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Thread: MetLife (Pan Am) Building - 200 Park Avenue

  1. #46
    Build the Tower Verre antinimby's Avatar
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    I'm more worried about the lighting.
    Will they continue to light up the building once they convert to residential?
    Do I need to worry?
    The city's skyline is already very dark as compared to these other up and coming cities.

  2. #47

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    I agree that the skyline is pretty dark.

  3. #48

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    What do you want, a lazer show every night or something? Both times I was in new york i was amazed by the color of the skyline. ESB, Chrysler metlife tower and others was pretty colorful from my memory!

  4. #49
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    They are nice but those buildings are the few that we have.
    I don't want us to lose one more.
    BTW, check out Hong Kong's skyline if you want to see something amazing.

  5. #50

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    Hong Kong's skyline is a bit tacky at night IMO. There's some great architecture but much if it looks like it was lit by 5 year olds.

  6. #51
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    NYC at night is pretty spectacular. The glaring omission from the skyline at night is 40 Wall Street, which Mr. Trump is apparently to cheap to illuminate.

  7. #52
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    Oh no! He didn't?!!!
    That's exactly what I was worried about with the old Metlife, once it goes residential, the light goes out.

  8. #53
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    Crain's
    4/1/05

    In one of the largest building sale transactions in New York City
    history, Tishman Speyer Properties is paying what real estate sources
    estimate to be $1.7 billion to buy the MetLife Building at 200 Park Ave. The
    2.8 million-square-foot building, which connects to Grand Central
    Terminal, will join Tishman's skyscraper portfolio, which features the
    Chrysler Building, the New York Times building and Rockefeller Center.



    The sale drew interest from some of the city's most well-financed
    buyers-- from publicly traded real estate investment trust SL Green Realty
    Corp. to private landlord Joseph Moinian. World Trade Center backer
    Lloyd Goldman was one of the last bidders to pull out of the deal. Sources
    say that Tishman Speyer, Macklowe Properties and Reckson Associates
    remained in the bidding through Thursday. Cushman & Wakefield brokers
    represented MetLife in the sale.



    Earlier this week, MetLife sold its smaller and older headquarters at 1
    Madison Ave. for roughly $918 million. But few buildings have fetched
    as much as the MetLife tower at 200 Park Ave. In 2001, the entire World
    Trade Center complex sold for $3.2 billion. In 2003, Macklowe bought
    the General Motors building for $1.4 billion.

  9. #54

    Talking

    I pass by the old Metlife building on my way to school almost everyday, and always notice the bridge thing (I don't know what it's called) that connects it to the other building currently occupied by Credit Suisse.

    I wonder if they'll keep it up there now?

    It would be neat for someone who works at Credit Suisse if they buy a condo there. They could just walk to work without even leaving the building

  10. #55

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    MetLife Sells Second Tower in a Week

    By ANTHONY RAMIREZ

    Published: April 2, 2005



    he MetLife Building, a signature skyscraper on the Manhattan skyline and the glittering gateway to Park Avenue above Grand Central Terminal, has been sold for a record $1.72 billion, it was announced yesterday.

    It was the second major real estate deal this week for the Metropolitan Life Insurance Company, which announced on Wednesday that its landmark property, 1 Madison Avenue, would be sold for $918 million for a condominium project.
    Of the two skyscrapers, the one at 200 Park Avenue - known for much of its history as the Pan Am Building - is the more famous. With 2.8 million square feet, it was once the largest commercial office building in the world.

    In countless television shows and films, from "The Jeffersons" to "Godzilla," the panorama shot of Park Avenue begins with the 58-story tower.

    The principal buyer is Tishman Speyer Properties, which also owns the Chrysler Building and Rockefeller Center. It heads a joint venture that includes the New York City Employees' Retirement System and the Teachers' Retirement System. The deal is scheduled to close in early May.

    The previous record for the sale of a skyscraper in the United States was in 2003 when the developer Harry Macklowe paid $1.4 billion for the General Motors Building on Fifth Avenue between 58th and 59th Streets.

    MetLife said it would keep its boardroom and headquarters there, and that the familiar MetLife logo would stay.

    In a telephone interview, Rob Speyer, 35, a Tishman Speyer senior managing director, sounded almost giddy about the deal. "Think about it," he said. "It's the opportunity of a lifetime. To buy one of New York City's iconic properties is an opportunity we just leapt at."

    Steven Wechsler, 55, also a Tishman Speyer senior managing director, said in the same telephone interview that he was especially thrilled because he once lived on Park Avenue. "In New York City, the greatest place in the world, to walk by the assets that we now have is really, really a thrill," he said.

    For MetLife's part, the transaction capped a thrilling week in another sense: the sale of two real estate assets for more than $2.6 billion.

    In the Park Avenue deal, "we'll probably clear about $750 million," said John Calagna, a MetLife spokesman, in a cellphone interview. "Sorry to shout. I'm actually in Grand Central just below the MetLife Building right now."

    The latest sale is unlike the Madison Avenue deal, in which the new buyer plans to convert much of the building to apartments. Tishman Speyer said the Park Avenue property would remain an office building.

    In January, MetLife said it would buy Citigroup's life insurance business in a deal valued at $11.5 billion, its largest acquisition. "We said then that we would consider funding that transaction by selling real estate assets," Mr. Calagna said.

    "So now we get to take advantage of a robust real estate market and our name stays on," he said, referring to the MetLife logo.

    The last time the building was sold was in 1981, when the troubled Pan American Airways sold it to the Metropolitan Life Insurance Company for $400 million. But the Pan Am logo remained for more than a decade.

    The building once had a helipad that was the site of one of New York City's deadliest aviation accidents.

    On May 16, 1977, a New York Airways helicopter idling at the helipad suddenly toppled and its rotor blade sheared off. It sliced four people to death and then fell over the parapet 59 stories below and a block away on Madison Avenue, killing a pedestrian during the evening rush.

  11. #56

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    I read long time ago that newyorkers hate this buildng. why is that so?

  12. #57
    Forum Veteran macreator's Avatar
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    Well, it is a great big monument to Brutalism. With many New Yorkers not very fond of the style it is no wonder the building has never been too popular. Personally I like the building and how it can be seen up from 14th street on Park Avenue South and down from high up on Park Avenue in the 90's. Having an office on either of the long sides of the building gives you a protected view north or south which must be great.

  13. #58

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    I've loved this chunky iconic building since I was a kid. Even it's bold placement; an almost perfect backdrop. Props to the decision to clean it, now she looks good enough to date. Thanks to all for all the smile-inducing images, especially the vintage b+w one, Thomas. (I couldn't resist stealing it.)

  14. #59

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    I know that it blocks the view on a little tower behind it. what was its name again?

  15. #60
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    Not so little, the Helmsley Building.

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