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  #61  
Old Posted May 8, 2020, 12:59 AM
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How much Sqft will they be working with if the developer acquires the whole block?
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  #62  
Old Posted May 8, 2020, 1:02 AM
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Originally Posted by matt19215 View Post
How much Sqft will they be working with if the developer acquires the whole block?
Can't really say, because it depends how much they acquire in air rights. This is part of the rezoned Grand Central/East Midtown district, which permits significant air rights transfers.
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  #63  
Old Posted May 8, 2020, 1:16 AM
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One way of doing it is to look at the combined lot sizes, and calculate how large they would be able to build under the rezoning. They have a FAR of 25 to work with. I'm expecting something similar to 425.



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  #64  
Old Posted Jun 4, 2020, 4:10 PM
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https://therealdeal.com/2020/06/04/k...swedish-bonds/

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
Partners bought out 29 co-op unit holders for $184M in February





TRD New York
Jun. 04, 2020


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Klövern AB and GDS Development Management are set to finance their latest acquisition by tapping an uncommon source of capital for New York real estate: the bond market in Klövern’s home nation of Sweden.

The developers have secured a $100 million mortgage for the co-op building at 417 Park Avenue in Midtown East, according to property records filed Wednesday. The lender named on the document, Nordic Trustee & Agency AB, is acting as agent on behalf of Klövern’s bondholders in connection with $100 million in senior secured bonds, the document says.
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Klövern and GDS acquired the property for $184 million in February, buying out all 29 co-op unit owners, and are likely to take advantage of the Midtown East rezoning to build a larger office building. At the time of the acquisition, Klövern noted in a press release that it was “initially financed mainly with bank loans.”

The 417 Park site marks Klövern’s fourth acquisition in New York, all of which have been in partnership with GDS. Two ongoing developments, at 1245 Broadway and 322-326 7th Avenue, are now expected to be completed one quarter later than planned given the coronavirus disruption, according to Klövern’s latest interim report. The start of construction on a third project, at 118 10th Avenue, has been pushed back from this quarter to next year.
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  #65  
Old Posted Jul 10, 2020, 12:06 PM
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It would really suck Dick

Cheney if the developer doesn’t acquire the adjacent POS.

https://newyorkyimby.com/2020/07/dem...manhattan.html
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  #66  
Old Posted Jul 10, 2020, 12:53 PM
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Wow Park Avenue is going to be home to a growing 1000ft+ club
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  #67  
Old Posted Jul 10, 2020, 1:16 PM
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Wow Park Avenue is going to be home to a growing 1000ft+ club
I doubt that this will be more than 600' unless they acquire the neighboring building. It would really suck Dick

Cavett if the nice building on the block is razed and the crappy one remains.
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  #68  
Old Posted Jul 10, 2020, 1:21 PM
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Originally Posted by JMKeynes View Post
if the developer doesn’t acquire the adjacent POS.

https://newyorkyimby.com/2020/07/dem...manhattan.html

" floor-area ratio of 25, or nearly 220,000 square feet."

Promising stuff. Yeah I don't think this will reach super tall status without the additional dev rights, but that is a nice ratio. Could yield something sizable even without the adjacent parcels.
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  #69  
Old Posted Jul 10, 2020, 1:27 PM
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Originally Posted by JMKeynes View Post
I doubt that this will be more than 600' unless they acquire the neighboring building. It would really suck Dick

Cavett if the nice building on the block is razed and the crappy one remains.
Oh. Well that sucks d**k.
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  #70  
Old Posted Jul 10, 2020, 1:36 PM
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Oh. Well that sucks d**k.
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  #71  
Old Posted Jul 10, 2020, 3:02 PM
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Originally Posted by chris08876 View Post
" floor-area ratio of 25, or nearly 220,000 square feet."

Promising stuff. Yeah I don't think this will reach super tall status without the additional dev rights, but that is a nice ratio. Could yield something sizable even without the adjacent parcels.

Even with the combined parcels, I would expect nothing more in size than neighboring 425 Park Avenue. It would be a very nice tower, no doubt, but to get the max FAR, it has to be office.
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  #72  
Old Posted Jul 13, 2020, 1:10 AM
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This is one of the sadly all-too-frequent examples of "This is why you can't have nice things, New York," unfortunately.

The rioting doesn't help either.
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  #73  
Old Posted Jul 13, 2020, 1:15 AM
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Originally Posted by NYer34 View Post
This is one of the sadly all-too-frequent examples of "This is why you can't have nice things, New York," unfortunately.

The rioting doesn't help either.
Say what? What are you even talking about? A new office tower is being built on Park Ave. Why are you parroting deranged right-wing lies, and what does that have to do with a random tower going up?

The protests for equal rights, overwhelmingly peaceful and broadly supported by the American public, have absolutely nothing to do with a Manhattan tower assemblage.

I doubt this tower will be smaller than 425 Park, given that 425 Park didn't use any additional air rights, and this site can access the new transferable rights. I expect a minimum 1,000 ft. tower here.
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  #74  
Old Posted Jul 13, 2020, 2:50 AM
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Haha reminds me of the comment section on any news article that is even tangentially political where some lunatic hillbilly types something about the communist demonrats and trump 2020
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  #75  
Old Posted Jul 13, 2020, 7:33 PM
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Another prewar beauty bites the dust... NYC, particular Midtown, is losing a lot of its character. These 10-20-story prewars are in part what make NYC's built environment unique; no other city has this in such high quantity that renders it a vernacular. I came around on 432 Park and One Vanderbilt, but the demolition of 74 Trinity is absolutely unforgivable. My rule of thumb is if the replacement is neither not tall nor architecturally distinctive enough to change the skyline and create a new landmark, then the prewar should be preserved.
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  #76  
Old Posted Jan 16, 2021, 1:11 AM
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https://patch.com/new-york/midtown-n...venue-building

Permits Filed To Demolish 17-Story Park Avenue Building
The Midtown office building will reportedly be rebuilt into a taller tower after owners purchased air rights from St. Patrick's Cathedral.



Nick Garber
Jan 15, 2021


Quote:
Permits were filed with the city on Wednesday to demolish a 17-story office building on Park Avenue that is reportedly set to be rebuilt into a glassy tower.

The current building, at the corner of Park Avenue and East 54th Street, was purchased by MRP Realty and Deutsche Bank Asset Management in 2016, according to the Architect's Newspaper.

Two years later, the owners purchased the air rights of St. Patrick's Cathedral, allowing them to gut their building and raise the height by four stories, as well as install a new all-glass façade, according to the newspaper.
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  #77  
Old Posted Jan 16, 2021, 2:45 AM
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edit: oh nevermind that's the office tower, not the co-op. Still a shame they couldn't piece together something larger as was intended with the rezoning. I don't think they intended for individual towers like this to be demolished and replaced by others comprising a few more stories. They envisioned botique towers like 425 Park and soaring supertalls like 1 Vanderbilt.

417 is apparently doomed as well, though.

https://newyorkyimby.com/2020/07/dem...manhattan.html

Demo Permits Filed for 417 Park Avenue in Midtown East, Manhattan - July 2020
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Last edited by Hudson11; Jan 16, 2021 at 2:59 AM.
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  #78  
Old Posted Jan 16, 2021, 12:06 PM
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The homogenisation of Park Avenue is nearly complete.

Anybody have pictures of how it used to look before the war?
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  #79  
Old Posted Jan 16, 2021, 3:12 PM
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Originally Posted by Hudson11 View Post
I don't think they intended for individual towers like this to be demolished and replaced by others comprising a few more stories. They envisioned botique towers like 425 Park and soaring supertalls like 1 Vanderbilt.

417 is apparently doomed as well, though.

https://newyorkyimby.com/2020/07/dem...manhattan.html

Demo Permits Filed for 417 Park Avenue in Midtown East, Manhattan - July 2020

They envisioned new, modern office space replacing older office space, of all stripes in the district. Because of the density of east midtown (as opposed to the west side), you aren't going to get the large assemblages to build larger towers. 415 Madison Avenue is on the same trajectory as this site, though both could eventually be assembled into a larger site.
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  #80  
Old Posted May 7, 2021, 2:29 PM
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Still nothing on a sale of 405, but tiny boi at 409 is getting torn down too.

https://newyorkyimby.com/2021/05/dem...manhattan.html

Demo Permits Filed for 409 Park Avenue in Midtown, Manhattan

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