NEW YORK | 343 Madison Avenue | 844 FT | 49 FLOORS

NYguy · #1 Posted **Apr 24, 2024, 8:10 PM**

Quote:

Originally Posted by ChiND

Thanks. Since BP has a deep-pocketed investor, I thought that they might build on spec considering the demand for high-end, new space.

Doubt it. We're still waiting to get 3 Hudson out of the ground, and they've said they were going to wait it out here.

Quote:

https://www.crainsnewyork.com/real-estat...s-must-double-justify-building-new-space

Boston Properties says office rents must double to justify building new space

AARON ELSTEIN
September 12, 2023

Quote:

…..Boston Properties probably won’t be developing properties in Midtown for a while, either, even though a few months ago the firm finalized a ground lease for a planned 982,000 square-foot office tower at 343 Madison Ave., next to Grand Central Terminal.

The project doesn’t have a lead tenant and officials said they will wait a year or two before deciding how to proceed. If the tower doesn’t get built, the ground lease will be returned to the Metropolitan Transportation Authority and Boston Properties would get a refund, Linde said.

ChiND · #2 Posted **Apr 24, 2024, 8:32 PM**

Quote:

Originally Posted by NYguy

Doubt it. We're still waiting to get 3 Hudson out of the ground, and they've said they were going to wait it out here.

I recall the article with BP’s claim. I think that 341 Madison will be much easier to build than 3 HY. It’s a much smaller building in a more desirable location.

NYguy · #3 Posted **Apr 26, 2024, 2:18 PM**

Quote:

Originally Posted by ChiND

I recall the article with BP’s claim. I think that 341 Madison will be much easier to build than 3 HY. It’s a much smaller building in a more desirable location.

Well, they are both desirable locations. Hudson Yards is the hottest office market in the City right now. Midtown East offers the best location. I'm sure if Related had a hand in 3 Hudson, it would be rising already. That's a tower large enough to support an anchor tenant looking for large floor space. 343 Madison will offer space marketed toward other high end companies.

ChiND · #4 Posted **Apr 26, 2024, 2:32 PM**

I think that the GCT area is far more convenient. The HY boomed before new Midtown towers started rising with the Midtown East Rezoning. To be able to get off a train and not take a subway is a huge benefit.

Also, the City should make the HY more appealing. 10th and 11th Avenues are ugly, traffic-chocked, truck corridors. The City should close traffic lanes and make that area much greener.

NYguy · #5 Posted **Apr 26, 2024, 6:18 PM**

Quote:

Originally Posted by ChiND

I think that the GCT area is far more convenient. The HY boomed before new Midtown towers started rising with the Midtown East Rezoning. To be able to get off a train and not take a subway is a huge benefit.

Also, the City should make the HY more appealing. 10th and 11th Avenues are ugly, traffic-chocked, truck corridors. The City should close traffic lanes and make that area much greener.

You may think that, but the success of the towers there, combined with the companies who have moved there, and where they have moved from, should tell you otherwise. There has not been oppurtunity for the type of modern, large scale office tower construction that you see in Hudson Yards, until recently in Midtown East. And even now it’s limited. Until some of the larger towers with wider footprints start to come down, you will see more 343 Madisons in east Midtown than 50 Hudsons, itself about the size of three 343 Madisons.