[NYguy]

https://nypost.com/2024/11/17/business/d...ut-lacks-key-piece-to-make-it-a-reality/



BXP released first rendering for its proposed 950,000 square-foot tower, designed by Kohn Pedersen Fox, at 343 Madison Ave., between East 44th and 45th streets


Developer gives first look at planned skyscraper near Grand Central Terminal — but lacks key piece to make it a reality





By Steve Cuozzo
Nov. 17, 2024

It’s build-or-bolt time for BXP on Madison Avenue.

The developer is itching to build a skyscraper at 343 Madison between East 44th and 45th streets, which is currently a block-long, empty lot owned by the MTA. But it needs an anchor tenant before the striking, 46-story, 950,000 square-foot tower — designed by Kohn Pedersen Fox — shown here for the first time — can rise.

BXP, previously known as Boston Properties, tapped a crack CBRE leasing team to make it happen. The ground-lease agreement with the MTA gives BXP an off-ramp to terminate its 99-year leasehold by July 31, 2025, if a tenant can’t be found.

BXP is already building for the MTA a new above-ground entrance to Grand Central Terminal at the corner of Madison and 45th in what’s described as the first phase of the project.

During a recent investors call, BXP executive vice president for New York Hilary Spann cited “tightness in the Park Avenue district with very little Class-A premier workspace available” as reason for confidence in the tower, which BXP touts as a sustainability-driven, all-electric, “zero-carbon premier workplace.”

Amenities are to include a double-height lounge and conference space on the 45th and 46th floors, indoor and outdoor dining spaces on “biophilic” terraces overlooking Midtown, and a high-end lobby lounge.