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.