A protracted-awaited workplace tower is now one step nearer to being constructed.
Vornado Realty Belief has filed a building allow utility for a high-rise at 350 Park Avenue. Vornado is partnering with Rudin Administration and hedge fund Citadel on the event of the tower situated between East fiftieth and 51st streets.
The allow utility describes a 62-story constructing totaling greater than 2 million sq. ft.
Citadel, along with being a companion on the undertaking, has agreed to lease house within the tower. Vornado introduced in 2022 that the hedge fund big would pay an preliminary lease of $36 million for the house, backdated to 2022. The corporate and its sister agency, Citadel Securities, plan to occupy 850,000 sq. ft within the constructing.
Citadel, Vornado and Rudin didn’t instantly reply to a request for remark.
Plans for the high-rise have been gestating for years, however the Department of City Planning gave the trio of corporations the inexperienced gentle in September, in line with New York YIMBY. The three buildings on the location, one a 30-story workplace tower, will have to be demolished for the brand new high-rise. Plans for the undertaking embrace a 12,500-square-foot out of doors public plaza and 16,000 sq. ft of ground-floor retail house, in line with YIMBY.
Michael Ritchie of AAI Architects filed the allow utility. Architectural agency Foster + Companions is reportedly additionally engaged on the construction. The 2 corporations partnered beforehand on 425 Park Avenue, a 650,000 sq. foot constructing accomplished in 2022, in line with AAI’s web site.
Foster + Companions is the architect behind one other Park Avenue workplace tower turning heads, JPMorgan Chase’s recently opened headquarters at 270 Park.
Though the New York workplace market general continues to be cooler than it was pre-pandemic, Class A workplace house, particularly on Park Avenue and close to Grand Central Terminal, has been in high demand.
The 350 Park improvement was made attainable by the 2017 rezoning of Midtown East. The change allowed landmarked buildings to promote their improvement rights to nonadjacent websites when they’re beneath the whole buildable space allowed by town.
In 2023, Citadel signed an settlement to buy air rights from St. Patrick’s Cathedral, paying the Archdiocese of New York for $312.50 per sq. foot. The builders are additionally required to pay $62.50 per sq. foot bought to a Midtown East enchancment fund.
Renderings of the proposed improvement present a stepped, staircase-like profile and floor-to-ceiling home windows.
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