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

[NYguy]

^

Originally Posted by NYguy

Here's a little more on the easement...seems like there may be some sort of cantilever in the design, or just establishing that a neighboring building can't be built to block views.

[NYguy]

Originally Posted by NYguy

https://therealdeal.com/new-york/202...ch-air-rights/

Ken Griffin agrees to $78M deal for more church air rights
St. Bartholomew’s contract could contribute to 350 Park development


March 27, 2024
Holden Walter-Warner

https://therealdeal.com/new-york/202...-office-tower/

Citadel agrees to buy up $164M in air rights from St. Patrick’s Cathedral
Developer team bought air rights for office tower at 350 Park Ave


Holden Walter-Warner
December 11, 2023


Griffin’s Citadel and Steve Roth’s Vornado Realty Trust agreed to buy up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York to facilitate the development of 350 Park Avenue, PincusCo reported.

Originally Posted by NYguy

https://www.bloomberg.com/news/artic...uverify%20wall

Citadel’s Ken Griffin Taps St. Patrick’s Air Rights to Boost NYC Office Tower
-Citadel is working with Vornado, Rudin to build new skyscraper
-Archdiocese says money will likely go to cathedral’s upkeep





By Natalie Wong
December 11, 2023

The air rights transfer from St Barts...

[BrickellBased]

Ken Griffin literally getting God's blessing to build his temple.

https://therealdeal.com/new-york/202...-office-tower/

Citadel agrees to buy up $164M in air rights from St. Patrick’s Cathedral
Developer team bought air rights for office tower at 350 Park Ave

Originally Posted by NYguy

The air rights transfer from St Barts...

[NYguy]

Quick refresher on 477 Madison…

Originally Posted by NYguy

Lots 27, 28, and 33 are the current footprint. The easement is with lot 21 (477 Madison).

Originally Posted by NYguy

[ChiND]

They'll be happy when a horde of very rich Citadel employees are patronizing their restaurant.

[Busy Bee]

485 Madison is pretty sharp and would be slightly painful to see go in a full block assemblage scenario. Everything else is drab garbage though, and a knock-you-socks-off tower would make losing 485 justifiable IMO. Unless maybe 485 stayed and the new development wrapped around it. That would be sweet* too.


*I'm 41. I say sweet unironically and unapologetically.

[ChiND]

Aby didn’t invest much in 477’s renovation. He basically added new windows and seems to have painted it. It seems that he anticipated either selling it or redeveloping it himself at some point in the future.

NYG: I didn’t not scrutinize the ACRIS docs that you posted for 477 Madison. Do you think it’s likely that Citadel will acquire that building — beyond simply acquiring the air rights? It seems that the current site could provide a very nice entry plaza on Madison.

[NYguy]

Originally Posted by Busy Bee

485 Madison is pretty sharp and would be slightly painful to see go in a full block assemblage scenario. Everything else is drab garbage though, and a knock-you-socks-off tower would make losing 485 justifiable IMO. Unless maybe 485 stayed and the new development wrapped around it. That would be sweet* too.

I wouldn't mind seeing it stay. It wouldn't kill me to see it go either. I think since they are doing the lot merger with 477 (why else would they have get the rights?), a merger may also be in the works for 485 Madison. But I believe that would be just for the benefit of the zoning, not to demolish either building.

Originally Posted by ChiND

Aby didn’t invest much in 477’s renovation. He basically added new windows and seems to have painted it. It seems that he anticipated either selling it or redeveloping it himself at some point in the future.

NYG: I didn’t not scrutinize the ACRIS docs that you posted for 477 Madison. Do you think it’s likely that Citadel will acquire that building — beyond simply acquiring the air rights? It seems that the current site could provide a very nice entry plaza on Madison.

Aby hasn't owned 477 that long (just since 2019). But there can't be much of a redevelopment there with the easement that restricts anything higher than 15 ft above the roof. That easement also prevents an assemblage between the two Madison Avenue properties to create a single, larger and taller building. I think it's a smart play. Even if Tower Fifth were to be built (the site is just across Madison Avenue), there's enough distance that you would still have views.

[ChiND]

That makes sense, but if Citadel bought 477 outright couldn’t it use all of the air rights to make 350 Park taller? I’d imagine that 477’s current value is on the low-side since the demand for old space is limited.

If Citadel doesn’t buy 477, it seems that Aby’s best bet would be to redevelop it into a high-end hotel with condos.

[NYguy]

Originally Posted by ChiND

That makes sense, but if Citadel bought 477 outright couldn’t it use all of the air rights to make 350 Park taller? I’d imagine that 477’s current value is on the low-side since the demand for old space is limited.

You mean demolish it? Remember, midtown was downzoned in 61. The midtown east rezoning upzoned it, but not outright. There are various purchased and contributions that have to be made in order to build your way up the the maximum FAR. Still, that they are doing a lot merger at all suggests there are some development rights available. Also keep in mind that Citadel, as of now, doesn't plan to occupy the entire building.

If Citadel doesn’t buy 477, it seems that Aby’s best bet would be to redevelop it into a high-end hotel with condos.

Only he wouldn't be able to build taller than what is currently there.

[ChiND]

Thanks.

[Xing Lin]

Edited a photograph by NYGuy from August 11, to show the currently latest design for 350 Park:


Whatever design eventually rises here, it will be a very impressive sight with three Foster skyscrapers together lining Park Avenue, two of them supertalls!

[ChiND]

That looks amazing.

Do you have any images from due north that show how the setbacks look?

[NYguy]

Originally Posted by Xing Lin

Edited a photograph by NYGuy from August 11, to show the currently latest design for 350 Park:

Fantastic!

[ChiND]

It will be interesting to see what’s built at 417 Park. If it’s residential, it could be well over 800’.

[Mulan]

Would it be possible for this project to be 300-400 feet higher? Now that they have more air rights.

[NYguy]

Originally Posted by Ahoi

Would it be possible for this project to be 300-400 feet higher? Now that they have more air rights.

There are no height limits.

[NYguy]

I would love to see 350 in these views...


Awesome Designed

[NYguy]

https://www.globenewswire.com/news-r...l-Results.html

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

* acquire a 60% interest in a joint venture with the Vornado/Rudin JV 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 the Vornado/Rudin JV as developer. KG would own 60% of the joint venture and the Vornado/Rudin JV 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 JV).

- 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 the Vornado/Rudin JV would not participate in the new development.

Further, the Vornado/Rudin JV 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, the Vornado/Rudin JV 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.

[ChiND]

This is exciting news.