Quote:
Originally Posted by Zerton
I can't believe this is the most economical way to build a larger headquarters.
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Within the scope of midtown east, believe it.
Quote:
Originally Posted by Prezrezc
If the underlying situation were different, could the tower have been converted tp resi?
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I think anything could be converted to resi.
Quote:
https://therealdeal.com/2017/08/11/m...-hudson-yards/
Midtown East has been rezoned. Just don’t expect another Hudson Yards
Existing leases, construction complexities & other factors mean large-scale change isn't likely for decades
By Kathryn Brenzel
August 11, 2017
Leading up to the rezoning, the City Planning Commission identified 16 sites — many composed of multiple buildings — that are likely to take advantage
of the density bonus in the next 20 years or so. The site that stands to gain the most space under the rezoning is the so-called Pfizer site,
the pharmaceutical giant’s Headquarters On East 42nd Street. Under the rezoning, the site can add 781,869 square feet of space — bringing its total
to nearly 1.9 million square feet.
...Cushman & Wakefield’s Bob Knakal believes that the Pfizer site is one of the only properties in the district that is likely to take advantage of the rezoning
anytime soon. Many of the sites identified by the city have multiple owners and have tenants whose leases don’t end for several years.
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This is a coup for tower development in midtown east. Though not as large as the footprint of towers in the Hudson Yards, this one will be larger than even One Vanderbilt.
It will require no wholesale demolition of multiple towers to achieve this, the only comparable thing in east midtown being the planned tower at the Pfizer site.
There will be no need to wait years for a site assimilation (One Vanderbilt took a decade), no need to wait out tenants. In one bold move, east midtown will get a new,
state of the art 2.5 msf office tower, comparable with the best today's new towers has to offer.
As Chase had been looking to move out of the district, this site was not even considered up for redevelopment in the Midtown East rezoning. It stands just at the core,
with a 23-25 FAR, though it would have to purchase air rights to achieve that. The City uses a similar tactic for the Hudson Yards towers.
Using some older aerials, a look at where this tower stands in the overall scope of Manhattan.
