NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS

[ChiND]

Maybe they’ll even add some condos.

[ssh]

https://www.change.org/p/stop-the-destruction-of-midtown-s-skyline-stop-175-park-avenue

Just encountered this

These people are deranged.

[NYguy]

^ Posted that earlier. And yes, they are deranged.

[montydawg]

Originally Posted by NYguy

^ Posted that earlier. And yes, they are deranged.

I believe there are a small subset of people who have vested interests in the Class A commercial market who don’t want to see the supply increase in the CBD. Prices will only go up if new inventory does not hit the market. I’m sure there are also condo owners in the area also concerned with shadows, which I have to admit, is a valid concern, given sunlight is a luxury on the east side. It seems you have to live on the 20th floor at least in some areas of midtown to get reasonable sunlight in your apartment. I don’t believe this is any excuse to stop these projects by any means, and this is the project I’m most excited about in the city currently. I think they did a really good job completing the Chrysler building.

[NYguy]

Originally Posted by montydawg

I believe there are a small subset of people who have vested interests in the Class A commercial market who don’t want to see the supply increase in the CBD. Prices will only go up if new inventory does not hit the market. I’m sure there are also condo owners in the area also concerned with shadows, which I have to admit, is a valid concern, given sunlight is a luxury on the east side. It seems you have to live on the 20th floor at least in some areas of midtown to get reasonable sunlight in your apartment. I don’t believe this is any excuse to stop these projects by any means, and this is the project I’m most excited about in the city currently. I think they did a really good job completing the Chrysler building.

None of that is a concern. NYC is a large and varied office market. Not everyone is playing at the same level, and not all players are playing on one level. The city still has an issue with office vacancy overall, it’s top of the market that is in need of supply. And by the way, Manhattan isn’t the only place where new office towers can rise. The Jersey side of the Hudson would gladly absorb and build new office space if the city refuses to do so. It would be foolish to think it wouldn’t, as we’ve been down that road before. And we won’t even bring into discussion the other states that are absorbing and bringing new office space. It’s the reason we got the Hudson Yards and Midtown East rezonings in the first place. It’s a global city, and it compete’s on that scale.

[DCReid]

Manhattan Office Market Closes 2024 With Most Active Quarter In 5 Years

"New York City’s office availability has dipped significantly as a result, coupled with a surge in planned conversions leading more landlords to take office buildings offline. Manhattan's office inventory shrank by nearly 6M SF over the course of 2024, according to Savills data...

Two prevailing dynamics point to continued potential strength in 2025 for Manhattan’s office market.

First is demand for trophy and Class-A office space, which accounts for 64.8% of Manhattan's inventory but captured 79.3% of Q4’s leasing volume. That brought the trophy availability rate down to 12.3%, its lowest point in three years, following five consecutive quarters of tightening, Wallach said...."

https://www.bisnow.com/new-york/news/off...quarter-since-before-the-pandemic-127369

[NYguy]

^ Yeah, it's been trending good.


https://www.crainsnewyork.com/real-estate/manhattan-office-market-ends-2024-solid-footing

Manhattan office market ends 2024 on solid footing


Eddie Small
January 02, 2025

.....Bloomberg's expansion to about 925,000 square feet at 919 Third Ave. was the largest lease for the fourth quarter, followed by Citadel taking 504,000 square feet at 660 Fifth Ave., where the investment firm had long been rumored to be eyeing space. Law firm Ropes & Gray taking about 430,000 square feet at 1285 Sixth Ave. came in third. The three Midtown deals combined made up almost a fifth of Manhattan's total activity during the quarter.

.....In Midtown, firms leased about 6.3 million square feet of space for the quarter and 19.2 million square feet for the year, making 2024 the neighborhood's strongest leasing year since 2018, the report says. Its availability rate tightened to 15.2%, while its average asking rent dropped to $77.89 per square foot. In addition to the Bloomberg, Citadel and Ropes & Gray leases, JPMorgan Chase also extended its lease for about 361,000 square feet at 277 Park Ave. during the quarter.

[montydawg]

Originally Posted by NYguy

And by the way, Manhattan isn’t the only place where new office towers can rise. The Jersey side of the Hudson would gladly absorb and build new office space if the city refuses to do so.

I don't see a situation where anything in Jersey would be competing against Class A on Park Ave in Midtown. Those two markets are competing for completely different clientele. My point was that top Class A in Manhattan is so competitive now, that some people are against new supply to keep prices rising, since they have vested interests. Luckily, I don't see any situation where NYMBYs will keep these towers from being built.

[NYguy]

Originally Posted by montydawg

I don't see a situation where anything in Jersey would be competing against Class A on Park Ave in Midtown.

Class A space on Park Avenue is occupied, and as you say, we don't need to build more of it, right? You see that Jersey City waterfront? You think it always looked that way? Well, you're wrong. I've been around long enough to see businesses leave the city, and not just across the river, but to nice, leafy suburbs as well. Thankfully, there have been people in position, regardless of administration, smart enough to realize this, and give us the rezonings needed to keep the city building. And build it will, despite whatever short term people think (remember the work-from-home naysayers).

[NYguy]

Big things ahead in 2025…






https://youtu.be/NvA8c69MIyw?si=NOGAXvsXhlUewdr4

[ssh]

Originally Posted by NYguy

tallest building in the western hemisphere[/url]

Interesting to not make the distinction of tallest building by roof height, which is the metric used by the general public. I believe they're only approved for 1,646 feet so not even a chance of the real record.

Still hoping for a height increase to the 1,646 feet mark, although unlikely since this is already approved. Only reason I still hold a sliver of hope is due to 350 Park Avenue's new height, so RXR may have the urge to compete.

[TKD]

Originally Posted by ssh

I believe they're only approved for 1,646 feet so not even a chance of the real record.

Still hoping for a height increase to the 1,646 feet mark, although unlikely since this is already approved.

The maximum building envelope was approved for 1646' yes, but the building was always designed as being ~1575', even in the first iteration. The height can always change within that 1646' building envelope, if the sqft changed is when it would need re-approval. So they would either need to increase the floor to floor heights, add more vanity height, or get re-approval to add more sqft to the program.

[ssh]

Originally Posted by TKD

So they would either need to increase the floor to floor heights, add more vanity height, or get re-approval to add more sqft to the program.

1,575' roof + 71' spire would be excellent.

[ChiND]

1575’ sounds great to me. Let’s get Mr. Schwarzman to sign on the dotted line.

[DCReid]

Originally Posted by ssh

1,575' roof + 71' spire would be excellent.

No, a tiny spire would look cheesy. The Central Park Tower should have had one.

[NYguy]

Originally Posted by ssh

Interesting to not make the distinction of tallest building by roof height, which is the metric used by the general public. I believe they're only approved for 1,646 feet so not even a chance of the real record.

It’s only a reference to roof height, they’ve been saying that for a while now. He posted pretty much the same here:





The bottom line is, 2025 will be a big year for this tower.

[DCReid]

Originally Posted by NYguy

Class A space on Park Avenue is occupied, and as you say, we don't need to build more of it, right? You see that Jersey City waterfront? You think it always looked that way? Well, you're wrong. I've been around long enough to see businesses leave the city, and not just across the river, but to nice, leafy suburbs as well. Thankfully, there have been people in position, regardless of administration, smart enough to realize this, and give us the rezonings needed to keep the city building. And build it will, despite whatever short term people think (remember the work-from-home naysayers).

You are correct! Doesn't Goldman Sachs occupy a large portion of one of the Jersey City skyscrapers? Is it 30 Hudson Street? Even as they built a new HQ in downtown in the early 2000s they decided to base (or keep) some of their operations in Jersey City. There is no stopping other firms, especially financial firms from doing the same. Fortunately, JPMC is not doing so and apparently Citadel does not want to do so.

[ChiND]

There's very strong demand, but who will be the first to sign on the dotted line.

https://nypost.com/2025/01/05/business/n...new-leases-that-top-200-per-square-foot/

[ChiND]

https://www.youtube.com/watch?v=_2JNByVOVmk

[ssh]

Originally Posted by ChiND

https://www.youtube.com/watch?v=_2JNByVOVmk

Just AI generated drivel.