Quote:
Originally Posted by NYguy
It won't really be a renovation, but a rebuilding, similar in nature to the new 425 Park Avenue.
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425 Park, 666 5th Ave, and 5 Beekman are examples of what I think will be a trend, especially as the Midtown East Rezoning ramps up.
Its expensive as it is to buy a tower and demo the whole thing, so I could see many "425 Park like" developments springing up. Where height, due to the benefits of rezoning, is further added to an existing structures and the functionality of an existing tower is changed (hotel, residential, office, ect.).
This project is a little more extreme as the structure will be stripped to its steel-core, but in terms of cost, a 425 Park like scenario makes more sense for when there isn't a crazy amount of capital available.