NEW YORK | 432 Park Avenue (Drake Hotel dev.) | (1,396) FT / 432 M | 89 FLOORS

[Crawford]

Originally Posted by aquablue

The diagram states that we are getting the shorter version.

I understand the diagram, but DOB filings are constantly subject to change. Most projects have multiple filings and revisions based on various zoning vagaries.

For example, when you plan a 50 floor tower, but only have the air rights for a 40 floor tower, you file to DOB for the 40 floor tower, and then can build a 50 floor tower, as long as you revise before certificate of occupany has been filed (so you would have to prove that you've assembled sufficient additional air rights to make up for the difference).

Or, to take the case of 432 Park, the first zoning documents were for a lowrise box. That doesn't mean that a lowrise box will be built, but it was (for whatever complex reason known only to the zoning lawyers) the first step in initiating the land use approvals process.

It's actually more the exception, rather than the rule, to have initial zoning documents match the final built structure.

That's why zoning documents are helpful, but far from definitive. They're more like individual clues to a larger mystery.

[scalziand]

Jeez, I go away for a day, and someone finds the DOB filing. Well done bbr!

[sw5710]

Originally Posted by Crawford

I understand the diagram, but DOB filings are constantly subject to change. Most projects have multiple filings and revisions based on various zoning vagaries.

For example, when you plan a 50 floor tower, but only have the air rights for a 40 floor tower, you file to DOB for the 40 floor tower, and then can build a 50 floor tower, as long as you revise before certificate of occupany has been filed (so you would have to prove that you've assembled sufficient additional air rights to make up for the difference).

Or, to take the case of 432 Park, the first zoning documents were for a lowrise box. That doesn't mean that a lowrise box will be built, but it was (for whatever complex reason known only to the zoning lawyers) the first step in initiating the land use approvals process.

It's actually more the exception, rather than the rule, to have initial zoning documents match the final built structure.

That's why zoning documents are helpful, but far from definitive. They're more like individual clues to a larger mystery.

I hope at some point we can get up to date DOB or zoning documents posted here to bring us up to date on any changes.

[NYguy]

Originally Posted by sw5710

I hope at some point we can get up to date DOB or zoning documents posted here to bring us up to date on any changes.

It has to do with the process of getting ready for construction. Keep in mind that a permit for construction of the full building hasn't been filed, and once it has, whatever that permit states will be the final guide for what the specifics will be.

Looking at those plans however, it's' clear that this tower won't be as "boxy" as percieved to be from the rendering. It's a little bit of a cross between 56 Leonard, 80 South Street, and Libeskind's old clock tower proposal.

So far, the only construction permits filed have been for the 6 story retail base...

[sw5710]

I am waiting for the permit for construction of the tower to be filed

[Zapatan]

1380 feet is not bad, It will still be below 1WTC's crown though which is 1401 feet high.

[599GTO]

Originally Posted by sbarn

I don't understand the driveway, it seems so un-New York. I hope that doesn't count as their "publicly accessible open space".

How so? 15 CPW has a driveway.



One Beacon Court has one too. It's beautiful.

[599GTO]

When will they release better renders of this building?

[NYguy]

They will probably release better renderings when they're ready to begin construction, but it might not happen until construction has already begun, as with the Beekman Tower and One57.


They're finally digging on the north side (today's cam shot)


www.432park.com

[hunser]

Originally Posted by NYguy

It has to do with the process of getting ready for construction. Keep in mind that a permit for construction of the full building hasn't been filed, and once it has, whatever that permit states will be the final guide for what the specifics will be.

Looking at those plans however, it's' clear that this tower won't be as "boxy" as percieved to be from the rendering. It's a little bit of a cross between 56 Leonard, 80 South Street, and Libeskind's old clock tower proposal.

So far, the only construction permits filed have been for the 6 story retail base...

Interesting. So the current DOB paper doesn't say anything about the final height... we have to wait for the important one which will be the contruction permit. Anyway, thanks for clearing that up.

[sbarn]

Originally Posted by 599GTO

How so? 15 CPW has a driveway.

I thought about that later after I wrote my comment. It is nice, as is Beacon's, but I don't think buildings like this should become the new norm in the city. I much prefer One57's or 56 Leonard's ground treatment - seems more urban to me by maintaining the street wall.

[NYC GUY]

Whats the north part going to be used for?

[NYguy]

Originally Posted by NYC GUY

Whats the north part going to be used for?

Retail...its what will give the project a presence on 57th Street, but the issue for retailers has been just how much of a presence. Nordstrom was rumored to be a potential tenant, but the space wasn't big enough, or to their liking.
http://www.retailnet.com/story.cfm?ID=40952

Originally Posted by hunser

Interesting. So the current DOB paper doesn't say anything about the final height... we have to wait for the important one which will be the contruction permit.

Yeah, it's more of a formality at this point. The permit allows them to get underway with that, but another permit will be filed for the "90 story" tower, or however tall it will be at that point.

[hunser]

We schould consider ourselves very lucky to watch a 420m+ tower rise in the current economy. And also remember that NY only builds out of demand. Just when 1WTC is T/O and on its way to being finished, we can enjoy this monster. And a short time after that, 2WTC will resume contruction and voila -another 400m+ tower in the making. Good times ahead!

[RobertWalpole]

Originally Posted by Zapatan

1380 feet is not bad, It will still be below 1WTC's crown though which is 1401 feet high.

The height remains to be seen. These documents were filed in connection with the six-story retail building. No Permits have been for the tower. As noted, it's called 432 Park for a reason.

[Roadcruiser1]

Originally Posted by hunser

We schould consider ourselves very lucky to watch a 420m+ tower rise in the current economy. And also remember that NY only builds out of demand. Just when 1WTC is T/O and on its way to being finished, we can enjoy this monster. And a short time after that, 2WTC will resume contruction and voila -another 400m+ tower in the making. Good times ahead!

Don't forget about the West Side.

[NYguy]

http://www.nypost.com/p/news/busines...AXpk4IoVMB0kDK

By Steve Cuozzo
March 6, 2012

Substantial, visible progress may not come so quickly at CIM Group’s Drake Hotel project, its mammoth planned development with frontage on Park Avenue and on East 56th and 57th streets. In recent weeks, CIM quietly inked a $70 million mortgage on part of the L-shaped assemblage with iStar CP investors, and incorporated it into a $100 million mortgage-spreader agreement with iStar on the entire site. But there’s still no timetable, hotel or retail user or rendering for a tower that might soar to 1,300 feet.

Meanwhile, CIM and partner Harry Macklowe appear to be putting the squeeze on a retailer that won’t give up a valuable corner of the site. CIM recently finished demolishing five retail townhouses on East 57th Street, but jeweler Jacob & Co. continues to hang onto its five-story building at No. 48, the assemblage’s eastern end. (Jacob did sell air rights to CIM, a transaction that appears in the mortgage-spreader agreement.)

In recent weeks, earth-movers have been noisily active on the lot where the townhouses stood — right next to Jacob’s building. As we’ve reported, CIM would love to add the Jacob site to its existing 100 feet of retail frontage, although it can build without it. Even as CIM seeks construction financing as well as a hotel anchor, it’s also bought out owners and leaseholders of the other retail townhouses — most recently of Buccellati at No. 46, which moved to Madison Avenue. To get more frontage, it even bought Turnbull & Asser’s former home at 42 E. 57th St. and moved the menswear emporium into No. 50.

Retail sources told us CIM will first erect a two-story “jewel box” for a store tenant at the Park Avenue/56th Street corner with 2,700 square feet on each floor. (Go figure: it filed plans for a six-story building there last year.) Supposedly the structure would include a 12,000 square-foot concourse (basement) that would connect underground to the project’s 57th Street retail component. On 57th Street, we’re told, the first, double-height retail floor would have 7,600 square feet; the third floor, 8,000 square feet; and floors four-six, 9,500 square feet each.

[1Boston]

^Maybe if they put all the biggest and loudest equipment next to their building they'll want to leave. I'm surprised that someones holding on to any of those buildings since they don't look that amazing, and CIM would probably pay a ton to get them to leave.

[J. Will]

Originally Posted by NYguy

Retail...its what will give the project a presence on 57th Street, but the issue for retailers has been just how much of a presence. Nordstrom was rumored to be a potential tenant, but the space wasn't big enough, or to their liking.

How much retail will there be? When it says 124,000 square feet commercial, is that all retail? Is that what they plan to build, or just how much they're allowed to build?

[RobertWalpole]

I believe that nos. 36 and 48 will become pArt of this site. Firstly, Madison in the 60s and 70s is the prime shopping district and is a preferable location for Jacob. Secondly, I can't imagine that very wealthy people want to peruse million dollar+ items in Jacob's while there's heavy construction occurring on the other side of a two-foot wall.