New York developers ready - but hesitant - to innovate on a multitude of projects

A whole new Manhattan skyline will emerge as a dozen new planned projects that have yet to be inaugurated hoist their fina...


A whole new Manhattan skyline will emerge as a dozen new planned projects that have yet to be inaugurated hoist their final I-beams. The big question is: which, if any, will actually start construction in 2022?

A glance at the wishlist gives no indication that the city’s real estate fate, including the fate of the tiny apartment buildings, could depend on tackling a pandemic that shows no signs of slowing down.

But the developers took action years ago. They bought land and air rights, concocted financing and signed architects. Some have defined city zoning and other approvals. Some have demolished old structures according to their ambitions.

But those crucial stages are a long way from the arrival of backhoes and excavators. Here’s a look at where some of the future jumbos are now:

The mega-tower planned for the Grand Hyatt Hotel site on East 42sd Street – known as 175 Park Avenue – got its government green light this month when city council approved a zoning change to allow the construction of the more than $ 3 billion mixed-use mammoth amounting to 1,575 feet.

An image of 343 Madison with construction scaffolding
At 343 Madison Ave., the former headquarters of MTA, Boston Properties is planning a tower 1,050 feet high.
Google maps

To exploit East Midtown’s size bonus rules, developers RXR Realty and TF Cornerstone will pay and build hundreds of millions of dollars in transit / pedestrian improvements in the Grand Central area and also provide 25,000 square feet. free outdoor terraces for the public. programmed for artistic and cultural uses.

But don’t look up to the sky yet. A spokesperson told us: “Now that the rights allocation process is complete, developers will spend the next year organizing construction financing and contacting potential tenants, with the intention of starting the demolition. in 2023. “

Nearby in the Grand Central neighborhood, demolition began at 343 Madison Avenue, the former headquarters of the MTA. Boston Properties is planning a 1,050-foot-tall tower with over 800,000 square feet of office space and major retail. It will also feature plenty of underground pedestrian links to Grand Central Terminal – which Boston is offering in return for a hefty bonus under East Midtown’s new rezoning rules. The project received the green light from city council last month.

Illustrative rendering of the exterior of 415 Madison Avenue
Rudin Management makes way for 415 Madison Ave, seen here in an illustrative rendering.
SOM

However, it is not yet clear when land construction will begin.

West 57e The street between Fifth and Seventh Avenues – aka Billionaires Row – is arguably the most active place for major new projects. Empty lots at 41-47 W. 57th and 12 W. 57th St. await their marching orders, while demolition continues one block west at 125 W. 57th St.

Site n ° 125 housed the Baptist Church of Calvary and the Salisbury Hotel. As we reported in June, the church will be restored and expanded when a new 26-story mixed-use tower developed by Alchemy-ABR Investment Partners, financial partner Cain International and the church itself is completed in 2024.

A Hyatt brand
The 175 Park tower will mean a remodeled Grand Hyatt.
James Messerschmidt for NY Post

Ground-to-roof construction of the $ 350 million project will begin soon once the demolition, currently underway, is completed. The new tower will include 185,000 square feet of office space. It was delayed when a lender pulled out in March 2020, forcing Alechemy-ABR to find new funding, but all obstacles were overcome.

Between Fifth and Sixth Avenue, the company founded by Sheldon solow demolishes old structures to make room for 12 W. 57e, a 670 foot tall white marble luxury condo tower with a commercial base, designed by SOM Architects. Two buildings still need to be demolished, including the original address of Henri Bendel. Solow passed away in November 2020, but his son Stefan Soloviev, which reorganized the various entities of Solow under the new umbrella of the Soloviev group, does not seem less eager to build.

Meanwhile, excavations are expected to begin soon at another large site, 41-47 W. 57e, where developer Sedesco is planning a 1,100-foot-high mixed-use tower with 119 condo units, a 158-room hotel and a large restaurant. YIMBY announced last week that through a deal with the MTA, Sedesco will receive an additional acre of floor space in exchange for building new disabled-accessible elevators for the 57e F.

A wasteland along 57th Street
A number of 57th Street projects are awaiting marching orders.

Meanwhile, Rudin Management is preparing to demolish an old building on 48th Street East to make way for 415 Madison Ave., a planned 605-foot tower with 343,100 square feet of office space. Rudin needs the city’s approval first for a transfer of air rights and for a hefty bonus in return for transit / pedestrian amenities – much like Boston’s plan for 343 Madison. The project will include a retail pavilion and a public hall. A representative from Rudin said: “They are working hard to complete ULURP early next year. “

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Newsrust - US Top News: New York developers ready - but hesitant - to innovate on a multitude of projects
New York developers ready - but hesitant - to innovate on a multitude of projects
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