NEW YORK | 3 East 54th Street | FT | FLOORS

[Busy Bee]

If this development expands the assemlage to Madison Av, or if another venture acquires the corner properties in the future, I really really hope the Interaudi Building has its facade preserved and integrated into the base, as it's quite beautiful. Actually the three buildings on Madison are actually quite nice so I'd admittedly have mixed feelings about those being razed.

[ChiND]

Originally Posted by Busy Bee

If this development expands the assemlage to Madison Av, or if another venture acquires the corner properties in the future, I really really hope the Interaudi Building has its facade preserved and integrated into the base, as it's quite beautiful. Actually the three buildings on Madison are actually quite nice so I'd admittedly have mixed feelings about those being razed.

I think that the Interaudi building is a landmark, so I don't think that it could be changed much, let alone, razed.

[ChiND]

I hope that this includes the adjacent, vile parking garage.

I assume that it does because, as per ACRIS, this parcel, 17 E 54th St., was conveyed to Cohen's 3 E 54th St, LLC via a deed in 2008.

https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentImageView?doc_id=2008052201154004

Charles Cohen Sells 3 East 54th For $47M Less Than Expected, Frustrating Fortress
New YorkCapital Markets
January 08, 2026 | 3:56 p.m. ET Ethan Rothstein, Deputy Managing Editor
Billionaire investor Charles Cohen has sold off one of his best pieces of land in Midtown Manhattan and plans to use the proceeds to partially repay his most aggressive creditor: Fortress Investment Group, which is coming after him for a nearly $200M personal guarantee.

Vornado announced Wednesday afternoon that it acquired 3 East 54th St., a property that sits between Fifth and Madison avenues in the Plaza District, for $141M.

The REIT bought the debt tied to the property, totaling $107M, in 2024 and 2025, it said in the release, and it applied that as credit toward its purchase price. It plans to demolish the property immediately.

https://www.bisnow.com/new-york/news/cap...content=outbound_link_6&utm_medium=email

[NYguy]

Originally Posted by Busy Bee

If this development expands the assemlage to Madison Av, or if another venture acquires the corner properties in the future, I really really hope the Interaudi Building has its facade preserved and integrated into the base, as it's quite beautiful. Actually the three buildings on Madison are actually quite nice so I'd admittedly have mixed feelings about those being razed.

The site is surrounded by landmarks, so the footprint won't grow. However, they could acquire air rights or get a transit improvement bonus, if they wanted to.








But currently, it doesn't seem they want to...


https://www.crainsnewyork.com/real-estate/charles-cohen-sells-3-e-54th-st-vornado

Vornado Realty Trust bought the 280,000-square-foot property for $141 million and plans to demolish it. The developer said it could build a project as large as 230,000 square feet on the site without triggering a review by city officials.

[ChiND]

I thought that this site was over 230,000 sf.

NY Guy:

How tall could a 230,00 sf tower on this footprint be? 600 to 700 feet?

This site warrants a RAMSA.

[HappyCapSlapper]

Unable to confirm but heard from a few sources that the reports on air rights purchase were a result of the official closing of an option contract Extell held as part of the 570 Fifth site (recording of the transfer). Similar option contracts for air rights becoming more common - in the case of 350 Park with Griffin structuring a similar option contract with St. Bartholomew

[ChiND]

Originally Posted by HappyCapSlapper

Unable to confirm but heard from a few sources that the reports on air rights purchase were a result of the official closing of an option contract Extell held as part of the 570 Fifth site (recording of the transfer). Similar option contracts for air rights becoming more common - in the case of 350 Park with Griffin structuring a similar option contract with St. Bartholomew

Thanks, but where could Extell use the St. Thomas air rights? Hopefully, the perennially-empty buildings at 5th and 53rd will finally be developed.

[HappyCapSlapper]

Originally Posted by ChiND

Thanks, but where could Extell use the St. Thomas air rights? Hopefully, the perennially-empty buildings at 5th and 53rd will finally be developed.

The idea is that these air rights are being landed on the 570 Fifth site, not part of separate Extell projects

[ChiND]

Originally Posted by HappyCapSlapper

The idea is that these air rights are being landed on the 570 Fifth site, not part of separate Extell projects

Thanks, but what's the basis for your statement? Didn't 570 5th already have all of the air rights that it needed for its roughly 560 foot height?

[Crawford]

570 Fifth's height and general specs have been set for years, long before Barnett purchased the church air rights. So that doesn't make sense.

[ChiND]

Originally Posted by Crawford

570 Fifth's height and general specs have been set for years, long before Barnett purchased the church air rights. So that doesn't make sense.

I agree. I fact, I don't think that the height changed even after Extell bought the old building on the corner.

[NYguy]

That church is 6 blocks north, so I’m not sure how thise air rights could have gotten to this site. We do know Extell was planning some mass transit improvements. Landmarks transfers always come up for approval, so we’ll eventually see what’s going on.

[ChiND]

Does the highlighted text suggest that Extell will use these air rights for a hotel? There's some crap on Fifth that I'd love to see redeveloped. The two little buildings just south of the Microsoft store aren't horrendous, but they've been vacant for years. For that reason along, I'd like to see them redeveloped.



I wonder if air rights could be used to build a 25-30 story boutique hotel/condo on the sliver site at 532 Madison or is the site too small? It seems that it could accommodate condos with full floor units. For that matter, it could probably cantilever over the adjacent small buildings.

https://marxrealty.com/portfolio/532-madison-avenue/

[HappyCapSlapper]

Originally Posted by ChiND

I agree. I fact, I don't think that the height changed even after Extell bought the old building on the corner.

Makes sense, this was anecdotally mentioned by a few of the brokers that helped Gary assemble the 570 site. Likely they were confounding deals

[NYguy]

Originally Posted by ChiND

Does the highlighted text suggest that Extell will use these air rights for a hotel? There's some crap on Fifth that I'd love to see redeveloped. The two little buildings just south of the Microsoft store aren't horrendous, but they've been vacant for years. For that reason along, I'd like to see them redeveloped.

That’s all from the pre-certification step, before ULURP officially begins. Ine of the options was a hotel/residential tower that woukd have been a supertall. Extell also planned to spread a little on a smaller, existing property down the block (the site assemblage is most of the block). This never entered ULURP, and Extell got a partner for the site, which is what’s happening now.

[ChiND]

Originally Posted by NYguy

That’s all from the pre-certification step, before ULURP officially begins. Ine of the options was a hotel/residential tower that woukd have been a supertall. Extell also planned to spread a little on a smaller, existing property down the block (the site assemblage is most of the block). This never entered ULURP, and Extell got a partner for the site, which is what’s happening now.

Are you referring to 570 Fifth? If so, do you think that the St. Thomas air rights are being used for that site as suggested by HCS above?

[NYguy]

Originally Posted by ChiND

Are you referring to 570 Fifth? If so, do you think that the St. Thomas air rights are being used for that site as suggested by HCS above?

Everything referenced was from a couple of years ago, when they were planning a larger tower. The St. Thomas air rights are too removed from this site to be used here.

[ChiND]

Originally Posted by NYguy

Everything referenced was from a couple of years ago, when they were planning a larger tower. The St. Thomas air rights are too removed from this site to be used here.

That’s what I thought. Aren’t they too far from 405-417 Park too? If so, the site on 54th and 5th — right across from St. Thomas — would make sense.

Could they also be used at 532 Madison, or is that too far?

[NYguy]

Originally Posted by ChiND

That’s what I thought. Aren’t they too far from 405-417 Park too? If so, the site on 54th and 5th — right across from St. Thomas — would make sense.

Could they also be used at 532 Madison, or is that too far?

That site is either just outside, or just within according to the new, extended City of Yes transfer boundaries.

[ChiND]

While the Saint Thomas air rights could go to a mystery site, it seems that 54th and 5th or 532 Madison are the most likely recipients.