NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS - Page 47

ssh · #**921** Posted **Jan 2, 2025, 9:30 PM**

Demo 2025-2026

Construction 2026-2030?

ps. NYGuy you've been a member here since before I was born.

NYguy · #**922** Posted **Jan 2, 2025, 10:22 PM**

Quote:

Originally Posted by ssh

Demo 2025-2026

Construction 2026-2030?

ps. NYGuy you've been a member here since before I was born.

Long time.

Approvals (though just a formality) will begin this year. Demo filings should also commence by the end of the year. With the lease signing, it’s looking more and more like Citadel will take up 1msf or more of the new tower.

Crawford · #**923** Posted **Jan 2, 2025, 10:26 PM**

Great news! Cannot wait to see demolition this year. Bring it on!

NYguy · #**924** Posted **Jan 3, 2025, 3:15 AM**

https://www.crainsnewyork.com/real-estate/manhattan-office-market-ends-2024-solid-footing

Manhattan office market ends 2024 on solid footing

Eddie Small
January 02, 2025

Quote:

.....Bloomberg's expansion to about 925,000 square feet at 919 Third Ave. was the largest lease for the fourth quarter, followed by Citadel taking 504,000 square feet at 660 Fifth Ave., where the investment firm had long been rumored to be eyeing space. Law firm Ropes & Gray taking about 430,000 square feet at 1285 Sixth Ave. came in third. The three Midtown deals combined made up almost a fifth of Manhattan's total activity during the quarter.

.....In Midtown, firms leased about 6.3 million square feet of space for the quarter and 19.2 million square feet for the year, making 2024 the neighborhood's strongest leasing year since 2018, the report says. Its availability rate tightened to 15.2%, while its average asking rent dropped to $77.89 per square foot. In addition to the Bloomberg, Citadel and Ropes & Gray leases, JPMorgan Chase also extended its lease for about 361,000 square feet at 277 Park Ave. during the quarter.

Zapatan · #**925** Posted **Jan 3, 2025, 3:17 AM**

I haven't been following this one lately and didn't realize how far along it was in the development process and could start so soon. Thank you Citadel! I hope this is a done deal and not just speculation.

This and 175 Park rising together would be insane.

Can't wait to see some more official renderings.

NYguy · #**926** Posted **Jan 3, 2025, 2:11 PM**

Quote:

Originally Posted by Zapatan

I haven't been following this one lately and didn't realize how far along it was in the development process and could start so soon. Thank you Citadel! I hope this is a done deal and not just speculation.

Just takes a little reading.

Zapatan · #**927** Posted **Jan 3, 2025, 7:46 PM**

Quote:

Originally Posted by NYguy

Just takes a little reading.

Blocked by paywall, but the title makes it sound official.

NYguy · #**928** Posted **Jan 3, 2025, 10:06 PM**

Quote:

Originally Posted by Zapatan

Blocked by paywall, but the title makes it sound official.

I don't know what you're talking about, but there's an entire thread here with the relevant information, and you don't have to read every single page to get it.

NYguy · #**929** Posted **Jan 16, 2025, 3:00 AM**

Nothing really new here. But while all eyes are on 175 Park, another rival for tallest continues to take shape.

https://www.hedgefundspaces.com/citadel-...okfields-660-fifth-avenue-amid-hq-delay/

Citadel Moves to 660 Fifth Avenue as 350 Park Avenue HQ Takes Shape

January 13, 2025
Lance Leighton

Quote:

Global financial services powerhouse Citadel is expanding its New York City footprint by leasing 504,000 square feet at 660 Fifth Avenue. This strategic move comes as the firm awaits the completion of its new headquarters at 350 Park Avenue, a 62-story office tower being developed in partnership with Vornado Realty Trust (VNO) and Rudin. The new headquarters is slated for completion in 2032, where Citadel will occupy approximately 850,000 square feet.

Quote:

The lease at 660 Fifth Avenue, a 39-floor Midtown Manhattan office tower, allows Citadel to maintain its operations seamlessly during the interim.

…..Citadel plans to relocate from its current space at 350 Park Avenue to 660 Fifth Avenue in 2025. Additionally, Citadel and its affiliate, Citadel Securities, operate a 440,000-square-foot office nearby at L&L Holding Company’s 425 Park Avenue. This move reinforces Citadel’s strong presence in Midtown Manhattan’s premier office market.

ChiND · #**930** Posted **Jan 16, 2025, 3:11 AM**

This tower is magnificent. I’m elated to get rid of the current 350 Park, which is a horrible eyesore. Further, we are getting an extraordinary icon in its place.

BanBrokenChatBots · #**931** Posted **Jan 16, 2025, 5:51 PM**

Quote:

Originally Posted by ChiND

This tower is magnificent. I’m elated to get rid of the current 350 Park, which is a horrible eyesore. Further, we are getting an extraordinary icon in its place.

The current building isnt that bad, most cities would gladly take it but Park Avenue gonna Park Ave it

ChiND · #**932** Posted **Jan 16, 2025, 5:55 PM**

Quote:

Originally Posted by BanBrokenChatBots

The current building isnt that bad, most cities would gladly take it but Park Avenue gonna Park Ave it

You're correct re: most cities, but we're talking about the Financial Capital of the World and the de facto capital of the U.S.

ChiND · #**933** Posted **Jan 18, 2025, 11:53 AM**

Lois refers to 1,600’ height. I always thought that that height was based on our mere speculation. Has it ever been confirmed? If not, Lois may be on this forum.

https://nypost.com/2025/01/17/real-estat...rns-to-pre-pandemic-levels-in-manhattan/

Leading the city’s stats, leasing in the Plaza District hit 3.26 million square feet in the last quarter of 2024. This includes a Citadel lease for 504,000 square feet at Brookfield’s 660 Fifth Ave. that paves the way for its current offices at 350 Park and the adjacent 40 E. 52 St. to be demolished and rebuilt with 1.8 million square feet touching 1,600 feet high — but it won’t be ready until … oh, maybe 2032.

NYguy · #**934** Posted **Jan 18, 2025, 6:02 PM**

Quote:

Originally Posted by ChiND

Lois refers to 1,600’ height. I always thought that that height was based on our mere speculation. Has it ever been confirmed? If not, Lois may be on this forum.

It’s a reference from when the building was revealed. A spokesperson said the building would be about 1,600 ft. You should know that means it could be more, less, or just that. We won’t know until it’s revealed. Same with 625 Madison, a 1,200 ft tower that’s actually more.

ChiND · #**935** Posted **Jan 18, 2025, 6:44 PM**

Quote:

Originally Posted by NYguy

It’s a reference from when the building was revealed. A spokesperson said the building would be about 1,600 ft. You should know that means it could be more, less, or just that. We won’t know until it’s revealed. Same with 625 Madison, a 1,200 ft tower that’s actually more.

I didn’t recall that someone with the development team said that. It looks about that tall. That’s great news!

montydawg · #**936** Posted **Jan 18, 2025, 7:12 PM**

Quote:

Originally Posted by ChiND

I didn’t recall that someone with the development team said that. It looks about that tall. That’s great news!

62 stories at 1600 ft means about 25feet for each floor. I would expect 15-18 for a typical commercial tower. Something is not adding up for me. The Bank of America tower in Atlanta is under 1000 feet and 59 stories tall.

ChiND · #**937** Posted **Jan 18, 2025, 8:47 PM**

Quote:

Originally Posted by montydawg

62 stories at 1600 ft means about 25feet for each floor. I would expect 15-18 for a typical commercial tower. Something is not adding up for me. The Bank of America tower in Atlanta is under 1000 feet and 59 stories tall.

How many stories is JPMC?

Also, the upper tiers might be a largely unoccupied crown.

ssh · #**938** Posted **Jan 19, 2025, 1:01 AM**

Quote:

Originally Posted by ChiND

How many stories is JPMC?

Also, the upper tiers might be a largely unoccupied crown.

Maybe Ken allocated himself a full floor office with a 100 foot ceiling height.

NYguy · #**939** Posted **Jan 19, 2025, 9:26 PM**

Quote:

Originally Posted by ChiND

I didn’t recall that someone with the development team said that. It looks about that tall. That’s great news!

We didn’t pull it out of thin air.

Quote:

Originally Posted by montydawg

The Bank of America tower in Atlanta is under 1000 feet and 59 stories tall.

This is Manhattan in the year 2025, no comparison.

Xing Lin · #**940** Posted **Jan 20, 2025, 3:59 AM**

Quote:

Originally Posted by montydawg

62 stories at 1600 ft means about 25feet for each floor. I would expect 15-18 for a typical commercial tower. Something is not adding up for me. The Bank of America tower in Atlanta is under 1000 feet and 59 stories tall.

If you scale the rendering with its roof height assumed to be 1600ft, the typical office floors are about 17ft from floor to floor, while the taller floors in the lowest segment are about 22ft floor-to-floor. The huge floors below each setback are about 28ft tall, but they could include mezzanine floors within.

As a comparison, the typical office floors at 270 Park are about 15.5ft floor-to-floor, so 350 Park would have more spacious floors overall.