Posted Aug 5, 2024, 9:19 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,963
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https://www.curbed.com/article/midto...ales-bump.html
Midtown’s J.P. Morgan Sales Bump
By Kim Velsey
Aug 5, 2024
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As Shea mentioned, J.P. Morgan, one of the staunchest supporters of working from the office, is finishing 270 Park Avenue, a 2.5-million-square-foot Norman Foster–designed behemoth expected to hold upwards of 10,000 employees when it opens next year. Its old headquarters across the street has less than half that — 3,500 workers.
More blue-chip towers (and, presumably, wealthy buyers) are on the horizon, including the 62-story 350 Park Avenue, the new Vornado and Rudin tower that Ken Griffin’s Citadel is expected to take nearly half of, and 175 Park Avenue, an RXR/TF Cornerstone project slated to be the tallest office building in New York. Plus, there’s One Vanderbilt, which opened a few years ago with tenants including TD Securities, Oak Hill Capital, and the Carlyle Group. Brokers are eagerly anticipating the corresponding sales bump at nearby residential projects. Some say that they’re already seeing it.
“It’s definitely helping with traffic,” says Donna Puzio, a senior sales director at Corcoran Sunshine Marketing Group who’s overseeing sales at 520 Fifth Avenue, a mixed-use tower designed by Kohn Pedersen Fox. The units there, with curved Charles & Co. interiors of white oak and green marble, are large and luxurious, but primarily one- and two-beds, starting around $1.75 million, and the building is now 60 percent sold after just a few months.
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….. The stuff that’s selling well right now, brokers say, are apartments that are nice but not too big or showy — for example, a well-appointed two-bedroom in the $2 million range, like the ones at Monogram, which measure under 1,000 square feet and have fluted marble bathroom walls, views of the Chrysler Building, and a modestly sized second bedroom for parents when they visit. Or a spacious $2.5 million one-bedroom at 520 Fifth Avenue, where several recent buyers have been finance guys with houses in the Hamptons tired of wasting money on hotel rooms when they work late. There are international buyers, too — contrary to the rumors, they didn’t all vanish — but it’s not so much oligarchs buying safe-deposit boxes in the sky as parents balking at rental prices who want an investment and the same features that American parents are looking for: their kids coming home to a doorman, an extra bedroom so they can visit.
“We really view this as the perfect play for pied-à-terre buyers, people who want to walk to work,” says Josh Rabina, CEO of Rabina, the developer of 520 Fifth. “We have large one-bedrooms, two-bedrooms, a handful of larger units. This is not the four-bedroom Upper West Side buyer.”
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