NEW YORK | 405-417 Park Avenue | FT | FLOORS

[NYer34]

This is the kind of BS that turns my love-hate relationship with NYC toward the hate component.

This is by far the nicest building around. It's the only thing that isn't Modernist/Internationalist dreck (yes, that includes you, Seagram and Lever House). And what do the real estate pimps want to do? Tear it down and give us more glassy-shoebox Modernist right angles.

Right across 53rd Street from it is a total P.O.S. It's a little choad of about 8 stories. And what are they doing? Preserving it and adding a few stories on top.

New York. Seriously. WTF. You suck.

[chris08876]

^^^^^

Things could be worse. Exhibit A as is: This is rising btw as we speak.



Kinda like Newtons 3rd law that for every action there is an equal and opposite reaction... well in NYC, for every stellar piece of architecture, there is an equal and shitty piece of architecture.

Lots of winners, and lots of horrific, mind-numbing, soul crushing towers out there. Many are rising as we speak (the crappy ones).

NY has its share of atrocities.

[Busy Bee]

Originally Posted by chris08876

Kinda like Newtons 3rd law that for every action there is an equal and opposite reaction... well in NYC, for every stellar piece of architecture, there is an equal and shitty piece of architecture.
…

NY has its share of atrocities.

It doesn't have to be this way. It shouldn't be this way.

[JMKeynes]

It would really suck Dick [Cheney] if this site is not combined with the hideous piece of garbage next door [i.e., 405 Park]. It will be quite sad if this beautiful building is razed and replaced with a thirty story glass box.

https://therealdeal.com/2020/02/18/gds-klovern-buy-midtown-east-co-op-for-184m/

[Crawford]

The site is gonna get razed, obviously. The buyers are partners with the adjacent building, so they apparently have a full-block development site for a new office tower.

Given the prominent location, this calls for a landmark, trophy design. The office rents will be top-of-market.

[JMKeynes]

Originally Posted by Crawford

The site is gonna get razed, obviously. The buyers are partners with the adjacent building, so they apparently have a full-block development site for a new office tower.

Given the prominent location, this calls for a landmark, trophy design. The office rents will be top-of-market.

How do you know that they're partners with the owners of 405? I remember seeing that the owners of 405 plan to add four floors and a new glass façade, which would totally suck [Don] Johnson.

Anyway, I hope that you're right. This site screams for a 1,000'+ tower with upscale boutique offices, condos, and a seven-star hotel. Condos by Stern in this location would sell in any market.

[SkyHigher]

Twin for 432 perhaps?

[NYguy]

Originally Posted by JMKeynes

It would really suck Dick [Cheney] if this site is not combined with the hideous piece of garbage next door [i.e., 405 Park]. It will be quite sad if this beautiful building is razed and replaced with a thirty story glass box.

https://therealdeal.com/2020/02/18/gds-klovern-buy-midtown-east-co-op-for-184m/

Klövern AB of Sweden and GDS Development Management have paid $184 million for all 29 units at a Midtown East co-op building, paving the way for the partnership to take advantage of the neighborhood’s rezoning.

The companies purchased all the apartments in 417 Park Avenue, a 14-story co-op constructed in 1916. The property is located within the 70-plus blocks the city rezoned in 2017, allowing for the address to have an office building with a floor-area ratio of 25, or nearly 220,000 square feet.

Plans for at least three massive office towers in the rezoned area have been revealed. JPMorgan’s headquarters at 270 Park Avenue is expected to span 2.5 million square feet, while Harry Macklowe’s proposed office tower along East 51st and East 52nd streets could exceed 1 million. TF Cornerstone and MSD Partners plan a 2 million-square-foot mixed-use building in a $3 billion redevelopment of the Grand Hyatt at 109 East 42nd Street.

Also, Vornado Realty Trust and Rudin Management have designs for a tapered 1,450-foot tower at 350 Park Avenue. The plan — one of several being considered for the lot — would yield 1.68 million square feet of leasable office space.

I could also see the site being residential.

[NYer34]

Well, this sucks.

In an area full of trash modernist buildings the nicest building around gets razed? #NewYorkHatesitself

Meanwhile, Atlantic Bank's crapitecture across the street lives on...

[chris08876]

If its not land marked or if some push isn't made to landmark "X" parcel, some of the bad architecture will come down in due time.

Land is just to valuable.

But I do get the gripes, I do. The loss of the Bancroft Building for example was travesty, and this looks like another case of butchering the area, but at the of the day, legally, a sale would not be out of line. Its not a landmark, so it will see the wrecking ball in pursuit of growth should this proceed.

[NYguy]

https://www.klovern.se/en/about-klovern/...klovern-acquires-a-property-in-new-york/

Klövern acquires a property in New York

2/19/2020

Klövern has acquired all the units of a co-op owning a 14-story residential building in Manhattan. The building, encompassing approximately 8,300 sq.m, has the address 417 Park Avenue and is located at the corner of Park Avenue and East 55th Street.

The acquisition is done in collaboration with the locally based property developer GDSNY. Each of the 29 unit holders sold their units to the Klövern/GDSNY partnership by individual contracts of sale. The total purchase price for all the units adds up to USD 184 million, corresponding to around SEK 1,785 million.

Klövern and GDSNY are evaluating future development of the property.

"We are excited to continue adding premium assets in New York with our partners GDSNY. This is the fourth project property we acquire in Manhattan, following two acquisitions in 2018 and one acquisition in 2019", says Rutger Arnhult, CEO of Klövern.

The acquisition is initially financed mainly with bank loans.

https://twitter.com/KlovernAB/status/1230118689690804225

We are glad to annouce that we have acquired all the units of a co-op owning a 14-story residential building in Manhattan.

[Busy Bee]

I wonder what the cost of disassembling the facade and rehanging on a new structural frame would be? $30m? $40m?

They ought to offer it for sale and see what happens. It could be quite a marketing gimmick and save a beautiful facade at the same time.

[Hudson11]

does a redevelopment need to be offices for it to take advantage of the rezoning?

[NYguy]

Originally Posted by Hudson11

does a redevelopment need to be offices for it to take advantage of the rezoning?

The zoning was worded specifically to encourage commercial (office) construction, with restrictions on hotel use. Residential use of a tower can be no more than 20%, or that's what was in the proposal. Development is also restricted to lot size, which is why there won't be a lot of demolition in the area. There just aren't that many continuous lots in the area. But lots can be combined, like we are seeing with the 350 Park Avenue proposal. If combined with the site just to the south, which is also seeking redevelopment, it could yield a decent sized office building. But even as is, a decent sized residential could go up on the site.


From earlier in the thread:

Cohen speculated that ultimately, 417 and 405 Park “are perfect for a new, blockfront assemblage.”

No. 405 is a 175,000-square-foot office property that was sold last year to Deutsche Bank and MRP Realty. The partners said they plan to add four stories after buying 30,000 square feet of Grand Central air rights.

GDS Development, a builder with several commercial projects underway in the city, is negotiating to purchase an over 100-year old residential co-op building at 417 Park Ave. on the corner of East 55th Street for around $200 million, several sources with knowledge of the deal said.

If completed, the firm could erect a nearly 220,000 square foot boutique office building on the site under the rezoning plan, or an even larger structure if it is able to purchase neighboring properties to enlarge its footprint.

[NYguy]

Looks like 405 is ready to be assembled...

https://www.crainsnewyork.com/real-estate/park-avenue-office-building-hits-market-350m

[JMKeynes]

I can’t open it. Does the article say that 405 and 417 will be developed jointly?

[Busy Bee]

It doesn't say other than its being put up for sale. I'd imagine aquiring and combining both sites for a new tower is now more likely than ever.

[JMKeynes]

Originally Posted by Busy Bee

It doesn't say other than its being put up for sale. I'd imagine aquiring and combining both sites for a new tower is now more likely than ever.

Thanks!!! :

[NYguy]

If the sites are combined, I anticipate another 425 Park.

[NYguy]

https://nypost.com/2020/04/20/coronavirus-pandemic-hasnt-derailed-nyc-leasing/

By Steve Cuozzo
April 20, 2020

Development plans too, although moving more slowly, continue to percolate as lenders, lawyers and architects trade strategies via Zoom and other virtual-meeting sites.

Klovern AB of Sweden and GDS Development Management are working on scenarios for 417 Park Ave., the 29-unit co-op apartment building they bought for $184 million in 2019. That’s the building which Kushner Cos. also took a run at last year, as we reported at the time.

Klovern AB and GDS have an office project in mind, thanks to 2017 rezoning that would allow a 220,000-square-foot office building as-of-right — but could be considerably larger by using air-rights transfers.