. The company also recently expanded at 425 Park Ave., a nearby new development. And its deal-making comes as Manhattan’s office availability rate has stubbornly hovered around 17% since the start of the year, though the timeline for the new 350 Park Ave. is expected to stretch for a decade.

[Crawford]

Nice. Can't wait to see this supertall move forward.

[Busy Bee]

Originally Posted by NYguy

From Federal Reserve Bank in Boston to Commerzbank in Frankfurt (Foster) to this, I'm a total sucker for these sort of "picture framed" style of towers.

[NYguy]

Originally Posted by Busy Bee

From Federal Reserve Bank in Boston to Commerzbank in Frankfurt (Foster) to this, I'm a total sucker for these sort of "picture framed" style of towers.

I would hope it’s as “clean” as that, and not as “busy” as 15 Penn.

Originally Posted by Crawford

Nice. Can't wait to see this supertall move forward.

I get the feeling they will move forward sooner rather than later, particularly if they take the space at 280 Park.

[Xing Lin]

Added 350 Park's latest design to these SOM and Gensler views of Midtown East:

[NYguy]

March of the supertalls.

[NYguy]

It's probably exciting to be in on the design of a ground up skyscraper. Many possibilities with 350 Park.



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[NYguy]

Great 0verview of the site from the Dronalist


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