Posted Nov 17, 2020, 5:27 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,878
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https://www.bloombergquint.com/onweb...tan-skyscraper
SL Green Scores $1.25 Billion Loan for Manhattan Skyscraper
Natalie Wong
November 16 2020,
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The construction-financing deal for One Madison Avenue, in the city’s Flatiron district, is being led by Wells Fargo & Co., SL Green president Andrew Mathias said in an interview. Internal demolition has begun on the project, which has no committed tenants yet.
Bank of America Corp., Toronto-Dominion Bank, Deutsche Bank AG, Goldman Sachs Group Inc. and Axos Bank are also in the lending group, Mat
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“The building delivers in 2023, so we have confidence in getting through this period,” Mathias said. “Our position as developers with this kind of vision and certainty generally gets rewarded in New York City.”
SL Green is gutting and transforming the property overlooking Madison Square Park. The landlord is keeping the base of the existing building and will develop a new 530,000-square-foot (49,000-square-meter) tower on top of it, bringing total space to 1.4 million square feet.
The finished tower will be 27 stories, or 471 feet (144 meters), tall and have rooftop terraces, an event space, artisanal food market, tenant lounge and fitness center.
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https://nypost.com/2020/11/16/sl-gre...inst-covid-19/
SL Green’s One Madison tower is a $2.3 billion bet against COVID-19
By Steve Cuozzo
November 16, 2020
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Bucking fears of a bleak future for office buildings, SL Green is taking the plunge on a $2.3 billion, speculative project that bets on a revived city three years from now.
On Monday, the publicly traded developer started work on One Madison — a 1.4 million square-foot tower that superimposes 21st century environmentally attuned construction onto the original 19th century structure at Madison Avenue and East 23d Street.
The job won’t be finished until the fall of 2023, which gives the developer plenty of time to find tenants. Even so, it’s an audacious stroke by SLG and its joint-venture partners, Texas-based Hines and National Pension Service of Korea.
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SL Green on Monday closed on a $1.25 billion construction loan for the project from a consortium of seven banks.
The development partners and architects KPF are the same team behind One Vanderbilt, the just-opened, 1,401-foot tall skyscraper that broke ground in 2016. Durels said his confidence in One Madison “comes from the leasing velocity at One Vanderbilt, which is the same today as it was pre-COVID. We signed three new leases since work resumed in June. And we have three new leases out that are close to being done.”
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Nine floors on the avenue side will combine a mostly glass façade with part of the 1893-vintage limestone original. Four old floors on the 23rd Street side are to be demolished for 18 new ones with a glass curtain-wall facade rising to 27 floors. Some 1.2 acres of outdoor roof and terrace overlook Madison Square Park, notably on “garden floors” 10 and 11.
The tower incorporates 250,000 square feet of unused air rights that came with the property when SL Green bought it in 2005, when it was leased to Credit Suisse. It will have 90,000 square-foot floorplates on podium levels 2-9, and 36,000 square-foot floors 10-26.
Durels said, “our most likely market” is for tech, accounting, media, engineering and fintech firms. Office rents will mirror those in central Manhattan, “triple digits,” he said.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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