NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS - Page 14

NYguy · #**261** Posted **Oct 14, 2021, 6:45 PM**

Quote:

Originally Posted by Busy Bee

Plus Park Ave has plenty of room for all the protesters to gather when the giant banks inevitably cause another global economic depression! Yayyyyyy!

https://www.google.com/amp/s/www.vul...snl-video.html

Busy Bee · #**262** Posted **Oct 14, 2021, 7:15 PM**

Its a downer but its true. 2008 wasnt that long ago.

NYguy · #**263** Posted **Oct 14, 2021, 7:33 PM**

Quote:

Originally Posted by Busy Bee

Its a downer but its true.

As they usually are.

chris08876 · #**264** Posted **Oct 14, 2021, 10:22 PM**

I think this may rise last in the crop of super talls. Can see this as a long term play tower. In time... but not soon in the acute sense. 2027/2028 ish is my gut feeling.

Zapatan · #**265** Posted **Oct 14, 2021, 11:03 PM**

Quote:

Originally Posted by chris08876

I think this may rise last in the crop of super talls. Can see this as a long term play tower. In time... but not soon in the acute sense. 2027/2028 ish is my gut feeling.

Which is sad, this is my favorite of all of them.

I just hope it gets built someday.

NYguy · #**266** Posted **Oct 15, 2021, 12:42 AM**

Quote:

Originally Posted by chris08876

I think this may rise last in the crop of super talls. Can see this as a long term play tower. In time... but not soon in the acute sense. 2027/2028 ish is my gut feeling.

Well, Vornado is focusing on 15 Penn first, but this particular development has to fit in a cycle of expired leases, which come in a few years.

NYguy · #**267** Posted **Jan 4, 2022, 8:59 PM**

We’ll keep an eye on this.

https://www.bloomberg.com/news/artic...k-headquarters

Morgan Stanley Bets on NYC With Lease for BlackRock Offices

By Natalie Wong
January 4, 2022

Quote:

Morgan Stanley is betting on offices in New York City.

The New York-based bank has signed a deal to take over space that houses the headquarters of BlackRock Inc., according to people familiar with the matter. The 15-year lease is for roughly 400,000 square feet (37,000 square meters) at Park Avenue Plaza, at 55 E. 52nd St., one of the people said. BlackRock is moving west to Hudson Yards in 2023.

The lease is among the largest deals signed in New York since the pandemic began and it comes as a surge in Covid-19 cases pushes Wall Street firms to adjust their return-to-work plans. Like other finance bosses, Morgan Stanley Chief Executive Officer James Gorman has been vocal about the value of offices. Last year, he made waves when he argued that if employees could go to restaurants they could make their way into work.

JMKeynes · #**268** Posted **Jan 4, 2022, 9:02 PM**

Quote:

Originally Posted by NYguy

We’ll keep an eye on this.

https://www.bloomberg.com/news/artic...k-headquarters

Morgan Stanley Bets on NYC With Lease for BlackRock Offices

By Natalie Wong
January 4, 2022

This sucks for many reasons. I had hoped that MS would anchor a new tower.

I'm not surprised that this site won't be combined with 350 Park because crazy Steve Roth basically ruled that out.

Crawford · #**269** Posted **Jan 4, 2022, 9:31 PM**

Hopefully the Morgan Stanley lease has a demolition clause, which is pretty standard.

Otherwise, we're gonna have to wait a cycle or two till we get a new supertall, or we're gonna get a small-footprint tower on the site of 350 Park.

JMKeynes · #**270** Posted **Jan 4, 2022, 10:05 PM**

I thought that MS would move into the tower next to 350 Park, but it seems that they're moving into this one across the street. I guess that Blackstone occupied space in both towers.

https://therealdeal.com/2022/01/04/m...=feature_posts

NYguy · #**271** Posted **Jan 4, 2022, 10:13 PM**

There will be a redevelopment of the site, they’ve always said with or without the combined site. It could even be a supertall, but that’s not a big concern here. It’s not as if the city is lacking in supertall development.

Anyway, this rendering shows a tower only on the Vornado site.

JMKeynes · #**272** Posted **Jan 4, 2022, 10:22 PM**

Quote:

Originally Posted by NYguy

There will be a redevelopment of the site, they’ve always said with or without the combined site. It could even be a supertall, but that’s not a big concern here. It’s not as if the city is lacking in supertall development.

Anyway, this rendering shows a tower only on the Vornado site.

I always assumed that that also involved Rudin's adjacent site. I never looked close enough to see that it's still there in that rendering.

BK1985 · #**273** Posted **Jan 4, 2022, 11:02 PM**

Quote:

Originally Posted by JMKeynes

I always assumed that that also involved Rudin's adjacent site. I never looked close enough to see that it's still there in that rendering.

I believe I mentioned it a while back when the rendering was first dropped but no one listens to me. Lol

Crawford · #**274** Posted **Jan 5, 2022, 1:09 AM**

Good news. The NY Post, as usual, screwed up the details. This lease has nothing to do with 350 Park Ave, or the adjacent midblock companion tower.

The Morgan Stanley lease is in Park Avenue Plaza, owned by Fisher Brothers, and located across 52nd Street. Park Avenue Plaza is a 1980's-era trophy tower that will probably never be redeveloped.

So the 350 Park Ave. assemblage remains, either using the smaller site, or the expanded site. And the fact that Morgan Stanley is taking a big chunk of short-term space means that the likelihood of Morgan Stanley anchoring a future new tower is probable, perhaps likely.

https://www.bloomberg.com/news/artic...d&cmpId=google

https://therealdeal.com/2022/01/04/m...-avenue-plaza/

NYguy · #**275** Posted **Jan 5, 2022, 2:03 AM**

Quote:

Originally Posted by Crawford

Good news. The NY Post, as usual, screwed up the details. This lease has nothing to do with 350 Park Ave, or the adjacent midblock companion tower.

The Morgan Stanley lease is in Park Avenue Plaza, owned by Fisher Brothers, and located across 52nd Street. Park Avenue Plaza is a 1980's-era trophy tower that will probably never be redeveloped.

So the 350 Park Ave. assemblage remains, either using the smaller site, or the expanded site. And the fact that Morgan Stanley is taking a big chunk of short-term space means that the likelihood of Morgan Stanley anchoring a future new tower is probable, perhaps likely.

https://www.bloomberg.com/news/artic...d&cmpId=google

https://therealdeal.com/2022/01/04/m...-avenue-plaza/

They have offices in both buildings. But sloppy media (Bloomberg article btw).

Crawford · #**276** Posted **Jan 5, 2022, 3:02 AM**

Crains NY confirming the Morgan Stanley lease is in Park Avenue Plaza, on north end of the block, so not relevant to 350 Park, on opposite side of street:

Morgan Stanley bets on city with lease for BlackRock offices
https://www.crainsnewyork.com/commer...ckrock-offices

NYguy · #**277** Posted **Jan 5, 2022, 4:38 AM**

Quote:

Originally Posted by Crawford

Crains NY confirming the Morgan Stanley lease is in Park Avenue Plaza, on north end of the block

That’s what we’re saying. It’s not the consolidated site.

JMKeynes · #**278** Posted **Jan 5, 2022, 1:29 PM**

MS was looking for at least 1m sf. Therefore, this lease doesn’t completely meet their needs. It would be nice if they commit to anchoring a new tower at 350 Park.

Does anyone know how empty 350 Park is?

I wonder if any large tenants vacated it. Vornado's website only lists two small companies as tenants.

https://www.vno.com/office/property/...311665/landing

P.S.: Is anyone as shocked as I am that this nearby piece of junk and the adjacent parking garage have not been replaced by a 1,200’+ condo?

gramsjdg · #**279** Posted **Jan 5, 2022, 7:02 PM**

Hopefully a height increase is in the cards. 1350 is so 2010’s

NYguy · #**280** Posted **Jan 5, 2022, 10:14 PM**

Quote:

Originally Posted by gramsjdg

Hopefully a height increase is in the cards. 1350 is so 2010’s

The design itself has probably changed since we first saw it. I kind of like the base though. If only I could see an actual rendering of 270 Park to compare. There are similar elements to both.