Posted Jul 25, 2021, 11:04 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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https://nypost.com/2021/07/25/park-a...ice-space/amp/
Park Avenue just might have monopoly on spiffy new office space
By Steve Cuozzo
July 25, 2021
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The corridor is in the midst of a $32 billion, public and private investment spree, according to Weitzman Associates, an investment and development advisory firm — likely the most of any 17-block stretch in town.
More than $13 billion in public infrastructure work has been completed or soon will be, of which the lion’s share is $11.2 billion for the MTA’s East Side Access — the underground, eight-track terminal that will bring the Long Island Rail Road into Grand Central Terminal for the first time.
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Nearly $19 billion is committed to ongoing or planned commercial development, including the rising JP Morgan Chase tower at 270 Park Ave. ($4.04 billion), recently completed One Vanderbilt at 42nd Street ($3.32 billion), and the biggest of all — the proposed Project Commodore at 175 Park Ave., a 2.5 million-square-foot office and hotel skyscraper on a site that includes the now-closed Grand Hyatt Hotel.
“There have been more fashionable destinations over the years, such as Flatiron. But at the end of the day, Park Avenue is the central spine of East Midtown,” said Weitzman principal and managing director Peter Bazeli.
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The avenue’s renaissance is spurred in part by East Midtown’s rezoning, which allows much larger buildings than previously permitted in exchange for developers’ commitment to pay for public streetscape and transit upgrades.
A stroll on the avenue today — still relatively quiet as office towers await the return of most employees — reveals only part of what’s happening. Obvious changes include the JPMorgan Chase tower’s rising steel and just-completed, Foster + Partners-designed 425 Park Ave. Developed by L&L Holding Co., it will be home to Ken Griffin’s powerhouse financial firm Citadel.
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Less obvious but equally important are significant upgrades in progress behind temporary plywood at avenue-straddling 230 Park Ave. (the one-time Helmsley Building), Fisher Brothers’ 299 Park and the Stahl Organization’s 277 Park.
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Meanwhile, Rudin Management and Vornado are weighing a possible combined redevelopment of Vornado’s 350 Park Ave. and Rudin’s 40 E. 52nd St. behind it.
RXR Realty owns 4 million square feet at 230 Park Ave. and 237 Park Ave. and at three nearby addresses — 450 Lexington Ave., 347 Madison Ave. and 530 Fifth Ave. It’s also slated to be the lead developer of 175 Park Ave.
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RXR chairman and CEO Scott Rechler said the 175 Park project is awaiting city approval under the Uniform Land Use Review Procedure, which he said could be completed by year’s end. The mega-tower would have 2 million square feet of offices. Could there really be a market for it, given today’s highly uncertain conditions?
“We’re having conversations today with anchor tenants,” Rechler said. “When you think about large companies growing in the city, when you want to be right on top of public transit, where do you find it on a scale like this?”
He said that the post-COVID market will see “a flight to quality” among space-seekers.
“People returning to the workplace need a reason to return to the workplace — an energized neighborhood clustered around nodes of activity and transit,” Rechler said. “Look at One Vanderbilt. It continued to lease up throughout the pandemic and is now 90 percent occupied. Each thing helps the overall market.”
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