-This is pretty much a pudgier version of the Steinway Tower (111 w57th).... Which makes it kind of highly unoriginal; surprising that Foster did not try to make it a more unique shape.
Just a fatter, slighty taller copy-paste of something already built.
That's a bit like saying the Empire State is just a taller copy-pate of something already built. Buildings are designed the way they are in the city for a reason.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
An emboldened Roth predicted demand for prime Manhattan office space will only grow.
“We expect rents to go up significantly next year,” Roth said. “Dare I use the word ‘spike.’”
Roth is one of the few developers in the city who seems likely to build a new tower any time soon. He has teamed up with Rudin Management to develop a new building for investment firm Citadel at 350 Park Ave. He predicted high construction costs and elevated interest rates would prevent rivals from building new. Office rents would have to rise to about $200 per square foot to justify the cost of building, he said, which is about double the market rate for space in most Manhattan office towers.
If Roth is right, it would be grim news for rivals including BXP, which hopes to develop a new tower at 343 Madison Ave., and RXR Realty, which wants to build a supertall at 175 Park Ave.
When an analyst on Tuesday’s call asked how many projects like that could break ground soon, Roth proclaimed: “None.”
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
350 Park Avenue development is on schedule. The new building is now fully designed and it will stand out as being truly, truly best-in-class. We are in the formal approval process under the Midtown East zoning...
...Next up is the Hotel Penn site, now down to the ground and ready to go. Our PENN District is clearly a site to be seen. If you haven't already seen it, please call me to a range of tour.
While demand for this space is back up, developers aren’t clamoring to build more of it. Roth pointed to high interest rates and lack of available capital, as well as the unknown added construction costs resulting from tariffs on steel. Citadel’s Ken Griffin reportedly called the tariffs a “huge mistake” on Tuesday.
Tuesday’s call was a bit of a rollercoaster in terms of discussion around the future of the Hotel Penn site. Roth said that the office project planned there would be the next site to be developed in the Penn District, but then also acknowledged that the financials around ground-up development are still prohibitive. He didn’t mention temporary plans for the site (such as tennis courts) but did say Vornado is considering all options. Whether that includes temporary uses for the site, in addition to the ultimate mix of the building, was not immediately clear.
He even predicted the tower planned for 350 Park Avenue will be the only major office tower to break ground over the next few years (demolition of the existing office building is expected to begin next year). We shall see!
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Hybrid Mode