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

[NYguy]

^ Pretty sure the office floors won’t reach the top. Besides the floorplate size, it’s likely the upper portions of the tower will be mechanical space (see 270 Park). But this building will have generous floor heights (see 270 Park) as you would expect for a tower of this stature in New York.

[NYguy]

https://www.thecity.nyc/2025/01/22/doom-loop-office-rentals-manhattan/

What Doom Loop? Healthy Office Rentals and Tax Assessments Show Manhattan’s Strength.
High-end commercial towers drive a post-pandemic recovery for the nation’s leading business district.


BY GREG DAVID AND MIA HOLLIE
JAN. 22, 2025

In 2022, Columbia University professor Stijn Van Nieuwerburgh argued that the rise of remote work would put cities into what he called “an urban doom loop.” The value of office buildings would plummet, taxes paid by those buildings would slide and cities would be forced to cut services, sending residents and businesses fleeting.

In June of the following year, he and two colleagues wrote a paper arguing the doom loop had already begun for New York City and drawing parallels to the fiscal crisis of the 1970s.

Instead, New York City’s office buildings are in a remarkable rebound from the pandemic.

Financial giants like the private equity firm Blackstone and the hedge fund Citadel signed huge leases in Midtown. Vacancy rates fell sharply, including in the depressed market downtown.

And the value of commercial office buildings has not only recovered from the pandemic, the city’s property roll for next year shows an increase of 4%.

In June, Blackstone not only renewed its lease at Rudin’s 345 Park Avenue building, it took another 250,000 square feet, giving it 1 million square feet in the tower.

Problems remain for older and less desirable buildings — often referred to as Class B and Class C — many of which are being sold for much less than they were purchased for. Others have defaulted on their mortgages. But the data shows a market that is improving, not imploding.

Earlier this year, Citadel, Rudin and Vornado unveiled a plan to build a 1.8 million square foot, 62-story tower at 350 Park Avenue, which will house some 6,000 workers, most of them from Citadel.

In the meantime, Citadel leased 500,000 square feet at 66 Fifth Avenue, taking 20 of the building’s 39 floors.

The new tower represents “continued efforts to energize Midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers,” Mayor Eric Adams said when the new tower was announced.

[ChiND]

This tower is going to be ICONIC!

[Zapatan]

Originally Posted by NYguy

^ Pretty sure the office floors won’t reach the top. Besides the floorplate size, it’s likely the upper portions of the tower will be mechanical space (see 270 Park). But this building will have generous floor heights (see 270 Park) as you would expect for a tower of this stature in New York.

Some renderings like the one on the last page do make it look like floors reach pretty high although Xings depicts a massive empty crown. We shall see.

I sure hope there's 400+ meter occupied space, I'm not personally a fan of all of the overly massive empty space atop NY office towers. One thing I liked about the original Twin Towers was occupied space all the way to the top, no dark areas at night.

[NYguy]

Originally Posted by Zapatan

I sure hope there's 400+ meter occupied space, I'm not personally a fan of all of the overly massive empty space atop NY office towers.

Well, no one cares. There will be mechanical space at the top, like with all office buildings, or buildings of significant height. The occupied heights are always below whatever the roof heights will be. If the mechanical space can be worked into the architectural design of the skyscrapers, all the more better.

[tusken raider]

lets just hope its cancelled I don't want to many massive buildings on park avenue cuz before you know it the ones like 270 and on Vanderbilt wont look as intimidating just my opinion kinda do want 175 park built though but in different location just so the Chrysler building is still visible

really I should say I want it built but maybe not as big maybe the design were it was 1450ft tall is better for 350 park avenue

[streetscaper]

Originally Posted by Zapatan

Some renderings like the one on the last page do make it look like floors reach pretty high although Xings depicts a massive empty crown. We shall see.

I sure hope there's 400+ meter occupied space, I'm not personally a fan of all of the overly massive empty space atop NY office towers. One thing I liked about the original Twin Towers was occupied space all the way to the top, no dark areas at night.

Even though I don't totally agree, I value your viewpoint and can see where you're coming from. We all have different opinions and it's nice to discuss them in a civil manner

[ChiND]

Originally Posted by streetscaper

Even though I don't totally agree, I value your viewpoint and can see where you're coming from. We all have different opinions and it's nice to discuss them in a civil manner

I concur.

[Xing Lin]

Originally Posted by Zapatan

Some renderings like the one on the last page do make it look like floors reach pretty high although Xings depicts a massive empty crown. We shall see.

I sure hope there's 400+ meter occupied space, I'm not personally a fan of all of the overly massive empty space atop NY office towers. One thing I liked about the original Twin Towers was occupied space all the way to the top, no dark areas at night.

This is just my interpretation of the one rendering so far, but the uppermost floors (above the line below) have a striped facade that looks very much like the vent louvres generally used for mechanical equipment floors:

My models only have those floors empty because I don't have the skills to model the mech equipment/BMU that would be inside.

[NYguy]

^ That's pretty much where it should be.

[NYguy]

https://www.bloomberg.com/news/articles/...hattan-tower-nears-public-review-process

Ken Griffin’s New Manhattan Tower Nears Public-Review Process
-Griffin, developers are seeking to build a 62-story skyscraper
-Public review of the project is expected to start in March


By Natalie Wong
February 4, 2025

“We are excited to move forward with the development of an iconic tower that will provide world-class office space for our colleagues and reshape both Park Avenue and the Manhattan skyline for decades to come,” a Citadel spokesperson said.

The tower, designed by Foster + Partners, is expected to be completed by 2032. According to the filing, the building will include roughly 1.5 million square feet (139,000 square meters) of commercial space largely for office and trading use, with nearly 17,000 square feet of ground-floor retail that is expected to be used for food spots. There will also be a public concourse.

Developers on Park Avenue are seizing on a rezoning effort in Midtown East. Just a few blocks away, JPMorgan Chase & Co. is constructing its new headquarters at 270 Park Ave., and planning a renovation of its old building at 383 Madison Ave.

A little more from the mayor's press conference...


https://www.nyc.gov/office-of-the-mayor/...ng-comprehensive-strategy-revitalize-and

February 3, 2025

Mayor Eric Adams

Right now there are a record number of jobs in the city, yes, but we want to make sure we occupy many of our office spaces. And despite the historic growth, too many offices are still empty and too many storefronts remain vacant. It became a real eyesore when you saw business corridors after business corridors where our storefront and our retail spaces will remain vacant. So we're going to go bigger and bolder at every stage of the game, bringing in new businesses, even as we build more capacity.

.....First Deputy Mayor Torres-Springer

At 350 Park, the administration will start the ULURP, process this spring for a project that will bring a modern 1.8 million square foot building that will be home to Citadel Securities, a global investment firm. At Park Avenue, we're going to select a design team to undertake a comprehensive redesign of this signature street. The Manhattan Plan, of course, which the mayor announced during the State of the City, will allow us to look at all of the ways we can spur job creation and housing creation across Manhattan. And just two weeks ago, the Midtown South Mixed-Use Plan, certified into ULURP, that will bring 10,000 units and revitalize that entire area.

[ChiND]

PTL!

[ChiND]

I'm surprised that it's only 1.5 m sf. What an icon!

https://www.msn.com/en-us/money/companie...tchservertelemetry=1&noservertelemetry=1

The tower, designed by Foster + Partners, is expected to be completed by 2032. According to the filing, the building will include roughly 1.5 million square feet (139,000 square meters) of commercial space largely for office and trading use, with nearly 17,000 square feet of ground-floor retail that is expected to be used for food spots. There will also be a public concourse.

[NYguy]

Originally Posted by ChiND

I'm surprised that it's only 1.5 m sf. What an icon!

That's a little more than it's zoned for. The building overall is said to be about 1.8 msf. But neither 270 Park nor 350 Park will be built as dense as One Vanderbilt, which was built to a 30 FAR. 270 is around 23, and 350 will be roughly 25, but that site is somewhat divided as well. Transit and Public Concourse bonuses generate an extra 3 FAR.








The footprint here is about 53,000 sf.

[ChiND]

NY Guy: Do you think that demo will commence in 2025?

[NYguy]

Originally Posted by ChiND

NY Guy: Do you think that demo will commence in 2025?

No. Citadel is supposed to move into their new space at 660 5th Avenue this year, and filing for demo may begin later this year. But I wouldn't expect actual work on that to start before next year. I don't know about the townhouse. It's small enough to start demo this year, but nothing has been filed. Construction would probably begin in 2027 given everything that needs to happen first. Approvals alone will drag out most of this year.

[ChiND]

I thought that they’d fast-track this gift to NYC. Hopefully, RXR will get a tenant soon, and two icons will rise simultaneously.

[ssh]

Hoping the "about 1,600' tall" information we got in April means 1,649' tall lol.

[NYguy]

Originally Posted by ChiND

I thought that they’d fast-track this gift to NYC. Hopefully, RXR will get a tenant soon, and two icons will rise simultaneously.

Nope. Approvals process is actually very lengthy, with 3 major phases, that last one being the 7 month ULURP process, which is really just a formality for anything in the Midtown East rezoning. It appears Scoping will begin soon, which has no time constraints, so that can move a little quickly if they wanted. In the cases of 175 and 270 Park, both towers would have needed to go through approvals anyway because they needed special permission to do things outside of the zoning. At 270 Park, they wanted to move the required public space from the south side of the tower, which would have altered the design, leading to smaller floorplates but a taller tower. For 175 Park, the major thing was to unofficially combine the Hyatt lot with Grand Central. That created a "lot merger" that, depending on how you look at it, will lead to either an overbuilt tower (the Hyatt site), or an underbuilt tower (the site overall).

[ChiND]

Thanks. Hopefully, demo will start in early 2026.