A couple new midtown developments...

[billyblancoNYC]

This has been talked about forever...

Skepticism is permitted - but it looks like the Greek government really, truly, wants to sell 1 E. 42nd St., the empty building it owns next to a prime Midtown development site.

The Greeks have tapped GVA Williams' Robert Sass and Peter Shakalis to find a buyer for the 16-story, 85,000-square-foot structure, which has been on and off the market more than once.

The best sign that the owners are serious this time is that they've lowered the asking price from $22 million to $17.5 million, with the cutoff for bids likely to be mid-June.

Despite its modest size, 1 E. 42nd, which runs through the block to 43rd Street, is one of Midtown's most-watched sites. If combined with the corner site next door, it would allow an owner to build a larger tower than could be built on the corner alone.

That northeast corner of Fifth and 42nd is owned by Dr. Axel Stawski, who is mulling an office project of 400,000 square feet - a size that could not be built without the additional footage of 1 E. 42nd and without additional air rights from other nearby properties.

Either way, Sass says it's a "fabulous retail location" in its own right.

This looks like a go...
May 13, 2003 -- IT'S a deal! After two years of tough talks, Harry and Billy Macklowe and a Christian Science church have come to terms over 340 Madison Ave., Macklowe's glitzy new office redevelopment that spills over into church-owned space.
The deal allows the Macklowes to finally knock down the 22-story wall that separates the church's property from the rest of the assemblage - and to finish the messy conversion and enlargement of five old linked buildings between 43rd and 44th streets into a single new one with 750,000 square feet and continuous floor plates.

The Fifth Church of Christ, Scientist, owns the southernmost of the five structures. Under a 1930s ground lease, it received no rent income for floors six to 22 above its house of worship on 43rd Street, but was protected against changes that would damage the church or its 15th-floor reading room.

Church lawyer Thomas Fuerth said that under a new 99-year-plus lease, Macklowe will pay rent - "ensuring the church's financial security into the next century." Terms were not disclosed.

The church's reading room will be moved to a new ground-floor space on the East 44th Street side. Under New York church incorporation law, the deal is subject to approval by the state attorney general.

A relieved-sounding Mitchell Konsker, part of Macklowe's Cushman & Wakefield leasing team, said the agreement "validates our marketing campaign" and ensures that "tenants will be able to move in quickly."

http://nypost.com/realestate/75551.htm

[Derek2k3]

The old proposals for the site. Neither design is going to be built but I guess the building will be similar in size to the bigger proposal.

505 Fifth Avenue
25/26 stories *400ft
Kohn Pedersen & Fox
Proposed
http://images3.fotki.com/v31/free/08d54/3/39399/317606/505FifthAvenue1Archimation-or.jpg
Archimation:\http://www.archimation.com

http://www.howardrenderings.com/image-archives/15343/pic1.jpg
http://www.howardrenderings.com/image-archives/15342/pic1.jpg
Howard Renderings \http://www.howardrenderings.com


340 Madison Avenue
22 stories
Gensler; Moed de Armas & Shannon
Under Construction 2002-2003

http://www.jonseagull.com/images/p_342_4.jpg
Jon Seagull \http://www.jonseagull.com



(Edited by Derek2k3 at 11:10 am on July 18, 2003)

[londonlawyer]

The demolition of the buildings on this site appears to have started. *I've seen two renderings of the building which will be constructed: (1) a green glass building by KPF; and (2) a stone building. *Does anyone know what's being built here?

[BrooklynRider]

Scaffolding was going up around the sitre yesterday. *

[londonlawyer]

I noticed that last weekend, they started erecting the overhead scaffolding that covers the sidewalk on the 42nd Street side. *By yesterday, they had largely completed the overhead scaffolding on the Fifth Avenue side of the site, and scaffolding is going up along the building's side, as well. *Demolition is definitely underway; however, I'm curious as to what will be constructed there. *The green glass building that Kohn Pederson & Fox designed for LCOR was beautiful. *I'm not as impressed with the stone building which is shown on this post. *Does anyone know what's going up there? *

[billyblancoNYC]

It looks kinda like a larger version of the building to the left of it in the pic. *We'll see, I guess. 340 Mad looks good, though.

[londonlawyer]

Are you speaking about the tower with the stone facade? *If so, how do you know that that's the final desogn? *I'm curious.

[BrooklynRider]

Whatever it is will likely be modified and have its height increased if they've acquired the 1E 42nd street property.

[TLOZ Link5]

Archimation's stone-facade proposal looks exactly like the Fred F. French Building (i.e.: that prewar tower to its left). *The final design had better not look anything like that; the last thing we need in New York is another postmodern, contextual building.

[londonlawyer]

I walked by this site on Sunday, July 20th and noted further progress on the demolition occurring at 505 Fifth Avenue. *Workers were erecting blue plywood that they use at construction sites to seal off that miserable souvenier kiosk that was located at the corner of 42nd St. and 5th Ave. for years. *I'm really curious to see what will rise here. *The Kohn Pederson & Fox building is really beautiful. *It would be a great addition to 42nd Street. * *

(Edited by londonlawyer at 11:44 pm on July 20, 2003)

[londonlawyer]

The demolition work on the buildings located at 42nd and 5th is proceeding. Has anyone heard any news about Stawski's new project?

[kliq6]

The projects demoltion is moving foward yet there are no plans to build a new tower there in this economy, but whn built it will be about 500,000 sf

[billyblancoNYC]

Thought they were going to be on spec.

[kliq6]

NY anything over 400,000 needs a anchor to justify costs, they could goon spec but with the market as is it wont make much sense, onlt Tishman SPyer builds on spec and they got burnt last time, sorry to bring bad news

[NoyokA]

Tishman has built speculatively, and might build accordingly in Queens. Most developers were slammed in the 1980’s, others used their empty building’s as tax write off’s. I’m not so sure of the subject, but I believe a couple of buildings were built speculatively strictly for write off purposes. I also believe this to be the cause of the 90’s real estate market crash. Tishman Speyer was one of the first developers to build speculatively following the rise in technology in the late 90’s. If I remember correctly, Speyer’s building at 222 East 41st Street was fully preleased in only a couple of weeks. I believe their tenant (an Internet Company) is now subleasing space there.

The outlook is gloom, the real estate market is really slumping here. Very little spec. space will acually be built, none without a tenant for atleast 1/3 of it. Durst or Speyer, maybe? The risk is too great for other developers who are without a capital backing.

[kliq6]

Agree with you Stern, even Forest City Ratner wont start the NY Times project because the portion they own, over 800,000 sf has no tenant

[BrooklynRider]

The outlook is gloom, the real estate market is really slumping here.

You mean commercial Real Estate, yes? Residential building seems rampant.

[kliq6]

yeah residnetial for HIGH income is strong, middle income, forgotten

[NoyokA]

There seems to be a growing class of extremely rich people.

[londonlawyer]

NY anything over 400,000 needs a anchor to justify costs, they could goon spec but with the market as is it wont make much sense, onlt Tishman SPyer builds on spec and they got burnt last time, sorry to bring bad news

They stated in an article on Globest.com that they're going forward with a spec. building.

[londonlawyer]

The projects demoltion is moving foward yet there are no plans to build a new tower there in this economy, but whn built it will be about 500,000 sf

The developers stated in an article on Globest.com that they're going forward with a spec. building of about 275,000 sq. feet.

[Derek2k3]

I don't know how current this is b/c the website dates it from 2002 and Stawski just acquired the property this year. But since I've never heard of LCOR proposing 400,000 sf or switching to Steven Holl Arcitects, I guess the transaction was in planning from 2002 and this is the schematic design by Stawski.

From Steven Holl Architects' website: http://www.stevenholl.com
5th Avenue and 42nd Street Tower
New York, New York

Program Offices, Restaurant,
Retail, Cafe
client Fifth at 42nd LLC
size 401,330 sf
status Schematic Design Phase

Design architect: Steven Holl, Solange Fabião
Project architect: Simone Giostra
Project team: Ziad Jamaleddine, Irene Vogt

http://www.stevenholl.com/images/310WD01.jpg
http://www.stevenholl.com/images/310WD03.jpg

Across from the New York Public Library on the corner of 5th Avenue and 42nd Street an urban corner tower is proposed. In Manhattan, this is a mythical corner. The city of "continuous profane time," of rushing workers, warps the curtain wall base. The "sacred time" within the New York Public Library across the street can be viewed from two terraces carved into the 600-foot curtain wall. The core of the building is split following the concrete sheer walls up through the tower, like an open book facing the library. From the open space around the library the subtle curves inspire awe. This unique Manhattan corner puts public space on the tower's roof terrace in celebration of the view over midtown's only large green space, Bryant Park.


Great that it might be 600 ft. and if it isn't Steven Holl is still the architect. I'll be happy regardless.

[NoyokA]

Interesting.

[Derek2k3]

http://www.aaschool.info/auction/Images/StevenHoll.jpg

Steven Holl

http://www.aaschool.info/auction/top_frame.asp?LotID=153

'Study for 5th/42nd St, NYC', 18 July 2002
Pencil and watercolour on watercolour paper, signed
305mm x 229mm

[londonlawyer]

I don't think that that's the design. This tower is 400,000 sq. feet, but according to Globest.com, Stawski is building a 253,000 sq. ft. tower.

[Derek2k3]

They could be wrong and things could change. There's an article that stated he could build a 400,000 sf tower if he bought the air rights. I already know that this is not the design but I wonder if Steven Holl is the architect.

[NoyokA]

Im confident Steven Holl is the architect of the building, and the pictured design is a working proposal.

The MOMA just released a book for a future exhibit on future designs. Among them Steven Holl and Robert Silman’s 5th Avenue and 42nd Street Tower. The design is further progressed and will reach 585 feet. None other than the WTC Competition are all active proposals.

The site is almost completly cleared:

http://galleries.soaringtowers.org/albums/Stern/505Fifth.jpg

[krulltime]

Picture by Derek2k3

340 Madison Avenue
22 stories
Gensler; Moed de Armas & Shannon
Under Construction 2002-2003

http://www.jonseagull.com/images/p_342_4.jpg

340 MAD. ON THE MOVE

By STEVE CUOZZO, NYPOST

April 27, 2004

FIVE years of hard work at 340 Madison Ave. have finally begun to pay off for Harry and Billy Macklowe. The father and son just landed their first tenant at the site, where they've converted five obsolete brick structures between 43rd and 44th streets into one modern office building wrapped in a gleaming, green-on-green curtain wall.
Sources said the Office of the Comptroller of the Currency, a unit of the U.S. Treasury, has signed a lease for 43,000 square feet, taking over the whole fifth floor and part of the fourth.

The Macklowes, meanwhile, won approval from the city's Standards and Appeals board to enlarge the building from its original 550,000 square feet to about 700,000 feet.

Neither Macklowe could be reached. Calls to the brokers involved in the lease - Studley's Michael Goldman, who represented the OCC, and Macklowe's agents, a Cushman & Wakefield team including Mitchell Konsker and Tara Stacom - were not returned.

The project has been one of Midtown's most interesting works in progress. The Macklowes bought the mortgage on the then-bankrupt property in 1999 and later purchased the land under four of the five old buildings.

Last spring, Billy Macklowe and Christian Science Church on East 43rd Street, which held the ground lease on one-fifth of the assemblage, made a deal that enabled the developer to take down the brick wall between the house of worship and the rest of the site and complete the re-cladding.

Now that 340 Madison has all the blessings it needs, the job should be finished by the end of the year.

[TLOZ Link5]

Who says that New York isn't innovative anymore? :D

[Gulcrapek]

Innovative? It looks pretty everyday to me.

[TLOZ Link5]

Innovative? It looks pretty everyday to me.

I was talking about the construction and engineering.