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

[chris08876]

^^^^

I find the following snippet interesting:

" We are not against new construction in general. Indeed, New York desperately needs hundreds of thousands of new housing units, and more affordable ones. However, 175 Park Avenue does nothing to address New York City's housing crisis. It is simply a shiny new trophy for its well-heeled developers. While we would still find this tower unattractive in any location, its presence directly in-between Grand Central and the Chrysler Building is what we cannot abide. "

Its funny because these are the same type of folks that will be quick to jump the gun on out-of-scale or out-of-character developments that add real housing. They want 100 percent affordable housing but not that much to OVERWHELM the area and no market rate and than when someone proposes a ton of units, both market rate and affordable, they are very quick to come out and protest against it. What they really need to do is to sit down and shut the f**k up. Silence can lead to a lot of good developments going forward!



One45 in Harlem remembers. All for housing but minute its proposed, oh no.. not in this area... too big... too big for NYC lol.

[NYguy]

It’s just ridiculous. They always say they want “affordable” housing, but affordable for who is the question. Propose a low income housing development anywhere near these people, and watch the outrage.

Anyway, they’re just banging their head against a wall with this one. So many real qualities of life they could be fighting for instead.

[ChiND]

Stories like this bode well for this future icon. Hopefully, RXR will announce a tenant this year.

https://nypost.com/2024/06/02/busine...ndemic-levels/

REBNY data shows healthy office occupancy, edging closer to pre-pandemic levels

By Steve Cuozzo

[NYguy]

^ This is what I’ve been saying. And it’s so clear to see, especially considering how much time it takes to get a new tower built. There is no major, new office construction right now. Plenty planned, but nothing coming out of the ground.


https://commercialobserver.com/2024/...fice-shortage/

New York City Faces Class A Office Shortage
Right now, there's plenty of top-quality space to lease but it's going fast — and there's not enough in the pipeline to meet future demand


BY LARRY GETLEN
JUNE 3, 2024

[ChiND]

I’d like for RXR to sign the first 500k sf at just above cost to get this thing moving.

https://therealdeal.com/national/202...gainst-states/

[TonyNYC]

[QUOTE=NYguy;10218045]^ This is what I’ve been saying. And it’s so clear to see, especially considering how much time it takes to get a new tower built. There is no major, new office construction right now. Plenty planned, but nothing coming out of the ground.



Exactly and there are big time firms coming up on discussions on future leases that will need to know what their options will be.

One prime tenant is AMERICAN EXPRESS... this news bodes well for 2 WTC. Amex will most probably stay downtown where it's been forever at the WFC/Brookfield Place, but those buildings are getting dated inside.

Let's go Amex.. get 2 WTC started again.. could be finished much quicker then other new building opportunities because foundation is done!!

[BK1985]

[QUOTE=TonyNYC;10218345]

Originally Posted by NYguy

^ This is what I’ve been saying. And it’s so clear to see, especially considering how much time it takes to get a new tower built. There is no major, new office construction right now. Plenty planned, but nothing coming out of the ground.



Exactly and there are big time firms coming up on discussions on future leases that will need to know what their options will be.

One prime tenant is AMERICAN EXPRESS... this news bodes well for 2 WTC. Amex will most probably stay downtown where it's been forever at the WFC/Brookfield Place, but those buildings are getting dated inside.

Let's go Amex.. get 2 WTC started again.. could be finished much quicker then other new building opportunities because foundation is done!!

Isn't AMEX in 7WTC? do they have additional office space at the WFC/Brookfield Place?

[NYguy]

Originally Posted by BK1985

Isn't AMEX in 7WTC? do they have additional office space at the WFC/Brookfield Place?

They may have some space in 7 WTC, a lot of these companies have a footprint in more than one building. This was brought up in the 2 WTC thread.

https://therealdeal.com/new-york/202...ers-sale-move/

October 4, 2023

American Express is looking at about 1 million square feet needed primarily in New York although some could be located in cheaper cities where some of its remote workforce has moved during the pandemic.

The company has been at 200 Vesey Street, the massive Battery Park City building at Brookfield Place, since that project was planned by Olympia & York in the 1980s as the World Financial Center. But the blue-chip firm’s offices there are now 40 years old — although some were redone after 9/11 — and need a major refresher to attract and retain talent, not to mention get employees to come to work.

Amex is competing with tech companies and other financial firms that have moved to modern towers replete with shared spaces rather than warrens of cubicles.

“Silverstein must be drooling,” an industry insider said of Larry Silverstein, who needs a large commitment from a tenant to get his 2 World Trade Center back on track. “It would be the best site for Amex because the employees are already used to the area.”

There are multiple companies looking for between a half and 1 msf of space, though I don’t keep a list in my head because they could always stay where they are. Even when someone gets close to signing, it will be months before an actual deal is completed.

[giantSwan]

based on renderings, this may be my favorite nyc skyscraper of all time

[BrickellBased]

Agreed. Has a strong '7 wonders of the world' vibe.

Originally Posted by giantSwan

based on renderings, this may be my favorite nyc skyscraper of all time

[ChiND]

I think that Amex and Morgan Stanley both own their own towers. Therefore, either could move into this tower regardless of how long it takes to build it. They’d be ideal tenants.

[ChiND]

I don’t think this was posted.

I cannot wait for actual news about this tower.

https://commercialobserver.com/power...scott-rechler/

[mrnyc]

Originally Posted by ChiND

I don’t think this was posted.

I cannot wait for actual news about this tower.

https://commercialobserver.com/power...scott-rechler/

thanks for the quick read. he’s most certainly not wrong about the attractive tower site and seems quite bully about the region, putting their $ down, so fingers crossed here.

[DCReid]

Does this building need a huge lease commitment of 500K sf or more from a company such as AMEX or MS to start? I get the impression that it does not need a large commitment of 500K or more, as it may be similar to 1 Vanderbilt in that the developer may have confidence that it will be quickly filled given its location. I know TD Bank was the anchor for 1 Vanderbilt, but I don't know how much space they took and doubt it was 500K sf, but then again 1 Vandy is only 1.3 million or so sfI and this building is in excess of 2 million. In contrast, 2 WTC seems to need a large commitment, probably of at least 1 million sf to get construction started on its 3 million sf, which is why it would be more hopeful if AMEX stayed downtown. I doubt Morgan Stanley would move downtown and it does not seem that many of the midtown companies with large offices want to move downtown.

[NYguy]

This tower does need a tenant, although the Hyatt takes up a significant portion. It will follow the along lines of Vanderbilt, with likely some of the most expensive office space in the city.

[Crawford]

Blackstone, the world's largest private equity firm, is searching to anchor a major new headquarters tower somewhere in the Park Ave. corridor. But there's a catch - they don't need the space until 2034, so likely too late for 175 Park.

"A person with knowledge of the investment firm's real-estate decision-making said that in the long term, it's considering a deal to potentially anchor a new office tower. Peers in the financial industry have sought such state-of-the-art spaces nearby, including JPMorgan, which is building a soaring new headquarters tower at 270 Park Avenue."

https://www.businessinsider.com/blac...-growth-2024-6

I think Blackstone builds a new supertall further north on Park, replacing one of the current mid-century towers. They would need a giant space, likely over 2 million square feet. They currently occupy 1.4 million square feet in the neighborhood, but are fast-growing.

[ChiND]

This is AMAZING news. This would be perfect timing to anchor 175 Park!

https://www.bloomberg.com/news/artic...-checkout=true

https://www.crainsnewyork.com/real-e...e-office-space

[NYguy]

Originally Posted by Crawford

Blackstone, the world's largest private equity firm, is searching to anchor a major new headquarters tower somewhere in the Park Ave. corridor. But there's a catch - they don't need the space until 2034, so likely too late for 175 Park.

"A person with knowledge of the investment firm's real-estate decision-making said that in the long term, it's considering a deal to potentially anchor a new office tower. Peers in the financial industry have sought such state-of-the-art spaces nearby, including JPMorgan, which is building a soaring new headquarters tower at 270 Park Avenue."

https://www.businessinsider.com/blac...-growth-2024-6

I think Blackstone builds a new supertall further north on Park, replacing one of the current mid-century towers. They would need a giant space, likely over 2 million square feet. They currently occupy 1.4 million square feet in the neighborhood, but are fast-growing.

Shhhhhhh…office is supposed to be dead, remember. Don’t let the secret out.

Anyway, the expansion at 345 Park is good news, it brings their space in that building alone to over 1msf. They’ve got a decade to develop a new tower elsewhere. There are developments afoot that we won’t know about until they are revealed, and there are redevelopments such as the Roosevelt Hotel and 250 Park Avenue. That’s assuming they want to stay in the neighborhood, which seems likely. There are other major development sites outside the area that are further into the next decade (Penn Station, Port Authority towers). I wouldn’t even rule out 175 Park, because sometimes these lease extensions go beyond expected need date.

[Crawford]

Yeah, Blackstone now has over 1 million sf at 345 Park and over 400k sf at 601 Lex. I could definitely see them anchoring a massive new tower.

[ChiND]

Originally Posted by NYguy

Shhhhhhh…office is supposed to be dead, remember. Don’t let the secret out.

Anyway, the expansion at 345 Park is good news, it brings their space in that building alone to over 1msf. They’ve got a decade to develop a new tower elsewhere. There are developments afoot that we won’t know about until they are revealed, and there are redevelopments such as the Roosevelt Hotel and 250 Park Avenue. That’s assuming they want to stay in the neighborhood, which seems likely. There are other major development sites outside the area that are further into the next decade (Penn Station, Port Authority towers). I wouldn’t even rule out 175 Park, because sometimes these lease extensions go beyond expected need date.

It seems that ten years matches 175 Park perfectly. If the hotel closed at the end of this year, and demo started early in 2025, wouldn’t it take at least six years to demolish the old tower and build a new one?