NEW YORK | 650 Madison | FT/M | FLOORS
 

More tall buildings for this part of Manhattan is exactly what we need. I do wonder how long this building will be a significant feature on the skyline though, with all the new ultra-luxury residentials popping up like mushrooms after a rainstorm I think that it might be essentially hidden on all sides as soon as 10 years from now.

This tower, if built, would likely break all sales prices records, IMO. Even 432 Park would be topped.

That stretch of Madison is A++ prime and would have incredible Central Park views.

There are no height limits on this site, so I wonder how tall they could go. I know the article says an 800 ft. tower could be built, but I think they're just offering a rough estimate. This section of Midtown has no height limits.

I agree with your assesment, we will likely see a skinny X3Utra-luxury supertall on this site.

Whoa, is that true about the lack of height limits? This would be such an epic spot for a superdupertall (what I've taken to calling 1500~ footers), to balance 225 W. 57th. 432 Park had better sell their Central Park-facing units quickly, before people realize this thing will be going up right in their sight lines.

There are no height limits in this section of Midtown, but there could be other practical considerations that would make an extreme supertall less likely.

I guess we'll have to wait and see. In any case, I think we'll see something extremely tall and expensive.

And, yeah, if we could balance out 225 W.57, that would be obviously fantastic.

So, I hope that Extell buy this building. Or, I hope the new owner of this place has thoughts like the Gary Barnett. :haha:

An 'extreme supertall' is probably not likely here because of the bulk restrictions in the zoning.

Doing a back of the envelope calculation, it seems like there's anywhere from 500,000sf to 800,000sf of air rights available, depending on any extra air rights purchases and FAR bonuses(plaza, etc), which would definitely be enough for an 800'-900' tower.

The zoning lot itself is zoned C5-3, which has a base FAR of 15; given a lot size of ~36,000sf gives 540,000sf. Transfer some air rights from neighboring buildings on the block, and add a plaza (each square foot of plaza space yields an extra 10 square feet of buildable air rights), and the total is bumped up another couple hundred thousand square feet.

Usually when they give height estimates, they're talking about floors. So 70 floors becomes 700 ft, etc. So, they could be projecting an 80 floor building here, but it's still early. The views here would be as good or better than all of the other towers going up in the area.

So the seller says that the site could *potentially* be transformed into a residential project and we have a thread for a 800 FT residential tower proposal? Isn't that... a bit hasty?

What is hasty? This is for proposed projects (i.e. projects that don't exist, though may one day exist).

I'm particularly intersted in what a developer will pay for this site. It isn't just the value of the potential condo units, it's the retail. You have some of the highest rents on the planet on this stretch of Madison, and the current building is a bit unwieldy for retail.

I would imagine they would have extensive multifloor retail base, then topped by condos or a condo/hotel

I know what a proposal is. But usually, someone, some company, is actually making a proposal, even if it's just a vision. We have none of this here. I'm not going to open a thread for each vacant lot we have here in our downtown with the potential building that could be built on it according to zoning...

Ok, but that has nothing to do with this thread.

The building is being sold for redevelopment. It has nothing to do with "potential building that could be built according to zoning".

I don't agree with you on this one Crawford. What I read is that some salesman is pitching that this site could potentially be a redevelopment, if someone interested really wanted to, as long as he waited for all the leases to expire, Although it fetches top-tier office rents. And then, according to Marketing Material (whoever that guy is), if a redevelopment do occur, a 800 ft tower could potentially be built on this site. There are a lot of ifs in there...

MM guy didn't even have a proposal for this site. Where is the proposal coming from that we have a thread for? I stand by my statement: isn't it a bit hasty to have a thread for this proposed 800 ft residential tower on this site?

But I'll admit that there is potentially a lot of potential in this site :P

Well, we'll agree to disagree, I guess. There's no such thing as "proposed" in a NYC building timeline. A building is either as-of-right (and therefore requires nothing besides filing a permit) or it isn't.

In NYC, there's no obligation for a project to give any public information on any aspect of the project, except for the permit filing itself, so I don't know what you would require for a project. I guess you could only limit buildings to those that have a building permit, but that would eliminate 95% of this section.

I thought the whole point of the Proposed section is to detail potential future construction projects of interest. Certainly, given the location, this is a site to watch. That's why I assume the thread was created, while for most proposed projects, at least in NYC, we will never have threads (because a random side-street tourist hotel, to take one common current example, isn't remotely interesting).

I'm no mod, but if you think the Proposed section is too cluttered, we should get rid of all the crap projects. The random stuff is what makes this section too unwieldy. Also the silly stuff, that everyone knows won't happen (random giant towers by non-name developers in low-demand markets). This site, if it's redeveloped, would likely be one of the most high profile residential projects anywhere, and is a hell of a lot more likely to happen than some of these threads I see in this section.

yeah, not to get site-rules meta, but there's nothing proposed in any way, shape or form. this is just as/more likely to be purchased by an institutional investor as by a developer who'll pull together the 700-900 million bones to make this a 800 floor tower. really jumping the gun.

^^^
I made the thread since RobertWalpole made one on SSC and I'm guessing he knows something that we don't.

http://www.reuters.com/article/2013/...94N0V120130524

Exclusive: In surprise, General Growth eyes New York office tower

By Ilaina Jonas
May 24, 2013

http://mobile.bloomberg.com/news/201...4-billion.html

Manhattan Tower Said to Get Bids of Up to $1.4 Billion


By David M. Levitt and Hui-yong Yu
May 28, 2013

For a sense of place, a look at what could be a prime location for luxury condos. In an area already booming with new luxury towers, this could be among the hottest in Manhattan.
The bulky base leads me to believe that it could be demolished and rebuilt rather than converted.


Any action would be down the line though...



http://www.pbase.com/nyguy/image/150520248/original.jpg



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Two recent deals show that this area continues to be the most expensive on all fronts...


http://www.crainsnewyork.com/article...TATE/130539991

Hot dog! Rents near $200 a square foot in 2 deals
Financial firms ink the priciest office leases since the crash to secure space atop the GM Building and 9 W. 57th St.
Amount paid is nearly three times the midtown average.


By Daniel Geiger
May 30, 2013