SkyscraperPage Forum - NEW YORK | One Madison Avenue (Redevelopment) | 471 FT

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NEW YORK | One Madison Avenue (Redevelopment) | 471 FT | 27 FLOORS

SL Green will redevelop One Madison Avenue when Credit Suisse lease expires in 2020

https://s13.therealdeal.com/trd/up/2...ve-650x405.jpg

Quote:

Architect Daniel Libeskind’s design for a 600-foot-tall condominium tower at One Madison Avenue was one of the most talked-about projects in the city when details leaked in 2007. Elad Group would construct the glassy tower, and reportedly had a deal to buy excess air rights from SL Green Realty above the 16-story limestone building, which runs along 23rd Street from Madison Avenue to Park Avenue South.

That deal fell apart amid the global financial crisis.

Now, more than a decade later, SL Green has plans to use those air rights to redevelop One Madison Avenue as an office building.

The real estate investment trust will use those air rights to build additional floors on top of the existing building.

“The major value paradigm here is there’s somewhere between [250,000] and 450,000 square feet of unused… as-of-right air rights that can be used on a building that was built as a podium,” SL Green CEO Marc Holliday said on the company’s earnings call Thursday.

“This will be a very exciting redevelopment not only for the company but I think for New York City,” he said.

Credit Suisse is the largest tenant at the 1.1 million-square-foot One Madison Avenue, with a lease expiring in December 2020.

Holliday said he plans to release more details about the redevelopment in December, and that work would likely commence in 2021.

“There will be a couple years of physical work to do at that building,” he said.

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TRD

I hope that reskin the base's façade.

A bit off topic, but I still wish a developer would build the nearby Metropolitan Life North Building to its full height. It was originally planned to be 100 stories, and the current 29 story base was constructed to be able to support that original planned height.

Quote:

Originally Posted by jackster99 (Post 8256570)

Keep the fingers crossed. I too was thinking that when I read this at first. A lot of is happening, and I think the trend will be to redevelop similar style buildings in the sense of additions on a large scale. The potential certainty exists.

Quote:

Originally Posted by jackster99 (Post 8256570)

Sadly, the zoning has changed since then and not for the better either. I really doubt there is now enough air rights left to build an office tower that tall.

With the right zoning modification or amendment, anything can happen. Air rights are just development space rights above the parcel that are exclusive and can be used to build within the confines of the zoning. The only thing limiting a certain height is technology itself. The sky is the limit in theory, it'll just take the right "legal" approach to make it happen.

With technology moving so fast, the only real bottleneck is bullshit bureaucracy, and zoning is part of that. Not saying zoning is not necessary, but it is part of the bureaucracy axis of evil.

The WSJ posted this image of the eighteen-story addition, which will be “unveiled” tomorrow. I just hope that the limestone base is nicely renovated and gets nice new windows throughout as shown on the Madison Ave side.

https://si.wsj.net/public/resources/...1202123004.jpg
https://www.wsj.com/articles/real-es...eal-1543788000

The progenitor of Midtown Manhattan's skyline deserves a better neighbor. Look at what Chicago is building next to the iconic Tribune Building.

https://www.enr.com/ext/resources/04...jpg?1524176277

Quote:

Originally Posted by Hudson11 (Post 8397087)

The progenitor of Midtown Manhattan's skyline deserves a better neighbor. Look at what Chicago is building next to the iconic Tribune Building.

Has nothing to do with what they will be building there.

https://therealdeal.com/2018/12/03/t...adison-avenue/

These are SL Green’s big plans for One Madison Avenue
Redevelopment project will bring building’s total rentable square footage to 1.5M sf

By Eddie Small
December 03, 2018

Quote:

SL Green Realty’s redevelopment project at One Madison Avenue will include 18 new floors and bring the building’s total rentable square footage to about 1.5 million square feet, according to new details released about the project on Monday.

The firm has tapped architecture firm Kohn Pedersen Fox to lead the redesign of the building, which will include modern office spaces, tenant floors and more than an acre of outdoor terraces.

SL Green is using 218,000 square feet of development rights to redevelop the building as-of-right. Demolition and construction should begin in 2020 or 2021 after the building’s existing tenant leases expire. The project will feature rentable floorplates of between 32,000 and 35,000 square feet.

The Real Deal previously reported over the summer that SL Green planned to use air rights to redevelop the tower as an office building after Credit Suisse’s lease expires in December 2020. At 1.1 million square feet, it is the largest tenant in the building.

https://www.businesswire.com/news/ho...eating-Midtown

Quote:

SL Green Realty Corp., New York City’s largest office landlord, today detailed sweeping redevelopment plans for One Madison Avenue, the Class-A office tower next to Madison Square Park. A Kohn Pedersen Fox addition on top of a nine-story redeveloped podium will add modern office space, tenant specialty floors and over one acre of outdoor terraces, with design harmonious with the surrounding Madison Square district, complementing the Park by incorporating significant softscape features.

To advance the most ambitious adaptive-reuse project in the Midtown South submarket, SL Green has re-assembled the design and development team currently constructing the iconic One Vanderbilt – Kohn Pedersen Fox, Hines and Gensler – to undertake the project. Like SL Green’s One Vanderbilt Avenue project, One Madison occupies a full city block bounded by Madison and Park Avenues between 23rd and 24th Streets.

“One Madison Avenue has an unbeatable location overlooking Madison Square Park, and after the redevelopment it will become one of the most sought after addresses in all of New York City,” said Marc Holliday, Chief Executive Officer of SL Green. “To take on such a sophisticated project, we’ve gathered the team responsible for constructing the ahead-of-schedule, 1,401-foot-tall One Vanderbilt. I’m confident their expertise will help us successfully revitalize One Madison into an exclusive address for today’s leading companies.”

Quote:

SL Green is redeveloping the building as-of-right, using 218,000 square feet of available development rights, which will increase the total rentable square footage of the building to nearly 1.5 million square feet. One Madison will be reduced to its existing ninth floor in order to create 18 additional new column-free floors above. Interior and exterior work to the existing podium, including revitalizing the lobby, modernizing core elements and activating retail space, a multi-purpose auditorium, and below-grade space, will create a complete, seamless, and unrivaled Class-A experience in Manhattan’s highest demand office district. Demolition and construction are expected to start in 2020/2021 following the expiration of existing tenant leases.

The newly-constructed tower will feature 32-35,000 rentable-square-foot floorplates, with 60-foot column-free clear spans and 14’-3”-foot floor-to-floor heights throughout. On the 10th and 11th floors, exceptional views of Madison Square Park are featured at panoramic terraces and specialty office floors, which will create an elegant and respectful transition from the masonry base to the new tower addition. Several private tenant terraces are also included at the top of the tower, all of which feature skyline views of the city.

https://imgs.6sqft.com/wp-content/up...evelopment.jpg

https://imgs.6sqft.com/wp-content/up...son-avenue.jpg
https://www.6sqft.com/nomads-one-mad...-pedersen-fox/

I love the old & new. Wasn't there a similar Libeskind proposal like this years ago for a nearby building?

One thing that bothers me - in the renderings it looks like they're getting rid a of the deco metal panels that fill the gaps between the windows. That's such a nice part of the building. I understand the desire for bigger windows but they're going to lose such an important element of the facade.

Yeah I was looking for that wild Libeskind proposal. I'll take the current reserved proposal any day over that look at me nonsense. Now if we can just finish the North Building! :slob: :P :D

Quote:

Originally Posted by Busy Bee (Post 8397621)

Yeah I was looking for that wild Libeskind proposal. I'll take the current reserved proposal any day over that look at me nonsense. Now if we can just finish the North Building! :slob: :P :D

That's always my dream. Come on SL Green.

This looks good! :cheers:

That Libeskind thing makes me gag!

Yeah, well done KPF.

Its ok IMO. I think we are just looking too much at the Met Life Tower, which is superior in aesthetics and design, and comparing it to this addition on its side.