NEW YORK | 175 Park Avenue (Grand Hyatt) | 1,581 FT | 92 FLOORS

[NYguy]

An idea of what's going on in midtown east...


https://therealdeal.com/2022/04/19/one-v...f-may-be-citys-highest-office-rent-ever/

One Vanderbilt lease at $300 psf may be city’s highest office rent ever
Top-most rentable floor at SL Green’s signature tower goes to Canadian firm






By Lois Weiss
April 19, 2022

One square foot of office space — about what a pair of sneakers takes up — had reportedly never been leased for more than $300 a year in New York City.

But now a Canadian-based environmental services company has agreed to break that barrier to lease the 73rd floor of SL Green’s One Vanderbilt tower, The Real Deal has learned.

Sources say GFL Environmental signed a deal for all 9,871 available square feet on the building’s highest office floor, right below its Summit observatory. The asking rent was $322, TRD reported last summer.

The record rent of $300 per square foot had been set by the top floors of 425 Park Avenue in 2015, when that L&L Holding tower was under construction. Billionaire Ken Griffin’s hedge fund Citadel inked that deal and added to it in 2019. A source said he paid $350 per square foot for some of that space, leaving some doubt as to whether the One Vanderbilt space is the new record holder.

But the 73rd floor of One Vanderbilt is even higher and is the uppermost office space in the building, which, at 1,400 feet, towers over the city skyline.

As one of the two so-called sky floors, it has unobstructed “helicopter” views from the George Washington Bridge to the Statue of Liberty through its floor-to-ceiling windows. The floor also has a 24-foot slab height and windswept private outdoor space.

SL Green’s Durels declined to comment on the rent but boasted, “The floor unquestionably is the single most spectacular floor given the combination of all the factors.” Aside from its height and newness, the building benefits from its direct entrances to Grand Central Terminal.

[The New York Lion]

One Vanderbilt is extraordinary, and it's just the beginning.

With unparalleled rents and tenant interest, it's easy to see NYC's potential in the next half century or so.

There will be a 3,000 foot tall office tower.

175 Park will look like the MetLife Building does today.

[tdawg]

The number of supertalls constructed and proposed recently in NYC is astounding.

[JMKeynes]

Jeffries is another possible anchor.

https://commercialobserver.com/2013/01/jefferies-group-renews-expands-at-520-madison/

[MAC123]

Originally Posted by tdawg

The number of supertalls constructed and proposed recently in NYC is astounding.

Yup. It's going crazy. If all proposed get built (and the vast majority will) NYC will roughly double its current number, with quite a bit of them being over 1,400 ft. (To put that into perspective, that's more than the rest of the US combined)
And that doesn't even count the sites that haven't given a definite proposal (such as the PABT) where even bigger ones could rise.

[MAC123]

Originally Posted by JMKeynes

Jeffries is another possible anchor.

https://commercialobserver.com/2013/01/jefferies-group-renews-expands-at-520-madison/

Yeah about the time their new lease expires 175 will be accepting new tenants, and with the transit access (Especially after ESA) and modern amenities it should be an easy sell.

[Hudson11]

This tower will probably not need an anchor tenant. There are several major developers teamed up to build this and leasing will not be an issue given the connectivity to Grand Central. And there's going to be the hotel.

[MAC123]

Originally Posted by Hudson11

This tower probably will not need an anchor tenant. There are several major developers teamed up to build this and leasing will not be an issue given the connectivity to Grand Central.

Oh guaranteed. This thing was sold out the moment it was approved. The transit access and modern tower are way too good to pass up.

[Zapatan]

Originally Posted by Hudson11

This tower will probably not need an anchor tenant. There are several major developers teamed up to build this and leasing will not be an issue given the connectivity to Grand Central. And there's going to be the hotel.

I've worried about this project just due to the immense scale and ambitiousness but you're right, despite all of that it does seem it will likely happen. If demo can wrap up next year and construction can get started I will be very, very happy.

[SkyHigher]

Originally Posted by tdawg

The number of supertalls constructed and proposed recently in NYC is astounding.

If they were any good. Many are blue, boxy, value engineered and dull. Rather have a classy tower or two over a handful of the forgettable ones.

Pre the inevitable value engineering this tower is more on the classy side, though the top really should taper more getting it upward of 1700ft

[MAC123]

Originally Posted by SkyHigher

If they were any good. Many are blue, boxy, value engineered and dull. Rather have a classy tower or two over a handful of the forgettable ones.

Pre the inevitable value engineering this tower is more on the classy side, though the top really should taper more getting it upward of 1700ft

I highly disagree.
But anyways I doubt even with significant tapering that this would reach 1,700 ft. Frankly though that should have been the original height.

[Zapatan]

Originally Posted by SkyHigher

If they were any good. Many are blue, boxy, value engineered and dull. Rather have a classy tower or two over a handful of the forgettable ones.

Pre the inevitable value engineering this tower is more on the classy side, though the top really should taper more getting it upward of 1700ft

Maybe a few are but overall I think most of NY's supertalls are pretty unique and interesting. My main complaint is that some (not all) are too skinny.

Which in particular are you referring to?

[DCReid]

Originally Posted by Zapatan

Maybe a few are but overall I think most of NY's supertalls are pretty unique and interesting. My main complaint is that some (not all) are too skinny.

Which in particular are you referring to?

They are probably referring to the residential towers, which are skinny. And the office supertalls have tended to be boxy to maximize space, but there are a few decent ones, like this proposal. They should not have any trouble filling it given the location. But I am still mad about the capricious height cut by the council...

[NYguy]

https://nypost.com/2022/06/23/nyc-office-investors-bet-big-on-future-despite-high-vacancies/

…..Stacom says “Grand Central is hot again” thanks to the opening of One Vanderbilt and the excitement surrounding the upcoming 1,575-foot-high 175 Park Ave. that will flank Grand Central Terminal’s eastern side with a Hyatt Hotel perched on top.

[NYguy]

June 25, 2022


This time next year we should be talking about the demo and how it’ll take shape.

Hopefully they will put up some large renderings on site.

[JMKeynes]

I can’t wait for that PoS to come down. Is there a closing date?

[chris08876]

It'll be a good day once demo occurs. The day that happens, I'll be blasting "Im so excited" by the Pointer Sisters driving 95 on I-78.



Yeah this is one of my favorite designs in the pipeline.

[NYguy]

Yeah, they say the demo itself will take a little longer than normal because of the nature of it. But at tge same time, they’ll be doing site work underneath. So, once the hotel is officiially closed for business (it only reopened so they wouldn’t have to pay those city mandated salaries), it will mean they have to move forward.

[MAC123]

I hope those wind pass through floors aren't as visible as seen in some of the renders.

[Hudson11]

Originally Posted by MAC123

I hope those wind pass through floors aren't as visible as seen in some of the renders.

Those areas don't serve that function (mostly)The primary purpose for those areas are outdoor terraces for tenants with mechanical floors above. They might help to somewhat dampen wind loads but they aren't open floors like for the super slenders.