NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[BrickellBased]

Incredible that with the potential of 350 Park and 175 Park being built how quickly 270 Park could go from the most state of the art office building in NYC to third place on just Park Ave.

It's like the 1930s all over again with Chrysler and ESB and I'm here for it.

[NYguy]

^ The longer the delay in starting 175 Park, the likelier it becomes that we’ll be watching 350 Park and 175 Park rise togther. That will be something. Both sites require demo. 350 needs to get approvals out of the way, which should be complete by the end next summer.

[ChiND]

The lack of news about 175 is disheartening. Hopefully, we’ll get an announcement before the end of this year.

[Zapatan]

Originally Posted by ChiND

The lack of news about 175 is disheartening. Hopefully, we’ll get an announcement before the end of this year.

Projects like that are often a shot in the dark, even in NYC.

I'm very cautiously optimistic about these two but cautiously is the keyword.

[ChiND]

Originally Posted by Zapatan

Projects like that are often a shot in the dark, even in NYC.

I'm very cautiously optimistic about these two but cautiously is the keyword.

This tower is not a shot in the dark. Absent an unforeseen catastrophe like war with China over Taiwan, this is virtually assured of happening. It’s just a matter of when.

[KingNYC]

Originally Posted by ChiND

This tower is not a shot in the dark. Absent an unforeseen catastrophe like war with China over Taiwan, this is virtually assured of happening. It’s just a matter of when.

Something gigantic and iconic will rise at both spots; just a matter of time.

Development rights in NYC are a license to mint gold.

NYC will continue being the crown jewel of the world's most powerful nation for the next 100 years.

Maybe a city down South or out West will eclipse it by then, but I highly doubt it.

And the thing is- 175 Park and 350 Park are just the beginning. I wager there will be 50-75 supertalls in Midtown alone before 2050.

People, especially younger people, love the idea of living in Midtown. It is starting to get a very Blade Runner like quality to it.

[NYguy]

Originally Posted by ChiND

The lack of news about 175 is disheartening. Hopefully, we’ll get an announcement before the end of this year.

There’s no news to be heard on that one. Lease negotiations take place over the long term. Financing will come after that. There are no major changes in design. So there will be no news on that front. All you have to do is sit, and wait.

[NYguy]

https://www.bisnow.com/new-york/news...l-green-125300

Return To 'Glory': Finance Giants Are Doubling Down On Park Avenue





July 30, 2024
Sasha Jones

Existential questions about the future of office buildings continue to swirl, but those doubts have disappeared in this iconic stretch of Midtown Manhattan, where titans of finance are gobbling up some of the most expensive workspace in the world.

“[Park Avenue] had its glory years and decades when most of these buildings were built, in the '50s and '60s and '70s and '80s. Then nothing was built here for a really, really long time,” Rudin said. “Those of us who have buildings on Park Avenue were watching [companies] move west or move south to the new World Trade Center complex and Hudson Yards — the new shiny buildings. Park needed some upgrading.”

And since 2019, Park Avenue landlords have done just that, with a number of buildings undergoing restoration projects.

“Companies are coming to Park Avenue because it still is this epicenter of business,” Rudin said.

Okada & Co. CEO Christopher Okada said that though Park Avenue is attracting higher rents, some companies and investors are eyeing Lexington and Madison avenues, which sandwich Park, due to expectations that Park Avenue will run out of space.

“It's definitely very important to be near each other because those are essentially your clients,” Okada said. “If you're in the financial world or anything related, you can go to 245 Park, then go to 277 Park, and then go up and down, in and out of these buildings.”

In just the past month, Blackstone signed a deal to expand its headquarters at Rudin's 345 Park Ave. to over 1M SF, Ares Management expanded its headquarters at SL Green Realty's 245 Park by more than 130K SF to 307K SF and JPMorgan Chase reached a deal, in a joint venture with Hines, to acquire 250 Park for more than $300M.

JPMorgan is also redefining the strip's skyline. Construction crews are building the bank's new 1,388-foot supertall headquarters at 270 Park Ave. The 60-story skyscraper, expected to be completed in 2025, will deliver 2.5M SF of office space, enough for 15,000 employees.

It's not the only financial titan adding a big new tower for itself. A few blocks up, Citadel CEO Ken Griffin, alongside Vornado Realty Trust and Rudin, recently released renderings for a planned 1.8M SF office tower at 350 Park Ave. Griffin's companies plan to occupy more than 800K SF in the 62-story building.

[NYguy]

Originally Posted by NYguy

https://therealdeal.com/new-york/202...ch-air-rights/

Ken Griffin agrees to $78M deal for more church air rights
St. Bartholomew’s contract could contribute to 350 Park development


March 27, 2024
Holden Walter-Warner

https://therealdeal.com/new-york/202...-office-tower/

Citadel agrees to buy up $164M in air rights from St. Patrick’s Cathedral
Developer team bought air rights for office tower at 350 Park Ave


Holden Walter-Warner
December 11, 2023


Griffin’s Citadel and Steve Roth’s Vornado Realty Trust agreed to buy up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York to facilitate the development of 350 Park Avenue, PincusCo reported.

Originally Posted by NYguy

https://www.bloomberg.com/news/artic...uverify%20wall

Citadel’s Ken Griffin Taps St. Patrick’s Air Rights to Boost NYC Office Tower
-Citadel is working with Vornado, Rudin to build new skyscraper
-Archdiocese says money will likely go to cathedral’s upkeep





By Natalie Wong
December 11, 2023

The air rights transfer from St Barts...

[ChiND]

Extraordinary!!!

Thank you, Mr. Griffen!!

Next up… 175 Park.

[ChiND]

I perused the agreement (that was filed on ACRIS) between the developers of 350 Park and the owners of 477 Madison. It looks like the Developers might have the option to buy 477 Madison. I vaguely recall that being discussed here a few months ago. It would be great if 350 Park extends to Madison.

https://a836-acris.nyc.gov/DS/Docume...24010200798003

[BrickellBased]

Ken Griffin literally getting God's blessing to build his temple.

https://therealdeal.com/new-york/202...-office-tower/

Citadel agrees to buy up $164M in air rights from St. Patrick’s Cathedral
Developer team bought air rights for office tower at 350 Park Ave

Originally Posted by NYguy

The air rights transfer from St Barts...

[NYguy]

We knew this was coming...


https://www.businessinsider.com/ken-...-avenue-2024-8

Citadel seeks office space in New York as it awaits its new Park Avenue tower

-The hedge-fund giant Citadel is said to be in talks to lease office space on Fifth Avenue.

-The firm is awaiting the construction of its 62-story tower on Park Avenue.

-Citadel may not be able to move into the tower — its largest office location — until 2030.



Daniel Geiger
Aug 16, 2024

The firm, one of the largest and most successful hedge funds, is looking to take 365,000 square feet at 660 Fifth Ave., a 39-story midtown office tower that recently underwent a $400 million renovation by its landlord, Brookfield Properties.

In late 2022, Citadel announced a deal to anchor a new 62-story skyscraper at 350 Park Ave., designed by the architecture firm Foster + Partners.

The hedge fund occupies space at the existing tower at 350 Park Ave. and a neighboring property set to be part of that redevelopment.

It would use 660 Fifth Ave. to house its offices as those buildings are demolished and a 1.7 million-square-foot office skyscraper is built — a process expected to take several years.

Citadel and Citadel Securities, also operated by Griffin, together have about 440,000 square feet nearby at 425 Park Ave., another tower that was completed in 2022.

A deal with Citadel would be a sign of activity for 660 Fifth Ave. after a lull. Brookfield acquired the building from Kushner Companies in 2018 and embarked on an overhaul, recladding the wedding-cake-style property with a new facade featuring distinct rectangular windows.

One of the executives with knowledge of Citadel's real-estate plans said the firm would likely begin moving from 350 Park Ave. to 660 Fifth Ave. around the end of 2025. It could take five or more years to demolish the building, raise the new tower, and ready its interior for occupancy.

Citadel and Citadel Securities plan to take a combined 850,000 square feet in the new 350 Park Ave., which would make it the companies' largest office location.

The rest of the tower's square footage would be leased to other tenants, though Citadel has expansion rights as part of its agreement. The company plans to develop the project in a joint venture with the New York-based landlords Vornado Realty Trust and Rudin Management.

[ChiND]

Originally Posted by The New York Lion

And it hasonly just begun.

Can you imagine what NYC will look like in 20 years?

NY is basically the only American city with a demand for office space. This is like the Golden Age of the Mycenaeans that Homer wrote about. Ken Griffen and Jamie Dimon (and hopefully, Scott Rechler) are like King Agamemnon.

Hail mighty Agamemnon!




https://en.m.wikipedia.org/wiki/Mask_of_Agamemnon

[NYguy]

Originally Posted by ChiND

NY is basically the only American city with a demand for office space.

No one cares about that. The city has such a demand for office space because so much of it (most of it) is dated and old. New York City builds. It always has. The scale is larger here because towers are taller now. But build the city always has. If its a golden age, its a golden age of its own eras.

[ChiND]

Another icon for Gotham!




https://commercialobserver.com/2024/...lopment-plans/[/QUOTE]

[The New York Lion]

This tower will be magnificent.

[ChiND]

Originally Posted by The New York Lion

This tower will be magnificent.

Indeed, my good man!

[NYguy]

Just a reminder, completed spamming of threads with unrelated posts will get you banned.

The firm, one of the largest and most successful hedge funds, is looking to take 365,000 square feet at 660 Fifth Ave.

It would use 660 Fifth Ave. to house its offices as those buildings are demolished and a 1.7 million-square-foot office skyscraper is built

One of the executives with knowledge of Citadel's real-estate plans said the firm would likely begin moving from 350 Park Ave. to 660 Fifth Ave. around the end of 2025. It could take five or more years to demolish the building, raise the new tower, and ready its interior for occupancy.

Citadel and Citadel Securities plan to take a combined 850,000 square feet in the new 350 Park Ave., which would make it the companies' largest office location.

We are fast approaching 2025, when this tower officially kicks of the approvals process, with approval in hand before the end of 2025. The timeframe of demolishing and building the new headquarters seems about right at 5 years.

[NYguy]

One of the executives with knowledge of Citadel's real-estate plans said the firm would likely begin moving from 350 Park Ave. to 660 Fifth Ave. around the end of 2025. It could take five or more years to demolish the building, raise the new tower, and ready its interior for occupancy.

Just to put a visual on that move, which would take place next year...they won't be going far.