NEW YORK | 250 Park Ave | FT | FLOORS

[Ahoi]

„ While debate rages over the future of the office, one investor is looking for someone bullish enough to build a 1 million square foot tower near Grand Central Terminal.

The 1920s-era building is 76 percent occupied, but AEW has structured the leases so a buyer can terminate them and demolish the edifice. With special permitting bonuses available under the Midtown East rezoning, a new building could be as large as 950,000 square feet.„

https://therealdeal.com/new-york/202...0-park-avenue/

[Busy Bee]

Mark me on the list of no thanks.

I'm afraid we're going too far with the Terminal City teardowns. If Roosevelt is inevitable, so be it, but there is nothing wrong with this original GCT building and it compliments the NYC Building well, stepping down from Bear Stearns and giving Helmsley breathing room. Leave it alone FFS.


250 PARK AV

[MAC123]

Not gonna happen sorry ^

[Crawford]

Given the location, I really hope the eventual replacement is an iconic supertall.

I always wondered how this building still existed. You'd think it would have gotten demolished in the postwar Mad Men years, replaced by some sober, modernist box.

Not surprised that it's likely a goner, just surprised it lasted this long.

[NYguy]

Originally Posted by Ahoi

https://therealdeal.com/new-york/202...0-park-avenue/

Surprised they put this one up for sale. At the CB5 landmarking meeting, it was stated that they were drawing up plans for what could be done with the site. It’s complicated because the lot is larger than the block it sits on. That would cause anything built here to be very tall. I wouldn’t mind if it stayed. But I don’t think anyone buys it without plans for using the site.

A spokesperson for Boston-based AEW said the property is in an ideal location a that they’ve already received “significant interest from qualified purchasers.”

The company, headed by CEO Jonathan Martin, has owned the property since the 1980s. It sits between East 46th and 47th Streets, just a short walk north of Grand Central — an area that has become a hotbed of office development.

One block north is JPMorgan’s 2.5 million-square-foot headquarters at 270 Park Avenue, which is scheduled for completion next year. Next to Grand Central, SL Green completed 1.75-million-square-foot One Vanderbilt in 2020, and Scott Rechler’s RXR Realty is working with TF Cornerstone to develop a 2.1 million-square-foot office and hotel at 175 Park Avenue.

[NYguy]

Details for this particular lot.







FAR of 27.

[Illithid Dude]

Gorgeous building. Hope it is preserved.

[NYguy]

RXR has talked about the possibility of converting part of the Helmsley Building to residential. This would also be a nice one to convert, but with that pricetag, no way will it be.

AEW Capital seeks $350M for Grand Central dev site

[NYguy]

[streetscaper]

hope they don't demolish this beauty.. in this case I'm def NIMBY!

[jbermingham123]

Hoping for a Hearst Tower situation with this one.

[MAC123]

This is a beautiful building so I'd be fine with it staying how it is, but a Hearst tower kind of thing is probably not happening. The building currently standing is included in the sqft of the development.

In other words to build their tower, they have to demolish the site. Or build something much smaller.

[NYguy]

Yeah, for the price tag alone, nobody is going to want to buy it just to keep the existing building. It would be ground up development.

It's a nice building, but a larger reason for me wanting it to stay has to do with skyline clutter. We already know the Roosevelt Hotel is going to be redeveloped into a very tall building. Standing in the shadow of 270 Park, it could be a bit much for all three to rub elbows. One would really have to jump out in height. But I like the idea of Vanderbilt and 270 having a little elbow room.

Still, it's a prime site on Park Avenue. Despite not having large floorplates, it could be very attractive as a multi-tenant, even boutique office building.

Some more older photos...

[SkyHigher]

Yeh team keep it.

I reckon Metlife will wait until all these towers around are build then come in with a 1700+ footer aka 'Grand Central Tower' for the lol. Either way I expect it to get a reclad and height boost proposal in the next decade.



***Changed my mind......probably get destroyed in an earthquake so best hedge said bets......

[NYguy]

So much would have to align to get all of the tenants out of MetLife to rebuild that. With a guaranteed tenant for about half the space that will be built, maybe. But we're talking about potentially a HUGE tower. I don't see it happening though.


Between the Roosevelt and 250 Park though, its very much in the cards that two very tall skyscrapers will be competing with 270 Park and Vanderbilt. 250 Park has such a small footprint, it would definitely be a very tall tower, possibly topping even 270 Park.


Current building not ideal compared to new construction.






Roosevelt and 250 Park...

[Busy Bee]

Pan Am being "heightened" is a fantasy.

Re-skin maybe.

[Ahoi]

What did you say, bigger than 270 Park Ave. that would be fantastic.

[MAC123]

Originally Posted by Busy Bee

Pan Am being "heightened" is a fantasy.

Re-skin maybe.

Hopefully torn down and replaced with something epic...

As for this site, I actually would love to see Vanderbilt and 270 crowded. It's going to be such an awesome neighborhood with some many extremely tall buildings side by side, directly connected to Grand Central.

[jbermingham123]

Originally Posted by Busy Bee

Pan Am being "heightened" is a fantasy.

Re-skin maybe.

My fantasy since childhood has been for Pan-Am to be replaced by the worlds tallest building

[NYguy]

A couple of years ago when landmarking was discussed, 24 & 52 min in...(from the Roosevelt thread)

Originally Posted by NYguy

• Video Link