NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS

[ChiND]

I would not be surprised if Blackstone occupies the other half of this tower along with Citadel.

[NYguy]

Originally Posted by ChiND

I would not be surprised if Blackstone occupies the other half of this tower along with Citadel.

I don't think it's big enough for both, unless it was just additional space.

https://therealdeal.com/new-york/2022/03/25/blackstone-again-weighing-manhattan-hq-move-expansion/

Blackstone again weighing Manhattan HQ move, expansion
Firm looking for 1.5M sf after 345 Park Avenue spread: Bloomberg

Mar 25, 2022

As far as the easement goes, I think it's primarily set up to keep any future building or additions to 477 Madison below the 377 ft mark to preserve views. That leads me to believe that there will be no blank wall on the Madison side of 350 Park, like the previous design of this tower had. There could also be a similar agreement coming with 485 Madison.

[ChiND]

This very exciting news!

[NYguy]

Blackstone was also possibly looking at 175 Park...


https://nypost.com/2022/10/29/why-nyc-companies-are-betting-on-big-office-space/

Oct. 29, 2022

TF Cornerstone is planning a jumbo 2 million-square-foot tower at 175 Park Ave. with offices and a Hyatt brand hotel. Brokers say Blackstone is contemplating 1 million square feet of its glass and steel space.

[ChiND]

Originally Posted by NYguy

Blackstone was also possibly looking at 175 Park...


https://nypost.com/2022/10/29/why-nyc-companies-are-betting-on-big-office-space/

I’d rather have them go there since Griffen seems content to start 350 Park for Citadel’s own use. It and 175 Park will be the new “GM Building” and 9 W 57th (ie., the new “gold standard”).

[ChiND]

This is promising news reported by the FT and others; financial institutions expect their workers in the office.

https://www.ft.com/content/e02748eb-ef80-491e-abd7-7822fdc85374

Bank of America warns return-to-office laggards with ‘letters of education’

Banks take tougher stances as financial job market weakens almost four years after start of pandemic

[HyperPower]

Originally Posted by ChiND

I’d rather have them go there since Griffen seems content to start 350 Park for Citadel’s own use. It and 175 Park will be the new “GM Building” and 9 W 57th (ie., the new “gold standard”).

Citadel is swimming in ca$h for 350 Park, 175 Park with the Hotel & possible tenant Black Rock + rumors of American Express moving into 2WTC are the next three biggies for the City.

[NYguy]

My final understanding of the easement agreement, I don't believe that they are currently looking for a full block assemblage, though that could change in the future.



In red is the current footprint, 477 Madison in blue...






The option to merge the lot would give 350 Park a larger footprint from which to maximize FAR development (minus 477 Madison). The excess development rights could then be applied to the current footprint.







Beyond certain technical requirements for construction of a neighboring building, 350 Park looks to lock in views and light from the western (bordering) side of the building. The agreement also extends to any future development on the 477 Madison lot, including setbacks.















Very interesting, and excited to see where this leads next.

[NYguy]

More on the assemblage front, a look at the individual lot sizes on the block, of which together you would have the same lot size of 270 Park Avenue (80,000 sf)...






But due to a somewhat silly nature of the Midtown Ease rezoning which put the highest rated FAR zone where half of the buildings are already landmarked (genius!), 350 Park would have a slightly lower FAR overall than 270. Both are in two distinctly separate FAR zones.







But again, with a pending lot merger (or mergers), this would be an actual lot merger, unlike with 175 Park. It would also take into account built area on the 2 neighboring buildings, with any excess development rights going towards the construction site.

Anyway, I do believe that if 485 Madison weren't altered, it would have already been landmarked. Built in 1929, it was the first home of CBS...



https://eyesofageneration.com/the-first-...avenue-at-52nd-streetthis-photo-shows-t/

This photo shows the building still under construction in April 1927. CBS Radio Network went on the air September 18 of that year with 18 stations and operated out of the office for the New York station at Steinway Hall on West 57th Street in Manhattan. Exactly two years later, September 18, 1929 moved into the top six stories of this building. CBS Radio studios 1 through 9 were located here.

Around 1936, CBS Television studios 31 and 32 were added here and a year later, television added studios 41 through 44 at Grand Central Station at 15 Vanderbilt Ave on the third floor and that was it for television till around 1944 when about a dozen other locations were opened in theaters around the city. CBS also had radio studios at 49 East 52nd Street.

Around ’63, plans were being made to move and corporate headquarters had plans on the drafting table for the “Black Rock” building at 51 West 52nd Street at the corner of Sixth Avenue. On July 25, 1964, the last radio broadcast from 49 East 52nd was “Farewell To Studio 9” with a long list of stars and clips that had come from that famous studio.

CBS Radio newsman Steve Rowan was the last to broadcast from the 485 Madison location on July 25 and the first to broadcast from the new CBS Broadcast Center Studios on July 26…both programs were top of the hour newscasts. CBS television studios were also in the process of moving to the Broadcast Center including 31 and 32 at 485 Madison and 41 through 44 at Grand Central. Studios 53 to 56 at Liederkrantz Hall, 111 East 58th Street were also moving to the Broadcast Center. The corporate offices later moved to Black Rock which opened in 1965 at 51 West 52nd Street.

http://www.theradiohistorian.org/cbsgallery/cbsgallery1.html







https://www.gettyimages.com/detail/news-...york-news-photo/1900663744?adppopup=true








https://resnicknyc.com/commercial_building/485-madison-avenue/




As for 477 Madison, it recently underwent more upgrades.


https://nypost.com/2019/08/26/477-madison-is-about-to-get-a-258-million-fairy-tale-makeover/





https://marketplace.vts.com/building/477-madison-avenue-new-york-ny

[Busy Bee]

485 Madison is pretty sharp and would be slightly painful to see go in a full block assemblage scenario. Everything else is drab garbage though, and a knock-you-socks-off tower would make losing 485 justifiable IMO. Unless maybe 485 stayed and the new development wrapped around it. That would be sweet* too.


*I'm 41. I say sweet unironically and unapologetically.

[ChiND]

Aby didn’t invest much in 477’s renovation. He basically added new windows and seems to have painted it. It seems that he anticipated either selling it or redeveloping it himself at some point in the future.

NYG: I didn’t not scrutinize the ACRIS docs that you posted for 477 Madison. Do you think it’s likely that Citadel will acquire that building — beyond simply acquiring the air rights? It seems that the current site could provide a very nice entry plaza on Madison.

[NYguy]

Originally Posted by Busy Bee

485 Madison is pretty sharp and would be slightly painful to see go in a full block assemblage scenario. Everything else is drab garbage though, and a knock-you-socks-off tower would make losing 485 justifiable IMO. Unless maybe 485 stayed and the new development wrapped around it. That would be sweet* too.

I wouldn't mind seeing it stay. It wouldn't kill me to see it go either. I think since they are doing the lot merger with 477 (why else would they have get the rights?), a merger may also be in the works for 485 Madison. But I believe that would be just for the benefit of the zoning, not to demolish either building.

Originally Posted by ChiND

Aby didn’t invest much in 477’s renovation. He basically added new windows and seems to have painted it. It seems that he anticipated either selling it or redeveloping it himself at some point in the future.

NYG: I didn’t not scrutinize the ACRIS docs that you posted for 477 Madison. Do you think it’s likely that Citadel will acquire that building — beyond simply acquiring the air rights? It seems that the current site could provide a very nice entry plaza on Madison.

Aby hasn't owned 477 that long (just since 2019). But there can't be much of a redevelopment there with the easement that restricts anything higher than 15 ft above the roof. That easement also prevents an assemblage between the two Madison Avenue properties to create a single, larger and taller building. I think it's a smart play. Even if Tower Fifth were to be built (the site is just across Madison Avenue), there's enough distance that you would still have views.

[ChiND]

That makes sense, but if Citadel bought 477 outright couldn’t it use all of the air rights to make 350 Park taller? I’d imagine that 477’s current value is on the low-side since the demand for old space is limited.

If Citadel doesn’t buy 477, it seems that Aby’s best bet would be to redevelop it into a high-end hotel with condos.

[NYguy]

Originally Posted by ChiND

That makes sense, but if Citadel bought 477 outright couldn’t it use all of the air rights to make 350 Park taller? I’d imagine that 477’s current value is on the low-side since the demand for old space is limited.

You mean demolish it? Remember, midtown was downzoned in 61. The midtown east rezoning upzoned it, but not outright. There are various purchased and contributions that have to be made in order to build your way up the the maximum FAR. Still, that they are doing a lot merger at all suggests there are some development rights available. Also keep in mind that Citadel, as of now, doesn't plan to occupy the entire building.

If Citadel doesn’t buy 477, it seems that Aby’s best bet would be to redevelop it into a high-end hotel with condos.

Only he wouldn't be able to build taller than what is currently there.

[ChiND]

Thanks.

[Xing Lin]

Edited a photograph by NYGuy from August 11, to show the currently latest design for 350 Park:


Whatever design eventually rises here, it will be a very impressive sight with three Foster skyscrapers together lining Park Avenue, two of them supertalls!

[ChiND]

That looks amazing.

Do you have any images from due north that show how the setbacks look?

[NYguy]

Originally Posted by Xing Lin

Edited a photograph by NYGuy from August 11, to show the currently latest design for 350 Park:

Fantastic!

[ChiND]

It will be interesting to see what’s built at 417 Park. If it’s residential, it could be well over 800’.

[Mulan]

Would it be possible for this project to be 300-400 feet higher? Now that they have more air rights.