NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS

[Busy Bee]

The amount, and size, of trees shown in these terraced office tower renderings is hilarious. Not only am i skeptical that a fraction of the green depicted will actually be in reality but I have serious questions about how practical, and possible, it is to attempt to grow trees of that scale with their enormous root systems that want to grow in a directions including down. What happens if one of these fantasy 40 foot trees with these necessary unnatural shallow root systems uproot in a significant wind event and are blown to the street or through the glass curtain wall of a neighboring tower?

[BK1985]

Originally Posted by Busy Bee

The amount, and size, of trees shown in these terraced office tower renderings is hilarious. Not only am i skeptical that a fraction of the green depicted will actually be in reality but I have serious questions about how practical, and possible, it is to attempt to grow trees of that scale with their enormous root systems that want to grow in a directions including down. What happens if one of these fantasy 40 foot trees with these necessary unnatural shallow root systems uproot in a significant wind event and are blown to the street or through the glass curtain wall of a neighboring tower?

not to get too in the weeds here but there are several types of trees that grow with shallow root systems that can survive the winter here such as Japanese hornbeam, Glauca pine and yellowwood among others. in regards to windload i'm sure there is some sort of anchor system they would use in this application.

[NYguy]

Originally Posted by BK1985

not to get too in the weeds here but there are several types of trees that grow with shallow root systems that can survive the winter here such as Japanese hornbeam, Glauca pine and yellowwood among others. in regards to windload i'm sure there is some sort of anchor system they would use in this application.

Yeah, I find it funny that people find it hard to believe that trees can be planted with the technology and knowledge that we have today. You can see it (planting of trees) happening everywhere, and I see it personally. The reason we are seeing more of it happening now on skyscrapers is because of the amenities that tenants want.

[Busy Bee]

Originally Posted by NYguy

Yeah, I find it funny that people find it hard to believe that trees can be planted with the technology and knowledge that we have today. You can see it (planting of trees) happening everywhere, and I see it personally. The reason we are seeing more of it happening now on skyscrapers is because of the amenities that tenants want.

I will believe it when I see them hundreds of feet up doing well without a sign of wind damage or disease.

[NYguy]

Originally Posted by Busy Bee

I will believe it when I see them hundreds of feet up doing well without a sign of wind damage or disease.

You do know that happens with ground level trees right? But it dorsn’tvmatter. Just know that this terraces will be there, and there will be green space.

[rgarri4]

Originally Posted by Busy Bee

I will believe it when I see them hundreds of feet up doing well without a sign of wind damage or disease.

Come to Chicago and you'll see it some. Mostly in residential, as the decking out office terraces trend rose in popularity post covid. From my window I can spot at least 4 buildings with trees on the private terraces. Plus I've seen mountains near NYC well above that height covered with trees.

[NYguy]

https://www.kron4.com/business/press...-transactions/

Vornado and Rudin Complete 350 Park Avenue and 40 East 52nd Street Transactions


NEWS PROVIDED BY
Vornado Realty Trust
Jan 25, 2023

Vornado Realty Trust and Rudin announced today that they have completed the previously announced transactions with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO, relating to 350 Park Avenue and 40 East 52nd Street. All third-party approvals have been obtained and the master lease and other agreements are effective.

[towerpower123]

That improved dramatically. I actually like it now!

[Hudson11]

Originally Posted by Busy Bee

I will believe it when I see them hundreds of feet up doing well without a sign of wind damage or disease.

I live a couple of hundred of feet above sea level above NYC in the suburbs and the trees are just fine here. They do this weird thing called dormancy during the winter but I can assure you they come back during the spring.

[SkyHigher]

I wonder if Sony are sponsoring this judging by the core

[Busy Bee]

I can't help all this observation deck fetish reminding me of the stereotypical trope of depressing towns "making it" when they get a chick-fil-a.

[NYguy]

Originally Posted by ArchGuy1

Does anyone here know if 350 Park Avenue will have an observation deck open to the public like what is seen at the Empire State Building, 30 Rockefeller Plaza, One World Trade Center, 30 Hudson Yards, and One Vanderbilt.

Until someone says there will be an observation deck in any given building, just assume that there WON'T be one. No need to ask or bring it up in every thread.

[NYguy]

https://finance.yahoo.com/news/q4-20...092907615.html

February 15, 2023

Jing Xian Tan Bonnel

I know the opportunity with Citadel is still a bit down the road, but are you able to speak to the financing strategy there in context with your existing development pipeline around Penn District? Just generally, like how are you thinking about the capital allocation and sourcing for these future projects.

Michael J. Franco

Camille, I think the good news is we don't have to do it today because it would be very, very difficult to line up construction financing and very expensive. So with respect to 350, that project is not right yet, right? It's -- it'll be right in 2, 3 years, but it's not right today. And so hopefully, the markets are more hospitable than we expect they will be. And I think the same goes with respect to PENN. Again, we're not -- as I think Steve commented on the last call, the market really is not conducive for new development today. Construction financing is very expensive, if available, which generally is not as banks have pulled back.

Steven Roth

So, we're pretty excited about 350 Park Avenue, and maybe even more importantly, tenants even more excited about it. Our strategy there is actually very simple. The land value, our land value will constitute our equity contribution. So our land value will represent the equity. We will not have to put in maybe another -- a very tiny $10 million, $20 million, $30 million of cash to represent our share in the equity. The balance of it should be easily in a normalized market (inaudible) under -- in the construction financing or permanent financing.

[ArchGuy1]

Originally Posted by NYguy

Until someone says there will be an observation deck in any given building, just assume that there WON'T be one. No need to ask or bring it up in every thread.

I did hear some discussions about a restaurant on one of the top floors in the earlier design for 350 Park Avenue similar to the Peak at 30 Hudson Yards, Saga at 70 Pine Street, or the Manhatta at One Chase Manhattan Plaza.

[NYguy]

From the Real Deal, a look at the future office pipeline. Some of these projects are mixed-use (with hotel or residential). So the numbers only show office and retail ammounts.

[NYguy]

Lol, couldn’t help but think of some people here…


https://www.theargus.co.uk/news/2334...ower-brighton/

Man shocked by trees planted on new tower in Brighton





By Andrew Gardner
February 27, 2023

A roofer has told of his shock after he discovered trees were being planted on the top of an eighteen-storey building.

Luke Cooke spotted trees being planted atop the York and Elder development near the New England Quarter in Brighton.

He fears the trees could be "uprooted" in high winds, causing damage to buildings or even people.

Luke told The Argus: "I couldn’t believe that a piece of nature was sat upon a huge lump of ugly concrete. My first reaction was utter shock.

"I honestly believe that, on a windy day, these trees will simply be uprooted and get carried by the wind at dangerous speeds, potentially hurting someone."

….. Luke shared his concerns with the wider community in Brighton on the Facebook group Brighton Skies.

He received many responses rejecting his concerns. One said: "This is no different to trees on hills, or mountains."

[NYguy]

MARCH 18, 2023


The new Citadel headquarters at 350 Park Avenue - the latest new addition to the street by Foster and Partners, will leave its mark on the canyon.



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Not sure what will rise on this lot...


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[ArchGuy1]

Originally Posted by NYguy

MARCH 18, 2023


The new Citadel headquarters at 350 Park Avenue - the latest new addition to the street by Foster and Partners, will leave its mark on the canyon.



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Not sure what will rise on this lot...


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Do you have any constructive diagrams from the New York City Department of Buildings of 350 Park Avenue that you can post here.

[NYguy]

Originally Posted by ArchGuy1

Do you have any constructive diagrams from the New York City Department of Buildings of 350 Park Avenue that you can post here.

They’re too far away from that. Approvals haven’t even begun. Then the demo, and finally filing for the new building.

[NYguy]

https://finance.yahoo.com/news/vorna...212100549.html

Vornado Realty Trust
February 13, 2023

350 Park Avenue:

On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350 Park Avenue and 40 East 52nd Street.

Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years, with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).

In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000 and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”).

From October 2024 to June 2030, KG will have the option to either:

-acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred equity interest in the Vornado/Rudin joint venture).

-at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;

-the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;

-the master leases will terminate at the scheduled commencement of demolition;

-or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which case Vornado/Rudin would not participate in the new development.

The parties intend to immediately commence design of the project and process approvals.

Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.