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

[JMKeynes]

I’m utterly elated that this tower will rise, but it sucks that the small townhouse will be razed. That being said, I’m willing to lose it to see this rise.

[Busy Bee]

Edit

[Busy Bee]

That Rudin tower was always a part of the plan. What wasn’t clear was that townhouse on 51st Street. Now we get the full footprint.

Ahh, I see it now... Still good news.

That's a handsome townhouse, hopefully the facade can be deconstructed and rehung somewhere.

[Busy Bee]

I know there's been plenty of discussion in this thread already but what are the chances they attempt to acquire the wedding cakes at 477 and 485 Madison and push this thing to a full block behemoth? That would be one way of dealing with the shifted core.

[NYguy]

Just to clarify....


Here is the footprint as it was designed, which comprises the site of both buildings (and also the townhouse)















https://www.crainsnewyork.com/real-e...r-midtown-east

May 6, 2019

Vornado Realty Trust and Rudin Management are considering building a 1,450-foot tower at 350 Park Ave., according to The Real Deal.

The New York Post reported in April that Vornado and Rudin were discussing a possible joint venture for a new office tower. The plan would build over part of a Vornado property at 350 Park Ave. and a Rudin building at 40 E. 52nd St., as described by the Post.

The tower is not official just yet. The Real Deal cited a source who said the brochure shows just one option the developers could pursue for the two sites.

https://www.fool.com/earnings/call-t...-call-tra.aspx

Feb 19, 2020


The answer is it can go either way, Alex. We can build on our own. We don't need Rudin to build there. We can build a -- probably the best boutique building -- 1 million square foot boutique building on that site on our own, or we can combine with Rudin who is behind this and build close to a 2 million square foot building.

https://newyorkyimby.com/2020/02/vor...ning-date.html

Plans for 350 Park Avenue were revealed last year but we won’t see the supertall complete until 2027 at the earliest. In a 2019 fourth quarter earnings call last week for Vornado Realty Trust, the company confirmed that ongoing leases would conclude by end of 2023, which is the earliest it could begin to take down the current building and build the almost 1,500-foot-tall office skyscraper.

In order to build the supertall, construction would require the demolition of Vornado’s existing building on Park Avenue as well as the neighboring 23-story tower owned by Rudin Management. The site for 350 Park Avenue sits between 51st and 52nd Streets, near the 6 train at 51st Street subway station and the E and M trains at Lexington Avenue-53 Street station.

https://therealdeal.com/2020/07/29/b...-headquarters/

July 29, 2020

Blackstone, headed by CEO Stephen Schwarzman and president Jon Gray, has asked a handful landlords to submit proposals for a new headquarters in Midtown and the Far West Side.

Among the sites under consideration is a supertall office tower on Park Avenue proposed by Vornado Realty Trust and Rudin Management. The two have floated the idea of developing properties they separately own into a 1,450-foot-tall, 1.68 million-square-foot tower at 350 Park Avenue.

[Busy Bee]

NYguy...looks like you started writing your response after I caught my mistake. I was looking at that unofficial rendering that showed up on NYY showing 40E52 but it was just a bad photoshop job.

[NYguy]

Originally Posted by JMKeynes

I’m utterly elated that this tower will rise, but it sucks that the small townhouse will be razed. That being said, I’m willing to lose it to see this rise.

They lose the small plaza as well, I'm not sure what the plaza size requirement is on a footprint of this size, will have to check back.

View of the 3 buildings...

[JMKeynes]

This might be rising not far behind 175 Park. Only in NY!!!

[NYguy]

Originally Posted by Busy Bee

I know there's been plenty of discussion in this thread already but what are the chances they attempt to acquire the wedding cakes at 477 and 485 Madison and push this thing to a full block behemoth? That would be one way of dealing with the shifted core.

We would get another massive tower, but too large of a footprint could take away some height, and we risks getting an enormous box like 50 Hudson.

Originally Posted by Busy Bee

NYguy...looks like you started writing your response after I caught my mistake. I was looking at that unofficial rendering that showed up on NYY showing 40E52 but it was just a bad photoshop job.

I see.


Anyway, this is all good news, as the pieces begin to fall into place. Next up is a finalized deal at 175 Park.

[NYguy]

So, the way it stands now, everyone wins. Vornado/Rudin get the guaranteed lease at their current buildings (while plans for the potential new tower are being finalized:

-Citadel will master lease Vornado’s 350 Park Avenue office building (585,000 square feet) on an “as is” basis for ten years, with an initial annual net rent of $36 million, retroactive to June 15, 2022. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).

-the master leases will terminate at the scheduled commencement of demolition

Citadel gets the option for the site, to develop with or without the Vornado/Rudin team:

From October 2024 to June 2030, KG will have the option to either:

-acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion

-at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City

-or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315 million to Rudin), in which case Vornado/Rudin would not participate in the new development.

[JMKeynes]

I hate to disappoint the folks in Miami, but this is going to be the trophy in Citadel’s Empire.

[chris08876]

Your most likely right. Citadel, JPMC, and many others. Trophy towers in the most desirable place on the planet.

As mentioned above, given the footprint, this shows great potential.

[JMKeynes]

This junk, 477 Madison, is adjacent to the site on the Madison Avenue side. Its owner, RFR, recently gave it some lipstick (cheap new windows and painting the glazed brick). Hopefully, in 15 years or so, the site will be redeveloped into a soaring condo/hotel.

[NYguy]

This will probably be one of the most spectacular towers on Park Avenue. I wonder if Foster will stay on.

[JMKeynes]

I’d be shocked if Foster does not stay on. Isn’t the Good Lord designing Citadel’s Miami tower? Also, he did a masterful job on Citadel’s current NY home, 425 Park.

[Busy Bee]

Acquiring 477 and 485 Madison has to at least be on their radar. Both are pretty nondescript, 477 especially, and fall far short of the caliber of property one would expect at that location - in other words begging to be razed. Vornado and Rudin must of at least batted the idea around. The question would be at what cost coukd they assemble the entire block.

[NYguy]

Originally Posted by Busy Bee

Acquiring 477 and 485 Madison has to at least be on their radar. Both are pretty nondescript, 477 especially, and fall far short of the caliber of property one would expect at that location - in other words begging to be razed. Vornado and Rudin must of at least batted the idea around. The question would be at what cost coukd they assemble the entire block.

Maybe, from a Vornado/Rudin point of view. But with an already guaranteed tenant, I don’t think they would be pressed to add on to the costs. As is, Citadel could potentially buy the assemblage for over $1 billion. They would only occupy about half of the space, as currently envisioned (with options for expansion). And that’s before demo/construction costs for a new tower. I don’t know what would be the upside from a Vornado/Rudin point of view. Also, we don’t know if those other properties are in some other development process of their own, which wouldn’t shock me.

[chris08876]

Originally Posted by JMKeynes

I’d be shocked if Foster does not stay on. Isn’t the Good Lord designing Citadel’s Miami tower? Also, he did a masterful job on Citadel’s current NY home, 425 Park.

Yes he is designing the Miami HQ. Sometime next year the design should come out with that one. Two new HQ's for the South and Northeast for Citadel. I bet the timing will be similar too for consolidating the Miami employee base and NY employee base. Investing for the future in those two regions.

[JMKeynes]

Originally Posted by chris08876

Yes he is designing the Miami HQ. Sometime next year the design should come out with that one. Two new HQ's for the South and Northeast for Citadel. I bet the timing will be similar too for consolidating the Miami employee base and NY employee base. Investing for the future in those two regions.

I agree, but I’m am 100 percent confident that virtually everyone will want to be in NY — not Miami. NY is the global financial capital. While I love Miami, it’s a business backwater. People will have far greater opportunities for advancement in NY than Miami.

[NYguy]

Originally Posted by JMKeynes

I agree, but I’m am 100 percent confident that virtually everyone will want to be in NY — not Miami. NY is the global financial capital. While I love Miami, it’s a business backwater. People will have far greater opportunities for advancement in NY than Miami.

Again, obviously people will want to be in Miami as well. But regardless, who cares? This is a thread about a NY tower, being built in New York. There’s a Miami thread for that development. Who in Miami wants to work there can be discussed there.