NEW YORK | 250 Park Ave | FT | FLOORS - Page 3

ChiND · #41 Posted **May 3, 2024, 9:36 PM**

Quote:

Originally Posted by Busy Bee

Please explain cuz I'm not googling any of that.

S&C bought 125 Broad, which as you probably know, is a lousy building in a terrible location. They probably have the worst offices of any elite, NY firm.

The legendary John Foster Dulles, who was a Secretary of State, was the Managing Partner of S&C. He would have deplored the firm’s decision to buy that eyesore.

Busy Bee · #42 Posted **May 3, 2024, 10:21 PM**

Ah, got it

NYguy · #43 Posted **May 6, 2024, 7:01 PM**

This isn’t exactly shocking, but a piece of good news for east Midtown…

https://therealdeal.com/new-york/202...aturity-looms/

Bloomberg extends lease at 731 Lexington to 2040
Media organization occupies all 947K sf of office at Vornado-run tower

AY 6, 2024
By Holden Walter-Warner

Quote:

The sole office tenant at Bloomberg Tower in Midtown East isn’t going anywhere for a long time.…..

The lease ensures Michael Bloomberg’s company will continue to occupy 947,000 square feet at the 1.3 million-square-foot property, which houses the firm’s headquarters. Most of the company’s 12,000 New York employees work there.

Crawford · #44 Posted **May 6, 2024, 7:10 PM**

Sullivan & Cromwell really should move to Midtown. The location makes no sense in 2024. I know they do lots of work with Goldman Sachs, but that's hardly their only client, and they can keep a satellite office downtown.

It would be nice if S&C anchors a new tower in Midtown.

ChiND · #45 Posted **May 6, 2024, 7:13 PM**

Quote:

Originally Posted by Crawford

Sullivan & Cromwell really should move to Midtown. The location makes no sense in 2024. I know they do lots of work with Goldman Sachs, but that's hardly their only client, and they can keep a satellite office downtown.

It would be nice if S&C anchors a new tower in Midtown.

I agree. Even if they leased 400k sf in a new Midtown tower, they could still keep lots of people in that depressing tower that they own in no man’s land. That office is an embarrassment.

They’d be a great candidate for 175 Park since they could move whenever they want to from 125 Broad.

ChiND · #46 Posted **May 6, 2024, 7:15 PM**

Quote:

Originally Posted by Crawford

Sullivan & Cromwell really should move to Midtown. The location makes no sense in 2024. I know they do lots of work with Goldman Sachs, but that's hardly their only client, and they can keep a satellite office downtown.

It would be nice if S&C anchors a new tower in Midtown.

For a firm with such sky-high profits per partner, S&C’s offices are an utter embarrassment. That building is worthy of a twenty lawyer insurance defense firm.

https://en.m.wikipedia.org/wiki/List...ts_per_partner

NYguy · #47 Posted **Jun 27, 2024, 10:24 PM**

https://www.crainsnewyork.com/real-e...y-250-park-ave

JPMorgan nears deal to buy building across from new HQ

Natalie Wong and Hannah Levitt, Bloomberg
June27, 2024

Crawford · #48 Posted **Jun 27, 2024, 10:25 PM**

I wonder if Norman Foster will design a companion tower for the world HQ. It seems pretty plausible.

ChiND · #49 Posted **Jun 27, 2024, 10:34 PM**

I’d like to see JPMC buy 415 and 425 Madison too. 425 is vile per se.

NYguy · #50 Posted **Jun 27, 2024, 10:43 PM**

Quote:

Originally Posted by Crawford

I wonder if Norman Foster will design a companion tower for the world HQ. It seems pretty plausible.

Yes it does.

https://www.bloomberg.com/news/artic...from-nyc-tower

JPMorgan Nears Deal to Buy Building Across Street From NYC Tower
-Bank is still considering potential plans for property
-JPMorgan is building out its new headquarters on Park Avenue

By Natalie Wong and Hannah Levitt
June 27, 2024 at

ChiND · #51 Posted **Jun 27, 2024, 11:41 PM**

Quote:

Originally Posted by DCReid

Wonder if JPMC can buy it and turn it into an extended stay hotel for visiting JPMC staff...A wish for such a cute building...

Nice call!

I’d like to see it transformed into a plaza and have the air rights transferred elsewhere if that’s possible.

NYguy · #52 Posted **Jun 28, 2024, 12:27 AM**

^ They're not gonna spend that kind of money on this building and turn it into a plaza, something that likely wouldn't be allowed by zoning anyway. They still haven't done anything with that Madison Avenue property, other than transfer development rights. But 250 offers a better opportunity to build a new, ground up tower.

ChiND · #53 Posted **Jun 28, 2024, 1:25 AM**

I don’t think that the plaza will happen, but I’d like to see it.

NYguy · #54 Posted **Jun 28, 2024, 4:17 AM**

Quote:

Originally Posted by ChiND

I don’t think that the plaza will happen, but I’d like to see it.

Thee closest we'd probably get to that is a plaza between 383 Madison and 250 Park if Chase does in fact buy the property. I don't think they would object to it, and of course, the city would like it.

skcr · #55 Posted **Jun 28, 2024, 5:36 AM**

They probably want to buy this site and thereby protect 270 Park Avenue from high neighborhoods

NYguy · #56 Posted **Jun 28, 2024, 12:16 PM**

Quote:

Originally Posted by skcr

They probably want to buy this site and thereby protect 270 Park Avenue from high neighborhoods

Doubtful. Most of the space (and workers) at 270 Park will be on the lower half of the building. Both 383 Madison and 270 Park together won’t fill the JPMC footprint in New York. So it could be long term planning, or something more immediate. But unlike developers who have to market and finance developments, JPMC would pull the strings here on what and when something moves forward.

ChiND · #57 Posted **Jun 28, 2024, 1:05 PM**

Quote:

Originally Posted by NYguy

Thee closest we'd probably get to that is a plaza between 383 Madison and 250 Park if Chase does in fact buy the property. I don't think they would object to it, and of course, the city would like it.

That plaza would be good, though all of Vanderbilt should be pedestrianized.

ChiND · #58 Posted **Jun 28, 2024, 1:50 PM**

NY Guy,

The Real Deal said that a new tower at 250 Park can be up to 1 m sf.

Could it be more if JPMC buys air rights from some entity?

I assume that a 1 m sf+ tower on this very small piece of land could be pretty tall.

Hudson11 · #59 Posted **Jun 28, 2024, 2:17 PM**

I agree it's a strong possibility they're buying the building to keep it as is to preserve their global HQs southern views. Not to say it will never be redeveloped, that's just the most logical reason. Chase has been offloading their satellite offices to consolidate on this "campus" in midtown east. Now they have another neighboring building to add to the collection.

NYguy · #60 Posted **Jun 28, 2024, 2:23 PM**

^ Posted above, highly unlikely.

Quote:

Originally Posted by ChiND

NY Guy,

The Real Deal said that a new tower at 250 Park can be up to 1 m sf.

Could it be more if JPMC buys air rights from some entity?

I assume that a 1 m sf+ tower on this very small piece of land could be pretty tall.

This is a complicated site. The max FAR is 27 (can get up to 30). Official footprint is about 25,000 sf, though according to city records, it's actually larger. The footprint is very small, which would push the tower upwards. But at some point, giving city zoning, it doesn't make as much sense for an office tower to get smaller towers as it gets above supertall height. It would make more sense for residential. But JPMC could be looking at this as an opportunity to expand right in its own backyard, in its own towers, rather than continue to lease space.