NEW YORK | 145-155 E .42nd ST | (1,152) FT | FLOORS

[NYguy]

https://therealdeal.com/new-york/202...r-development/

Aby Rosen readies Chrysler Building neighbor for redevelopment
Project could span 100k sf and target retail, office or hotel tenants

Aby Rosen may have been kicked out of the Chrysler Building, but he wasn’t kicked off the block.

RFR Holding is planning a redevelopment of the Trylons property next to the Chrysler Building, the New York Post reported. RFR owns the vacant property at 145-155 East 42nd Street, a much different situation than the ground lease environment of its next-door neighbor.

The Trylons lot is only 13,000 square feet, but Rosen claims a property can be built up to 100,000 square feet as-of-right, perhaps growing taller after demolition. Depending on how big Rosen wants to go, he could also snap up air rights and even apply for an allowance under the Midtown East rezoning, potentially putting the property through ULURP.

Rosen’s goal is to redevelop the property and then lease it. He said what comes of the building will likely depend on market demand, though he likely isn’t willing to go under 100,000 square feet, for which he’d charge $10 million annually on a triple-net lease.

Possibilities floated include experiential retail, a space for a technology brand or an auto dealership, which the RFR head claims has already drawn interest from car companies. Office and hotel spaces are also candidates.

Any office tower built on that site would have small office plates. Hopefully, this is just Rosen making waves, and Tishman Speyer buys the property to assemble a development site for a new tower that would offer larger floorplates, and room for the Chrysler to breath. A larger footprint would also trigger the plaza requirements of any new development. This is not something that will happen overnight, they've got time to figure it out.