“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I feel like we don't talk about this enough, the fact that there could be some units as large as 4 bedrooms on the upper floors, residential space that's not technically residential space...
Meanwhile, I'm expecting that Blackstone will be the signature office tenant here, if they sign before anyone else does...
Blackstone again weighing Manhattan HQ move, expansion
Firm looking for 1.5M sf after 345 Park Avenue spread: Bloomberg
Holden Walter-Warner
March 25, 2022
The private equity firm is seeking 1.5 million square feet of office space, people familiar with the matter told Bloomberg. The company is weighing options that include a move to another building in the city, or redeveloping a building to create the space.
Last year, Blackstone signed a deal to expand at the office by 80,000 square feet, bringing its total at 345 Park to 720,000 square feet. The firm also extended its lease for an additional year, through 2028.
We are, and we don’t even deliver it until 2029! When you think about companies that want to be in New York or who are already here today and are looking for the home of their future, there’s been a lot of interest from those tenants in 175 — and we’re talking to some interested in taking 1 million-plus square feet. But I can’t say who they are, for now.
TF Cornerstone is planning a jumbo 2 million-square-foot tower at 175 Park Ave. with offices and a Hyatt brand hotel. Brokers say Blackstone is contemplating 1 million square feet of its glass and steel space.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
A look at the area around the Hyatt (no longer the Grand Hyatt) in the months leading up to its closing. And a look at the landmarked viaduct which may one day become a "High Line" in east Midtown.
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__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
There has been some talk of this building overwhelming, and even covering up the Chrysler Building. That talk will only increase once this building is rising, and starts to approach the Chrysler Building in height. But that's not completely accurate. 175 Park Avenue will indeed dwarf the Chrysler Building, but the Chrysler will still stand as an icon of New York skyscrapers, probably even more so as it stands next to its much larger sibling. One thing the Empire State and the Chrysler have on the newcomers is decades of existence as skyscraper icons known around the world. The new 175 Park Avenue is one that looks to keep that tradition alive.
One thing about the new building, not only will it open up the area around Grand Central, but it will also create "space" near the Chrysler (on the open plazas), where now the Hyatt has just a sheer wall.
JANUARY 14, 2023
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__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
These aren't new renderings, or the most "recent". We've seen the first one more often. But you can see the small differences in the proportions from the model.
The renderings have a smaller proportioned crown. (Renderings from The Boundary )
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I find the crown on the model to be more graceful. The rendering crown seems a bit truncated. I hope they'll be going with the elongated version.
Yea, though IMO too much crown could be overwhelming. The last occupied floor would probably be higher too. Though I wonder if the crown will have light shows.
I'm going to be beyond thrilled if this happens, that area of midtown is going to be insane in 5-10 years.
I find the crown on the model to be more graceful. The rendering crown seems a bit truncated. I hope they'll be going with the elongated version.
The renderings are a bit dated (2021), but are closer to the current version of the tower than what we saw during the initial approvals process. As always, the design is subject to alterations here or there.
Anyway, I came across this interview with RXR's Rechler, providing the first rendered view of the updated base design that I've seen (besides the model). This building will be iconic on all levels. My only complaint is that it isn't being built already. They need to close that hotel today!
Creating Places and Building Communities
An Interview with Scott Rechler,
Chief Executive Officer and Chairman, RXR
Quote:
Will you highlight RXR’s portfolio and current development projects?
On the office side of the business, there is clearly a demarcation of which buildings are going to be competitive post-COVID and which will not. I call this commercial real estate’s Kodak moment – you have digital, and you have film – you want to invest in the digital.
For example, we are now investing in a project called 175 Park with our partner, TF Cornerstone, where we own the air rights over Grand Central Terminal, and we are going to build a state-of-the-art, fully electric 2.8 million-square-foot office building with a hotel at the top.
Even in this period of economic uncertainty, it is so interesting to see company after company approaching us about space in this new office building, even though it will not be available until 2029/2030. This will certainly be a special building that will have a major impact on New York City.
We recently began the development of a $4.8 billion airport terminal at JFK International Airport. We put this deal together during the uncertainty of COVID, but we always believed that air travel to and from New York City would continue to do extraordinarily well, so building a world-class airport terminal that we will own for 40 years is something that we are very excited about.
We are also focused on opportunities where we are repurposing competitively obsolete product. Whether it’s office buildings, hotels, malls, or surface parking lots – we’re buying these properties at a price that allows us to transform them to much better use, such as housing. We just bought an old mall in White Plains at a price where we will be able to tear down the mall and build over 800 residential units a block away from the train station. This is a good example of where we had an opportunity to transform a mall that had been vacant for almost two decades into something that will be a great asset for the city’s downtown. We were able to capitalize on this project because the price was right, and the municipality and the state offered the right incentives to help make the economics work.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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