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  #1  
Old Posted Mar 4, 2015, 2:04 PM
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Smile NEW YORK | 335 Madison Ave | 1,000 FT+ | FLOORS

New tallest?

http://www.crainsnewyork.com/article...r-in-the-works

New Milstein tower in the works

Quote:
A new spire is slated for the Vanderbilt Avenue corridor near Grand Central Terminal, and it's not SL Green Realty Corp.'s controversial 1 Vanderbilt. Developer Howard Milstein plans to develop and design a much larger new tower at 335 Madison Ave., according to the New York Post.

The existing 1.1 million-square-foot office tower was actually built in 1984 by Mr. Milstein, who redeveloped the 1913-era Biltmore Hotel that his family razed before preservationists could protest. The proposed new tower will likely include a luxury hotel.
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  #2  
Old Posted Mar 4, 2015, 2:28 PM
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Not exactly the type of tower that was expected to be replaced by the rezoning, as its only 30 years old.
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  #3  
Old Posted Mar 4, 2015, 2:40 PM
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http://nypost.com/2015/03/03/vanderb...ive-new-tower/

Vanderbilt corridor set for massive new tower

By Lois Weiss

Quote:
The Vanderbilt corridor may be getting a new tower on a site no one expected to be redeveloped so fast.

Shrewd Howard Milstein is now focusing on designing and developing a completely new modern tower at 335 Madison Ave. that would take advantage of the new Vanderbilt corridor zoning boost, The Post has learned.

To those of you who can’t make heads or tails out of taking down a 1.1 million square-foot tower from 1984 for a slightly larger one, think again.

Some sources have indicated that Milstein, harkening back to its location and history, would like to include a “high end” hotel as part of the new plans.

The 1984 tower was actually a stealthy redevelopment of the 1913-era Biltmore Hotel that the Milstein family started razing before preservationists could react.
[...]
To make his dream development happen, Milstein may try to tie up most, if not all, of the 1,224,109 million square feet of transferable development rights (TDRs) held by Andrew Penson through his ownership of Grand Central Terminal.

Penson did not return a request for comment but is known to be seething that the city allowed SL Green to use both its own TDRs and buy or create public amenities to get the other 540,000 feet “dirt cheap.”

CBRE’s uber broker, Steve Siegel, who was unaware of Milstein’s plans, said, “It’s a great site and next to SL Green’s building and will only get more valuable. It’s an incredible address.”
[...]
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  #4  
Old Posted Mar 4, 2015, 3:25 PM
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damn NYC, you just don't stop do you?
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  #5  
Old Posted Mar 4, 2015, 4:32 PM
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Quote:
Originally Posted by scalziand View Post
Not exactly the type of tower that was expected to be replaced by the rezoning, as its only 30 years old.

It's actually one of the sites that's getting a jumpstart on the midtown east rezoning due to it's location.


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  #6  
Old Posted Mar 4, 2015, 5:15 PM
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I am not surprised, at all, that Milstein is moving ahead with this potential tower.

They have only been giving shorter-term leases on the property, so that signals that something is being planned. With all those adjacent Grand Central air rights, Milstein could build an enormous tower, easily rivaling One Vanderbilt.

I suspect that, 10-15 years from now, there will be a bunch of supertalls along Madison Ave. in Midtown.
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  #7  
Old Posted Mar 4, 2015, 8:32 PM
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Three Supertalls here would pretty cool. 1 Vanderbilt, 335 Madison Ave and possibly 347 Madison Ave if they can purchase 50 and 52 Vanderbilt or their air rights.

I'd be pissed off if they tear down the Roosevelt Hotel. The last of the grand Hotels that were at one time all over this area. The Biltmore, 335 Mad, was stripped down to it's frame by Milstein and reconfigured into an office building back in the '80's even though it was landmarked.

I'm sure everyone sees another opportunity for a supertall at the Roosevelt, but to me that's a mistake.. this isn't some nondescript post war building in the area.. it's the last of the grand hotels and should be left untouched.

While we're at it, the Commodore should be bought back to it's former glory and Trump smacked around a bit for what he did to that building.
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  #8  
Old Posted Mar 5, 2015, 5:59 AM
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The sites again along the Vanderbilt corridor that seek the early jump on midtown east rezoning.

While 1 Vanderbilt moves through the approvals process simultaneously, future towers will still need to move through the approvals process as the language is being written.











https://www.honestbuildings.com/buil...e#.VPfvXDTF-XE





In it's former life as a hotel...



http://www.nyc-architecture.com/GON/GON041.htm



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  #9  
Old Posted Mar 9, 2015, 5:50 PM
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I tale a short break from SSP and meanwhile a bunch of new supertalls were announced or hinted at?!



Hopefully the renders are released soon, I can't keep on waiting for this one in addition to all those new ShoP towers and 217 W 57th's official renders. With this tower, I believe it's something like 35 - 40 supertalls in various stages of construction, completion, prep and proposal in NYC.

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  #10  
Old Posted Mar 9, 2015, 5:57 PM
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^^^^

Yes sir. 33 to be exact. 7 Completed, 4 under construction, 7 currently having site preparation and expected to rise in the months coming, 1 on hold (wtc2), and 15 more in the pipeline.

Its an unprecedented era.

In terms of 200m +, if all goes well, the city will literally add a calculated value of 109.67 % of the current existing 200m + stock to its resume.
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  #11  
Old Posted Mar 9, 2015, 9:04 PM
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Quote:
Originally Posted by scalziand View Post
Not exactly the type of tower that was expected to be replaced by the rezoning, as its only 30 years old.
Quote:
Originally Posted by NYguy View Post
In it's former life as a hotel...



http://www.nyc-architecture.com/GON/GON041.htm
I take that back, as I did not realize that this was a reclad.
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  #12  
Old Posted Mar 12, 2015, 1:32 AM
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http://rew-online.com/2015/03/11/van...something-big/

Vanderbilt rezoning the start of something big


MARCH 11, 2015
By Steven Spinola


Quote:
There’s been a lot of activity around Grand Central Terminal lately, and not just the usual hustle bustle of rush hour commuters.

Last month, at a City Planning Commission hearing, the proposed Vanderbilt Corridor Text Amendment and SL Green’s Special Permit Application for One Vanderbilt received strong support.

The Text Amendment would permit the five blocks (from 42nd Street to 47th Street) along the Vanderbilt Avenue to be redeveloped up to a 30 FAR, either through the purchase of air rights from a landmark or through an improvement in the public realm.

New developments in the Vanderbilt corridor would require a special permit and would go through a seven-month public review process.

The 1,500-foot One Vanderbilt tower, planned by SL Green, is being developed under this special permit process and is proceeding concurrently with the Text Amendment.


This transit network improvement that SL Green will undertake and be required to complete as a requirement for the additional floor area will make significant improvements to pedestrian circulation in Grand Central Terminal and the adjacent subway lines.

The important goal of the Vanderbilt Corridor Rezoning Text Amendment is to encourage modern commercial development along Vanderbilt Avenue, to create a mechanism to link new development to much needed infrastructure and public realm improvements in the Grand Central area, and to allow more flexibility for the transfer of unused landmark development rights.

We think the proposed rezoning will create opportunities to construct new landmarks that reflect modern ideals and set new standards in sustainability and design. The project is projected to create 5,200 construction jobs, 190 permanent union building service jobs, and approximately $50 million in annual tax revenues.

The SL Green One Vanderbilt tower, an approximately 1.8 million gross square foot mixed use office building with an enclosed public space at ground level, is exactly the type of dense, transit-oriented development that belongs immediately adjacent to Grand Central Terminal.

Designed with careful attention paid to the needs of modern tenants, One Vanderbilt will feature open and efficient floor plans and will be a LEED-certified, Class A building. SL Green will finance and facilitate the construction of all public improvements, including enhanced transit connectivity and new public spaces for an estimated $210 million.

SL Green has worked diligently with the Community Board and Borough President’s Office to further improve urban design elements that may impact public space.

As a result of this collaboration, the Manhattan Borough President Gale Brewer has supported the project at the Planning Commission hearing but was clear that there were still important changes that had to be made to the project, such as the inclusion of restrooms and benches in the transit hall, continued maintenance to the plaza by SL Green, doors to the building’s ground-floor retail section that open into the plaza, and more changes which reflect an emphasis not only on appealing to the workers in the One Vanderbilt building, but to the general public as well.

The Text Amendment and the One Vanderbilt Tower hearing at the City Planning Commission was very encouraging for the future of East Midtown.

We think these two actions will launch the revitalization of this section of East Midtown and pave the way for a rezoning of the greater Midtown East area. This project is currently being discussed by a Steering Committee comprised of major stakeholders, including REBNY, the Grand Central Partnership and the East Midtown Partnership and chaired by Manhattan Borough President Gale Brewer and City Council Member Dan Garodnick.

Meanwhile, last week it was reported that Howard Milstein is planning to develop a completely new modern tower at 335 Madison Avenue. This rezoning could trigger even more development than expected.

Greater East Midtown may create even more good middle class jobs and ensure that New York City remains the center of world commerce, culture, media, and finance.

So the next time you’re passing by Vanderbilt Avenue, if you listen carefully amid the hustle bustle of commuters, you might hear the theme song from the old Steve Allen Show, “This Could Be the Start of Something Big.”
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  #13  
Old Posted Jun 10, 2015, 10:35 AM
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This is happening, lads.

This is not some dim witted, pie in the sky project in Chicago by an Irish plumber!

As per today's NYP, Milstein is not renewing expiring leases.

This city esta en fuego!

http://nypost.com/2015/06/09/metlife...3-bryant-park/

Lois Weiss wrote:

Quote:
. The investment firm GIC, which is the wholly owned fund manager for the Government of Singapore, will say hello to 280 Park and good-bye to 335 Madison. GIC will depart early as the Milstein-owned office building is winding down tenancies and is no longer renewing or recasting leases or signing new deals. As we first revealed on March 3, Howard Milstein plans to demolish the structure and develop another tower under the new Vanderbilt Corridor zoning.
GIC had a lease that could have kept it there to the year 2022 but will now move in the first quarter of 2016 from its spot at 335 Madison Ave. to the 9th floor’s 49,724 square feet at 280 Park Ave.
The 15-year lease had an asking rent of $100 per square foot.
Frank Doyle, Clark Finney, Barbara Winter of JLL represented GIC while the duel ownership of Vornado Realty Trust and SL Green Realty Corp. were represented by a CBRE team of Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Eric Deutsch and Sam Seiler. Glen Weiss and Andrew Ackerman of Vornado, along with Steve Durels, David Amsterdam and David Kaufman of SLG, represent the joint ownership in-house.
Since December 2014, Fiduciary Trust Co. and PJT have signed deals for 149,401 square feet and 98,740 square feet respectively at the 1.24-million-square-foot building.
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  #14  
Old Posted Jun 10, 2015, 10:59 AM
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Quote:
Originally Posted by JR Ewing View Post
This is happening, lads.

This is not some dim witted, pie in the sky project in Chicago by an Irish plumber!

As per today's NYP, Milstein is not renewing expiring leases.

This city esta en fuego!

http://nypost.com/2015/06/09/metlife...3-bryant-park/

Lois Weiss wrote:
why do you Keep repeating those words in many posts, " Irish" plumber.. Do you have something against the Irish, and for that matter, plumbers? We all know how much you love to disparage Chicago so no need to ask there. I don't like the vibe, mate. You shouldn't hate so much.
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  #15  
Old Posted Jun 10, 2015, 11:52 AM
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Why don't you contribute something of value?
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  #16  
Old Posted Jun 10, 2015, 2:32 PM
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l guess this is one of those situations where revenge is best served taller.
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  #17  
Old Posted Jun 10, 2015, 3:14 PM
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Good news!! Since the Vanderbilt corridor rezoning is out of the way.. The dominoes is starting to fall! After Millsteins, I suspect the MTA tower at 341 Madison could be next should they find a winning bidder to develop. There is a lot of air rights available in play should any of these developers want to take advantage.
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  #18  
Old Posted Jul 1, 2015, 3:52 AM
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News for the greater Midtown East Rezoning:


East Midtown Rezoning Plan Moves Forward
http://www.wnyc.org/story/east-midto...moves-forward/

June 30, 2015

Quote:
Manhattan's East Midtown area is one step closer to allowing for denser buildings. The East Midtown steering committee, set up to consider how to boost development in what was once a marquee commercial district, held its final meeting Tuesday.

The group has recomdended a proposal to city planners that would free up landmarked properties to sell the space above their properties, or unused air rights, anywhere within the East Midtown zoning district.

The cost of the development rights would be negotiated by the buyer and seller.

"Landmarks like St. Patrick's Cathedral, or St. Barts or Central Synagogue, or even Grand Central itself will be able to sell their air rights throughout the entire district," said city councilman Dan Garodnick, who co-chaired the steering committee.

Such sales are limited now to adjacent properties.

The city would then take a percentage of each sale of development rights and put those funds toward public improvements in the district.

An earlier failed proposal to rezone East Midtown put forth by Mayor Michael Bloomberg's administration would have allowed the city to charge $250 per square foot for air rights, that developers could purchase if they had a qualified site within the district.

"We've been working on a plan for East Midtown for over a year, and we’ve arrived at a framework that balances and addresses this neighborhood’s needs, including securing its landmarks, improving the transit system, building new high-quality office space, and creating open space," said Gale Brewer, Manhattan borough president, the steering committee co-chair.

But the city would have priced the development rights at the same amount, even though they'd likely be worth more, for example, at 57th Street and Park Avenue, than they would at 39th and Third Avenue.

The new proposal would also allow developers to make transit upgrades in exchange for receiving a building height and density bonus.

City planners will consider the proposal and enter it into the city's formal land use review process.

Last month, the New York City Council approved plans for a 63-story office tower in East Midtown, at One Vanderbilt.
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  #19  
Old Posted Oct 8, 2015, 9:02 PM
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The new Hudson Yards station is scooping up business
By Steve Cuozzo
October 5, 2015


Quote:
But Penson’s air rights seem anything but worthless. He can sell them to owners of at least five nearby development sites — the Roosevelt Hotel, MTA headquarters on Madison Avenue, 237 Park Ave., the Grand Hyatt Hotel and 355 Madison Ave.

My colleague Lois Weiss previously reported that 355 Madison owner Howard Milstein indeed might buy Penson’s air rights to build a larger tower.
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  #20  
Old Posted Dec 4, 2015, 8:56 PM
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Quote:
The Vanderbilt corridor may be getting a new tower on a site no one expected to be redeveloped so fast.

Shrewd Howard Milstein is now focusing on designing and developing a completely new modern tower at 335 Madison Ave. that would take advantage of the new Vanderbilt corridor zoning boost, The Post has learned.

Some sources have indicated that Milstein, harkening back to its location and history, would like to include a “high end” hotel as part of the new plans.

To make his dream development happen, Milstein may try to tie up most, if not all, of the 1,224,109 million square feet of transferable development rights (TDRs) held by Andrew Penson through his ownership of Grand Central Terminal.
We'll see.
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