NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[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.

[Zapatan]

A ~1,700' foot office tower seems a little far fetched but I wouldn't complain lol

[Ahoi]

I can imagine that this project will get a different design after the acquisition of the air rights and also get a little more height I guess around 1650 feet.

[NYguy]

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


Awesome Designed

[ChiND]

Do you think that the latest design is the final one?

[NYguy]

Originally Posted by ChiND

Do you think that the latest design is the final one?

I think what we’ve seen is close to what we’re likely to see, but it’s just as likely it will be a more refined tower. We also know there are changes afoot, so it could be a different design altogether. Time will tell.

[Zapatan]

Did they really get more air rights?

It would be insane if this thing could rival or surpass 175 in height.



Though again, 1,350 is totally fine

[ChiND]

Originally Posted by NYguy

I think what we’ve seen is close to what we’re likely to see, but it’s just as likely it will be a more refined tower. We also know there are changes afoot, so it could be a different design altogether. Time will tell.

Thanks.

[DZH22]

My main problem is that it's only 51 floors. These huge floors visually throw off the scale of the whole city. Typically for a 51 floor office building it would be maybe in the low 700's. It throws things off a lot.

In that sense, it reminds me of the Goldman Sachs building in Jersey City, which is 781' but only 42 floors and looks substantially shorter because of that.

[Zapatan]

Originally Posted by DZH22

My main problem is that it's only 51 floors. These huge floors visually throw off the scale of the whole city. Typically for a 51 floor office building it would be maybe in the low 700's. It throws things off a lot.

In that sense, it reminds me of the Goldman Sachs building in Jersey City, which is 781' but only 42 floors and looks substantially shorter because of that.

The 51 floor count is likely incorrect. I believe an article leaked a while ago stating 51 office floors. CTBUH has it at 58 but it still could be 70 going off the renderings (counting mech. and stuff).

Unless the ceiling heights changed the roof is the same height as the original design.

[ChiND]

This tower has an anchor tenant, Citadel, and presumably, Citadel, like Chase, will finance its own construction. Thus, I would not be surprised if this is the first new office tower after Chase to get moving.

NYGuy: Since Citadel is partnering with Vornado and Rudin, can’t it expedite the time frame to demolish the buildings on the site, or is there some factor which limits that?

[NYguy]

Originally Posted by DZH22

My main problem is that it's only 51 floors. These huge floors visually throw off the scale of the whole city.

Not really. Maybe to some of the skyscraper nerds, but even then it's hard to determine that sort of thing on the crowded skyline. It's a new age in skyscraper construction in New York, the new does indeed surpass the old.

Originally Posted by ChiND

This tower has an anchor tenant, Citadel, and presumably, Citadel, like Chase, will finance its own construction. Thus, I would not be surprised if this is the first new office tower after Chase to get moving.

NYGuy: Since Citadel is partnering with Vornado and Rudin, can’t it expedite the time frame to demolish the buildings on the site, or is there some factor which limits that?

Citadel is currently occupying 350 Park Avenue. As far as I know, they haven't leased any other significant space in Manhattan other than these two buildings (other than buildings like 425 Park, which came before this). They were rumored to be taking a large chunk of Vornado's 280 Park Avenue (according to the Post), but that space went to someone else.

https://slgreen.com/sl-green-and-vor...0-park-avenue/



https://nypost.com/2023/09/10/citade...-hiring-spree/

Citadel’s quest for 400,000 square feet of space at 280 Park Avenue has hit the “pause” button.

Crain’s reported in June that Ken Griffin’s monster hedge fund was in negotiations with landlords SL Green and Vornado for the space. The 1.27 million-square-foot tower is almost fully leased, but several large leases are due to expire at the end of year.

Citadel is exploring space options in the event that its proposed new tower at 350 Park Avenue requires relocating some staff there

Now, however, sources say that the 280 Park talks are on hold, although it wasn’t immediately clear why.

Citadel has been on a hiring spree here, despite misinformed assertions that he was abandoning New York for Miami (where he indeed moved its headquarters from Chicago).

Griffin has kept some Manhattan landlords on pins and needles over his real estate strategy. He was in talks last year to take 200,000 square feet at Olayan America’s 550 Madison Ave., but no deal was struck.

Citadel is moving many of its staff to 425 Park Ave. from 520 Madison Ave. and from several other locations later this year. It’s also planning a new skyscraper at 350 Park Ave. in partnership with Vornado.

[ChiND]

I recall that Citadel is occupying 350 Park. Presumably, they could enter a short-term lease with Rudin at 345 Park if they wanted to expedite the construction of 350.

[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.

[NYguy]

Sounds like either way, Citadel will be in the driver’s seat.

[ChiND]

That’s true.

[NYguy]

Just a note…


https://commercialobserver.com/2024/...ars-at-google/

Paul Darrah Joins Citadel to Lead Real Estate Operations After 7 Years at Google


BY MARK HALLUM
FEBRUARY 14, 2024

Google (GOOGL)’s Paul Darrah is taking his talents to investment firm Citadel after an almost seven-year stint as head of New York City real estate at the tech giant, Commercial Observer has learned.

Darrah will take over as chief workplace officer of Citadel, starting at the end of the month, and will manage the firm’s global real estate footprint, which includes 19 offices worldwide, a Citadel spokesperson confirmed.

The Citadel spokesperson did not provide more details about Darrah’s role, but Ken Griffin’s hedge fund has plenty of real estate in the works.

Since announcing in 2022 that it would move its headquarters from Chicago to Miami, Citadel has been investing heavily in South Florida with the $363 million acquisition of 1201 Brickell Bay Drive, a vacant waterfront property.

The sale was considered one of Miami’s biggest real estate deals ever. The parcel could become the location of an office tower to serve as Citadel’s headquarters, but it’s unclear where construction lies after Citadel split with its developer, Sterling Bay, in April 2023.

Later on in 2022, Citadel signed major deals in New York City such as a 585,000-square-foot master lease with Vornado Realty Trust for 350 Park Avenue and another master lease for Rudin’s adjacent 390,000-square-foot 40 East 52nd Street, CO reported at the time.

Eventually it could lease 850,000 square feet at 39 East 51st Street, an office tower being developed by Vornado and Rudin.

[ChiND]

There’s more news about this tower than about the one that’s allegedly planned for Miami. I’ve read that very few Citadel employees want to move to Miami.

[NYguy]

Originally Posted by ChiND

There’s more news about this tower than about the one that’s allegedly planned for Miami. I’ve read that very few Citadel employees want to move to Miami.

Well, we don't know that. That tower will probably be built one way or another. But it will have no bearing on this one. Pieces are being put into place so they can move forward with the approvals necessary to get a new tower built.