NEW YORK | One Vanderbilt | 1,401 FT | 58 FLOORS - Page 230

NYguy · #**4581** Posted **Aug 11, 2020, 4:37 PM**

https://nypost.com/2020/08/11/nyc-of...y-predictions/

NYC office market shows sign of life despite predictions of downfall

By Steve Cuozzo
August 11, 2020

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We hate to puncture the doom-and-gloom bubble — it’s such fun to read about the inevitable collapse of the city’s office market — but allow us an upbeat column, full of happy and hopeful tidings all around.

Let’s start with One Vanderbilt, SL Green’s all-but-completed cloudbuster next to Grand Central Terminal. Since the start of the pandemic, the $1.7 billion, 1,401-foot-tall skyscraper where office rents are among the city’s highest has raised its pre-opening tenancy from 65 percent in February to 70 percent, SL Green president Andrew Mathias told us on Monday. Financial firm Oak Hill added to its original commitment and two small private-equity firms signed new leases.

Mathias said the ribbon-cutting is likely to be held on Sept. 14 or 15, by which time SL Green’s newly created public plaza between the tower and the terminal “will be fully operational,” along with $200 million in improved transit and pedestrian amenities which the developer agreed to provide.

Office rents at One Vanderbilt range from $125 to $300 per square foot, according to an investor presentation in December.

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The office market shows reassuring signs of life since the grim second quarter, Manhattan’s slowest since 2009. Not including renewals, it was “the worst quarter we have ever recorded,” according to CBRE.

It’s no surprise in the midst of the COVID-19 pandemic and given that “everybody” will soon work from home. Didn’t Mark Zuckerberg himself say that Facebook employees wouldn’t return to their offices until mid-2021?

But there’s a disconnect between short-term, crisis-driven strategies and the longer term. Most CEOs — Zuckerberg included — clearly believe that even this most terrible of crises has a finite duration.

Facebook’s lease for 780,000 square feet last week at Vornado’s Farley Building comes on top of the millions of square feet it already has in Manhattan including at Hudson Yards.

Several other notable large deals have recently been completed. Late in the second quarter, TikTok signed for 230,000 square feet at the Durst Organization’s One Five One (the deal has closed so it’s likely unaffected by a possible TikTok sale).

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Since the start of the third quarter, AIG took 325,000 square feet at Rockefeller Group’s 271 Sixth Ave. and 220,000 square feet at Fosun’s 28 Liberty St. Raymond James took 160,000 square feet at Mutual of America’s 320 Park Ave. Meanwhile, we’re told that IBM is hunting more space of up to 100,000 square feet at various locations.

None of this means the commercial market’s fully on the mend. There are going to be more bankruptcies, broken leases and ruined companies. Landlords, brokers and the lawyers and accountants who serve them will be losing sleep for a long time to come.

But it does suggest that end-of-the-world scenarios are wildly overblown — just as all prior predictions of the Big Apple’s demise have been.

SkyHigher · #**4582** Posted **Aug 11, 2020, 4:41 PM**

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Originally Posted by dropdeaded209

the proportions still seem a little clumsy to me IMHO, the tower looks pretty bottom heavy, and all the different types of glass add to the overall disjointedness of the crown... from some angles it looks ok, others.... not so much... fits into the skyline overall ok tho I guess...

Yeh reminds me of 1WTC. Some angles it looks good and others it just looks awkward. Crown of this building could have done with being higher. Lost opportunity.

NYguy · #**4583** Posted **Aug 11, 2020, 4:50 PM**

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Originally Posted by SkyHigher

Crown of this building could have done with being higher. Lost opportunity.

The entire building could have been higher, as it was at one time above 1,500 ft. But even now, the building is much higher than we have reason to expect it should be, with just 1.6 msf on a decent sized lot. Basically, everything from the observation deck up is "gifted" space, to create an instant icon on the skyline, which is what the developers said they wanted to do from the beginning. That's the difference between this tower, and much larger towers like 50 Hudson, the Spiral, etc. They wanted that extra height, and they got almost 400 ft of it. But we understand also, that building skyscrapers - icons or not - is about business. They had to lease those floors, and they worked out the scenario that works best. And it's working quite well for them. So I don't know what opportunity was "lost". Any other developer, and we'd likely be getting another box, skyline be damned.

SkyHigher · #**4584** Posted **Aug 11, 2020, 5:22 PM**

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Originally Posted by NYguy

So I don't know what opportunity was "lost".

It's called having an opinion. Just like you think this building is iconic. I don't. End of story.

NYguy · #**4585** Posted **Aug 11, 2020, 6:51 PM**

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Originally Posted by SkyHigher

It's called having an opinion. Just like you think this building is iconic. I don't. End of story.

There are facts. And there are opinions. And then there are uninformed opinions. I'll leave you to it.

Now, someone mentioned earlier that the observation elevators are "overkill". But the world of observation decks has changed, and there's competition in town to stand out from the other decks.
The elevators here seem tame in comparison to what will be going on over at the Hudson Yards.

From the 30 Hudson thread, for context:
https://skyscraperpage.com/forum/sho...wpost&t=240887

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Originally Posted by NYguy

Here's a better look at what the roof course entails. A little scary, but may be worth it to get to that top deck. No freebies here.

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iiConTr0v3rSYx · #**4586** Posted **Aug 11, 2020, 7:13 PM**

30 HY doesn’t look like some last minute, tacked on gimmick. And most importantly it doesn’t obscure the facade.

Still, 1 Vandy is my favorite building to rise in recent years. It really compliments the ESB.

pianowizard · #**4587** Posted **Aug 11, 2020, 8:11 PM**

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Originally Posted by NYguy

They wanted that extra height, and they got almost 400 ft of it.

I don't know if this has been pointed out before, but it seems to me that they added just enough extra height so that the "Upper Viewing Platform" will be high enough to become the city's highest observation deck, at 1,271' versus 1,268' for the 1WTC deck.

ESysyn · #**4588** Posted **Aug 11, 2020, 9:59 PM**

This is a great week for 1 Vandy!

-- facade (nearly) finished
-- elevator coming down
-- crane being dismantled
-- SPIRE BACK UP

Can it get any better!?!?!

NYguy · #**4589** Posted **Aug 12, 2020, 12:41 PM**

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Originally Posted by pianowizard

I don't know if this has been pointed out before, but it seems to me that they added just enough extra height so that the "Upper Viewing Platform" will be high enough to become the city's highest observation deck, at 1,271' versus 1,268' for the 1WTC deck.

I think they just took advantage of the design. Remember, 30 Hudson was at one time taller than it is now. And there was a private viewing area at the top.

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Originally Posted by iiConTr0v3rSYx

30 HY doesn’t look like some last minute, tacked on gimmick. And most importantly it doesn’t obscure the facade.

Have you seen the deck at 30 Hudson? And the facade here isn't obscured.

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Originally Posted by ESysyn

This is a great week for 1 Vandy!

-- facade (nearly) finished
-- elevator coming down
-- crane being dismantled
-- SPIRE BACK UP

Can it get any better!?!?!

It could get better if they light the entire crown. That's what I'm waiting on. I wonder if they will just wait until the crane is down.

https://twitter.com/GaryHershorn/sta...229248/photo/1

iiConTr0v3rSYx · #**4590** Posted **Aug 12, 2020, 2:05 PM**

30 Hudson is fine. Nothing they have their looks intrusive on the exterior of the building. But I don’t want to go off topic and bring up another building.

Perhaps I’m jumping the gun and I should wait until the building is officially open and reserve my final judgement.

chris08876 · #**4591** Posted **Aug 13, 2020, 12:12 AM**

Credit: luciebphoto

biguc · #**4592** Posted **Aug 13, 2020, 2:37 PM**

Does instagram gift women 10k followers for wearing one of those big dumb hats?

NYguy · #**4593** Posted **Aug 13, 2020, 10:18 PM**

https://www.gettyimages.com/detail/n...?adppopup=true

NYguy · #**4594** Posted **Aug 14, 2020, 2:43 AM**

https://www.gettyimages.com/detail/n...?adppopup=true

HiRiser · #**4595** Posted **Aug 14, 2020, 11:23 AM**

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Originally Posted by NYguy

https://www.gettyimages.com/detail/n...?adppopup=true

Permasteelisa NA, the curtainwall contractor, set the last unit last week apparently but I can still see unfinished business below.

NYguy · #**4596** Posted **Aug 14, 2020, 3:04 PM**

https://www.instagram.com/p/CD2jdalHee4/

https://www.instagram.com/p/CDyiI8GMvkh/

https://www.instagram.com/p/CDsTJEIlD0a/

https://www.instagram.com/p/CDrrj-5DKvb/

gramsjdg · #**4597** Posted **Aug 14, 2020, 10:45 PM**

Still pretty disappointed by the 100' height cut, but beggars can't be choosers.

NYguy · #**4598** Posted **Aug 14, 2020, 11:32 PM**

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Originally Posted by gramsjdg

Still pretty disappointed by the 100' height cut, but beggars can't be choosers.

That'll always be in the back of the mind, especially when we see 270 Park, and whatever is getting built at the Grand Hyatt. But all in all, pretty good here. Even a 1,500 ft Vanderbilt will probably get topped by something in the area.

chris08876 · #**4599** Posted **Aug 15, 2020, 4:46 PM**

Credit: Alejandro Ortiz III

chris08876 · #**4600** Posted **Aug 15, 2020, 5:10 PM**

Credit: the Dronalist