100 Park Avenue

[jeffpark]

S.L. Green Realty Corp. and Prudential Real Estate Investors (PREI) have entered into a contract to form a joint venture to acquire 100 Park Ave. S.L. Green will purchase a 49.9% managing interest for $95.8 million, while Prudential Real Estate will get the remaining 51.1%. 100 Park is a 36-story property located one block south of Grand Central on Park Avenue between 40th and 41st Sts. S.L. Green has also entered into contracts for the sale of its smaller properties: the Bar Building at 36 West 44th St. and 29 West 35th St. The contract purchase price for the first property of over 170,000 square feet is $31.5 million, and the contract purchase price for the second one which is 78,000 square feet is $11.7 million. Both sale transactions are expected to close in the first quarter of 2000.
By: Elena Spivak (12/17/1999)

[jeffpark]

there is a block of 160,000 contiguous sq. ft.
in SL Green's "new Modern Classic" being marketed through Power Broker Paul Glickman and team at C&W,

whats are they asking per sf.?

[krulltime]

SL Green’s Park Avenue Redevelopment Under Way


http://www.globest.com/newspics/nyc_100park_ba.jpg


By Natalie Dolce
July 12, 2007

NEW YORK CITY-SL Green Realty Corp. and Prudential Real Estate Investors, owners of 100 Park Ave., are currently in the concluding phase of their $72-million redevelopment program. The redevelopment will transform the property from a class B, white brick office building, into a class A property.

The redevelopment will include a new glass and metal facade, a two-story high lobby featuring glass and stone walls with marble floors, new elevator cabs, infrastructure upgrade and state-of-the-art security, including electronic access, surveillance and 24-hour security guards. The redevelopment is expected to be completed by the end of this year.

Located one block south of Grand Central Terminal between 40th and 41st streets, the 36-story building, which contains 825,000 rentable sf, is expected to be one third vacant first quarter 2008, noted Steven Durels, EVP and director of leasing and real property at SL Green, during the company’s presentation and private tour of the building Wednesday morning.

“This is our largest repositioning to date, and we look forward to doing a bigger one in the future,” Durels said. The redevelopment will permit SL Green to capitalize on large blocks of space that are soon to become available.

“Previously in 2001, we closed a deal on one of the tower floor leases at $52 per sf,” Durels said. “Last week, we signed our first lease on the 35th floor at $110 per foot.” Durels went on to explain that the difference in asking prices is being driven by the market and by the quality of the newly renovated building.

“There is a large demand from a variety of businesses,” he said. “Tenants who have shown interest in the facility have mainly been law firms, financial services, hedge funds, equity investors and accounting firms.”

Durels explained that the Manhattan office market is red hot. “I don’t foresee any slowdown the rest of the year...the market is going to hold,” he said. “We are beginning to see that there aren’t enough seats at the table, which is forcing companies to cross a river and look for space elsewhere.”

Some of the larger recent leasing transactions in the 100 Park Ave. building were Fox Rothschild, who expanded and renewed its lease to a 10-year, 30,578-sf lease. J&W Seligman & Co. Inc. signed a lease extension with a lease commencement date of April 1, 2008 for 90,039 sf. Seligman Data Corp. signed an extension for 11 years and four months for 13,324 sf. General American Investors Co. Inc. signed a 10-year, seven-month lease for 10,750 sf.

Cushman & Wakefield is the leasing agent of the property.


Copyright © 2007 ALM Properties, Inc.

[antinimby]

Still waiting for londonlawyer to come in here and give a big thumbs up to this makeover.

Unfortunately, the office rents here will skyrocket afterwards.

[lofter1]

almost done here ...

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01c.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01g.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01j.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01m.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01n.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01s.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01p.jpg

http://i130.photobucket.com/albums/p242/Lofter1/100%20Park%20Avenue/100Park_01b.jpg

100 park

[londonlawyer]

330 Madison desperately needs a new skin. It's in such a prominent location and is a hideous eyesore.

[krulltime]

100 Park Ave is ugly anyway, so I am ok with this. I wish they reclad the whole building though.

[Stern]

Pointless.

[lofter1]

I wish they reclad the whole building though.

Are they NOT re-cladding all of 100 PA?

[londonlawyer]

It appears to me that they are.

[krulltime]

Are they NOT re-cladding all of 100 PA?

I mean with the glass. I guess they did the metal part and that is ugly already.

[Fabrizio]

This is better than that. Much better:

http://www.emporis.com/en/il/im/?id=393414

http://www.emporis.com/en/il/im/?id=273853

Dirty, worn down by the elements, but it has a million times more style.

A no-go in these botoxed times of ours.

[lofter1]

Any bets on whether the old "100" up top will survive the reclad?

[antinimby]

To make way for 100 Park Ave., the Murray Hill hotel was razed back in 1947.

The occupants of the hotel at the time had fought unsuccessfully to stop it.


http://www.gono.com/adart/historicalpics/1899147.jpg

http://cache.viewimages.com/xc/51471633.jpg?v=1&c=ViewImages&k=2&d=E017D84470B84EBE93E1BD6FF91EED16284831B75F48EF45

http://cache.viewimages.com/xc/51085412.jpg?v=1&c=ViewImages&k=2&d=03FC8F4A2C6027815F7E1AA36A13C028284831B75F48EF45

[lofter1]

Excellent ^ Wired New York teaches us something NEW every day http://www.wirednewyork.com/forum/images/icons/icon14.gif

More on the Murray Hill Hotel (architect: Stephen D. Hatch (http://www.nyc.gov/html/dcas/html/resources/man_clocktowerbldg.shtml); 1884) ...

Berenice Abbott (http://www.mcny.org/collections/abbott/a037-41.htm) photos from 1935 ...

http://www.mcny.org/collections/abbott/037.jpg
MURRAY HILL HOTEL: SPIRAL
112 Park Avenue at East 40th Street
NOVEMBER 19, 1935. ABBOTT FILE 37


http://www.mcny.org/collections/abbott/041.jpg
MURRAY HILL HOTEL
NOVEMBER 19, 1935. ABBOTT FILE 41

Built in 1884, the 600-room Murray Hill Hotel offered its guests the ultimate in
modern convenience, including a steam elevator and electric lights on the first two
floors. Its superb location near the homes of many of the city's most prominent citizens
and the central railroad depot added to its success. During its glory years, the hotel
counted among its habitues Mark Twain, Grover Cleveland, Jay Gould, and
J. P. Morgan (http://www.mcny.org/collections/abbott/a168.htm), who walked from his nearby home to drink coffee and smoke cigars
in the lobby. In 1910, Benjamin Bates, a former night clerk, purchased the hotel,
refused repeatedly to sell it, and, except for updating the plumbing, resisted
modernization. By Abbott's day, the "Old Lady" stood as an eloquent reminder of
a bygone era; its food, according to Abbott, remained excellent. (McQuaid, 389).

***

THE NEW MURRAY HILL HOTEL
THE FINE BUILDING IN PARK-AVENUE WITH SIX HUNDRED ROOMS.

NY TIMES (http://query.nytimes.com/gst/abstract.html?res=990CE3DC1038E033A25753C2A9669D94 659FD7CF)
October 20, 1884

An important addition to the hotels of New-York is the Murray Hill Hotel,
at Park Avenue and Forty-first-street. It is now open for the reception of
guests. It has a frontage of 200 feet on Park-avenue, 230 feet on Fortieth,
and 130 on Forty-first street ...

Full NY Times rticle from 1884, including detailed description of the materials
(Cape Ann granite, Carlisle brownstone, Philadelphia pressed brick) and info
on the latest in fire-preventative measure HERE [pdf] (http://query.nytimes.com/mem/archive-free/pdf?_r=1&res=990CE3DC1038E033A25753C2A9669D94659FD7CF&oref=slogin); it ends with this:

The lessees intend to make the Murray Hill Hotel one of the finest in the world,
and at the same time not to beggar their guests by exorbidant rates.
A man can live at this house for $4 per day.

[stache]

Omg!

[BrooklynRider]

The flags alone impress me. Whatever happened to displaying the flag on buildings?