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Thread: 510 Madison Avenue @ East 53rd Street - by Moed De Armas & Shannon

  1. #31

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    Quote Originally Posted by kliq6 View Post
    the Omni is what hinders this site, it cuts off a portion of the back of the lot from being built out
    what are you referring to,
    the Omini Hotel is on the south side of this site that everyone knows

  2. #32

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    there is a building permit for the last building at 14 East 53rd St,
    01-23-2007

  3. #33

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    Macklowe bought 30,000+ sq. ft. of Development-Air Rights from 12 East 53rd Street for $6,500,000

  4. #34
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    Project is 30-stories and 350,000 sf plus one floor with a pool and health club, where the tower will setback. The site is built out at this size as well without additional purchases or air rights

  5. #35
    Build the Tower Verre antinimby's Avatar
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    Wasn't this one suppose to be commercial?

    If so, why a pool and health club?

  6. #36
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    its commercial but they are dedicating half a floor to a healthclub

  7. #37

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    it will be leased in no time

  8. #38

    Default 510 madison ave

    I work with a guy who lives at 14 e 53rd st where the deli was the ground level retail. He, along with the other three apartment tenants, came to a buyout agreement last week. This should be the final parcel to complete the package for development of 510 Madison. He also went on to say that he had to be out by Feb 27. Since all of the tenants were negotiating as a group I would imagine that everyone in the building is under the same date to vacate. I have never been inside the building but he told me that before being divided into apartments it had been a private club with quite a lavish interior.

  9. #39
    Disgruntled Optimist lofter1's Avatar
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    I just saw some vid on CNN of a big explosion / fireball at a construction site @ Madison / 53rd ...

  10. #40

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    I wouldn't be surprised, it seems like Macklowe can't build anything without controversy.

  11. #41
    Forum Veteran MidtownGuy's Avatar
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    I just saw some vid on CNN of a big explosion / fireball at a construction site @ Madison / 53rd ...
    So, THAT'S what had the whole neighborhood full of smoke and stink. I was wondering.

  12. #42

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    I hope whatever tenant signs goes bankrupt...

    Hedge fund close to 510 Mad lease
    Real Estate Weekly, July 4, 2007 by Daniel Geiger

    http://calbears.findarticles.com/p/a...3/ai_n19361946

    510 Madison Avenue, the high-end boutique office tower being developed by Macklowe Properties, is close to attracting its first tenant almost a year before the building is scheduled to be completed, according to sources.

    The hedge fund, Enso Capital Management, is said to be in negotiations to take a floor in the new 30-story tower for rents in the range of $150 to $175 per s/f. A broker with knowledge of the deal explained that the exact price would be determined by which floor the tenant decided to take and indicated that the deal was still in a preliminary stage.

    One of just a handful of new commercial towers to rise in midtown in recent years because of a scarcity of development opportunities in the district, 510 Madison Avenue is expected to be a popular entry into the tight midtown office market for tenants who can afford its triple figure rents.

    It is not unusual for office buildings that are under construction to attract tenants well before completion, but a source with expert knowledge of the city's market for high priced space explained that the timing of the deal was ahead of when 510 Madison Avenue is anticipated to do the bulk of its leasing.

    With a planned onsite swimming pool, health club and restaurant, as well as floors that will range in size from 11,500 s/f to 16,500 s/f, 510 Madison Avenue is expected to have the exclusive club-like atmosphere and boutique space that will be attractive to financial companies like private equity firms and hedge funds. Unlike larger tenants who often search for space years in advance of when their current leases expire, private equity firms and hedge funds usually take their office space only a few months ahead because their space needs are modest and their pockets deep.
    Advertisement

    Enso Capital Management is already a tenant of Macklowe Properties, at the company's sleek looking tower, 540 Madison, and the relationship between the two lead to the early talks.

    Although there have been a number of new office developments in the city, few have commenced on speculation as 510 Madison Avenue has. Experts say that Macklowe Properties could begin construction without the financial security of an anchor tenant because the building is located in a prime section of midtown where there is considered to be an especially high demand for additional supply.

    The building is also 350,000 s/f, a relatively modest block that presents less of a leasing risk than a larger building.

    A CB Richard Ellis team led by the company's New York CEO Mary Ann Tighe and senior vice president Paul Amrich handles leasing in the building. Neither could be reached for comment. Macklowe Properties also wouldn't comment on the deal.

    COPYRIGHT 2007 Hagedorn Publication
    COPYRIGHT 2007 Gale Group

  13. #43
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    Why are you against this development. The Drake is one thing, this tower is fine as it did not replace any buildings that stood out

  14. #44

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    I just don't like Macklowe. Yes, petty, I know.

  15. #45
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    If you ever meet him, you actually see he is a nice guy, putting aside his poor taste in building

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