NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,575 FT | 86 FLOORS

[NYguy]

^ Good catch, hadn't noticed that.

[Busy Bee]

Originally Posted by Xing Lin

The whole model only represents one half of the building, divided down the N/S axis — the three columns we see on the side is half of the six total for that segment. The side of the model segments facing the windows would be open-air, exposing the floorplates, core, and interiors.

Another clue is that the model still shows four panes of glass between each pair of columns, just like in the renderings we've seen — if that represented the north/south facade, those panes would be impractically massive!

Okay okay... that makes sense now... I actually wondered about that believe it or not...


The model on the lazy susan makes sense now. You spin it to show the interiors.

[BanBrokenChatBots]

This is essentially the Hotel & event space of this beast... the upper 1/2 portion of the tower.

[skcr]

Xing Lin reassured us.

[Zerton]

Those double / triple height spaces are going to be amazing.

[ChiND]

Originally Posted by BanBrokenChatBots

This is essentially the Hotel & event space of this beast... the upper 1/2 portion of the tower.

Are these double/triple height floors for the offices or hotel?

[NYguy]

^ Those spaces most likely will be handled by the hotel. But they haven't broken down anything.

Meanwhile, from the print version of that 60 Minutes video...


https://www.cbsnews.com/news/real-es...es-transcript/

Scott Rechler: This will be the-- the tallest commercial building in the western hemisphere by floor.

...For Scott Rechler, that means doubling down, even in a down market.

Near Grand Central, he's lined up financing to build his own trophy building - part office, part hotel.

[ChiND]

Thanks. To the extent that part of this is a triple height floor, I wonder if this tower will include condos with hotel services like Central Park Tower. At a minimum, this clearly will be a very high-end Hyatt brand, maybe Hotel de Louvre, which Hyatt owns.

[NYguy]

Originally Posted by ChiND

Thanks. To the extent that part of this is a triple height floor, I wonder if this tower will include condos with hotel services like Central Park Tower. At a minimum, this clearly will be a very high-end Hyatt brand.

They have supposedly switched over to an extended stay hotel for some or all of the units. The City classifies that as residential. That could have the effect of those upper floors being similar to those high end residential towers, which themselves have the amenities of high end hotels.

[ChiND]

I wouldn’t be surprised if they switch part of that to condos. I could see hedge fund managers who lease space in this building wanting to be able to take the elevator to work.

[NYguy]

Originally Posted by ChiND

I wouldn’t be surprised if they switch part of that to condos. I could see hedge fund managers who lease space in this building wanting to be able to take the elevator to work.

In theory, 20% of the tower could be developed as residential (by zoning). That's why the extended-stay option is possible. But they would still need to go back before City Planning to specify what they are building. At the same time, Hyatt has a say in what gets built because they had a complicated city/state lease on the site. Currently, the land was transferred to the development team, but Hyatt is still involved. There is approval in place for an all office version, so presumably there is a way to "buy" Hyatt out.


https://a836-acris.nyc.gov/DS/Docume...17122700916002

https://a836-acris.nyc.gov/DS/Docume...17122700916001

[ChiND]

Thanks. Considering how high these units would be, a small, hyper-elite hotel would make sense, together with extremely upscale condos.

I think that it’s a matter of time before the Chrysler is a hotel/condo.

[NYguy]

Originally Posted by ChiND

Thanks. Considering how high these units would be, a small, hyper-elite hotel would make sense, together with extremely upscale condos.

I think that it’s a matter of time before the Chrysler is a hotel/condo.

The Chrysler has been in a slow process of returning it to its glory days. They're bringing back a version of the Cloud Club, I think 175 may have something similar.

[ChiND]

Originally Posted by NYguy

The Chrysler has been in a slow process of returning it to its glory days. They're bringing back a version of the Cloud Club, I think 175 may have something similar.

I think that the owners could make a lot more money by converting it to a high-end hotel and condo. I don’t think that the Chrysler Building could yield rents anywhere close to rents paid in 1 Vanderbilt.

[NYguy]

Originally Posted by ChiND

I think that the owners could make a lot more money by converting it to a high-end hotel and condo. I don’t think that the Chrysler Building could yield rents anywhere close to rents paid in 1 Vanderbilt.

No, but location is it's best asset.

It's also a perfect neighbor to 175 Park in terms of style.



https://www.lee-associates.com/prope...&officeId=2420

[ChiND]

I agree. 175 pays homage to the Chrysler. I see the Chanin Building reflected in it too.

[Zapatan]

Originally Posted by ChiND

I agree. 175 pays homage to the Chrysler. I see the Chanin Building reflected in it too.

I see hints of Chrysler, Petronas Towers, 2IFC in Hong Kong and maybe a few others.

[NYguy]

https://www.instagram.com/p/C2LYyl5vm0n/?img_index=1

[NYguy]

Another reason for optimism this gets movement this year...


https://nypost.com/2024/01/18/real-e...new-buildings/

Big office deals returns — but only in NYC’s best new buildings


By Social Lois Weiss
Jan. 18, 2024

Despite a lethargic 2023, office leasing got its mojo back in the fourth quarter when the year’s largest deals were completed.

Law firms led the action with blockbuster leases inked after Labor Day.

Davis Polk renewed and expanded its lease to 630,000 square feet at RXR’s 450 Lexington Ave. Paul Weiss will relocate from 1285 Sixth and expand to 765,000 square feet at Fisher Bros.’s 1345 Sixth, which has $120 million in new amenities.

Quinn Emanuel is leaving 51 Madison Ave. for 132,000 square feet at 295 Fifth Ave., which received a $350 million redevelopment. Its spin-off, Selendy Gay Elsberg, also expanded and signed a direct lease for 101,000 square feet at Vornado’s 1290 Sixth Ave. King & Spalding will join them in 175,000 square feet in a move from nearby 1185 Sixth Ave.

Regardless of the industry, all tenants are looking for the same things. “Location and access to transportation has moved to the top of the criteria list,” said Chris Corrinet of CBRE.

That’s why Park Avenue, north of 46th Street and around Grand Central are “bright spots in a moribund area,” added David Hoffman of Cushman & Wakefield. An example: MetLife renewed and expanded to 400,000 at its namesake tower at 200 Park Ave., which sits on top of Grand Central and now serves LIRR riders. However, Class A buildings outside of the new sweet spots still have large vacancies. RXR and SL Green’s 5 Times Square has 750,000 square feet available with gorgeous amenities and LED signage.

Commuters to Hudson Yards can hop on the 7 train, making it easy for Wells Fargo employees to relocate from 150 E. 42nd St. to its newly purchased 300,000 square feet at 20 Hudson — where it already has 500,000 square feet at 30 Hudson Yards.

Fresh spaces are equally important to tenants. That’s why Hudson Yards, Manhattan West, the Farley Building over the new Moynihan Station, Morgan North and the area around Penn Station are all completely reinvented.

On Seventh Avenue, Vornado’s Penn 2 is now complete and West 33rd Street will soon become a plaza.“You can feel that the area will be transformed and the folks from Vornado have done a good job of changing people’s perceptions,” said Mark Weiss of Cushman & Wakefield, whose colleagues will now lead leasing for Penn 2.

More leasing action is coming from companies facing lease expirations. IBM and Franklin Templeton, for instance, will move to SL Green’s reinvented One Madison in Nomad.

LinkedIn recently renewed and expanded at the Empire State Building to 526,000 square feet.

Pricing for such top-tier trophy properties, especially in the Plaza District, is hitting $200 to $300 per square foot — think One Vanderbilt, 550 Madison, 767 Fifth, 425 Park and 9 W. 57th St. In contrast, buildings without amenities are struggling for tenants at anywhere from $30 to $80 per foot.

Office and amenity design continues to be influenced by hospitality, said Gensler architect Robert Fuller.

Baccarat is moving to a penthouse headquarters and showroom with a terrace at Marx Realty’s hospitality-infused 545 Madison Ave. — and signed a branding deal. The building’s lounge will have a Baccarat chandelier and use its barware.

“The Rivian house car will get the Baccarat scent in the car,” said Craig Deitelzweig of Marx Realty.

Marx will raise rents there and at 10 Grand Central Place where a new floor of amenities will include a 150- to 200-seat town hall space, a screening room, a lounge, a fireplace and even a spot for podcasting.

“Is it worth it? Yes, it is,” Deitelzweig said. “It pays for itself.”

More amenities are also coming to 9 W. 57th St., where owner Stefan Soloviev is adding $45 million in improvements. He’s building a 27th-floor amenity center with dining overlooking Central Park and space for 150 people to meet. The lower level has a full gym with a cold plunge pool and a hot pool.

“The 150-person meeting area was a suggestion by a tenant,” Soloviev said. “I am listening to what tenants want.”

[ChiND]

This sounds promising. I can’t wait to visit NY this summer.