The Philip Johnson-designed Sony Tower at 550 Madison Avenue, one of the most notable postmodern office towers in New York City, is set to be partially converted to high-end condos, as states planes filed by developer Chetrit Group. It’s not known which of the building’s 37 floors the residential units will occupy, but Chetrit, led by Joseph Chetrit, has said in the past that it will convert the upper floors and either keep the lower floors as offices or turn them into a luxury hotel.
Construction likely won’t begin for at least one to two years since Sony still leases office space. When the developer purchased the building from Sony in 2013 for $1.1 billion at auction, Sony committed to remaining in the offices for around three years until moving to a new space near Madison Square. Chetrit outbid 21 rivals and paid $685 million more for the building than Sony did in 2002.
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It looks like the Chrysler Building is about to get a new neighbor. According to the New York Times, SL Green has reportedly proposed the development of a 1,200-foot, 65-story tower that would occupy the block between 42nd and 43rd Streets, and Vanderbilt and Madison Avenues. This proposal will have to undergo a review process as part of a new de Blasio administration plan to rezone an area of Vanderbilt Avenue for larger buildings.
De Blasio’s proposal is a 2.0 version of a failed bid by Michael Bloomberg that would rezone an area around Grand Central Terminal. Bloomberg’s proposal – which would affect a 73-block area around the terminal – concerned officials and preservationists, who were concerned that the plan would add to the congestion in the area. Fulfilling one of his campaign promises, de Blasio has devised a plan to mitigate those issues as well as keep the city competitive for decades to come, by creating more office space in the prime business location.
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The City Council’s Committee on Land Use gave approval to Rockefeller University’s plan to construct two new buildings over the Franklin D. Roosevelt Drive on Manhattan’s east side. In exchange, the school, which controls air rights over the 4-block stretch starting at East 64th, has agreed to invest $8 million to develop and maintain a portion of the East River Esplanade.
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Though the famous marble lions that stand guard over the iconic Beaux-Arts building at Fifth Avenue and 42nd Street aren’t talking, the patience and fortitude of scholars and professors all over the tri-state area may have played some role in the shelving of a $300 million renovation plan for the New York Public Library’s flagship location.
In the midst of three lawsuits and regular protests on the library steps, the library reversed course on revamping the midtown Manhattan building (which celebrated its 100 year anniversary in 2011) and moving 1.5 million books to New Jersey, a move that brought a sigh of relief to researchers worried about delays in gaining access to essential publications.
What shelved this $300 million renovation?
One look and you may never want to leave this exquisite sun-drenched and spacious home, part of The Residences, a gorgeous new Gwathmey Siegel designed masterpiece developed by Bizzi & Partners.
Sitting 60 stories above one of the most desired streets in Manhattan, this 2BR/2.5 bath residence at 400 Fifth Avenue bestows breathtaking panoramic views from just about every room. Every detail, from the hardwood black oak flooring throughout to the ample closet space, ensures no matter where you are in this gracious home, life is better simply by being there. In fact, the residences at 500 Fifth are so beautiful the building even has its own coffee table book, 500 Fifth Avenue: A New Gwathmey Siegel Landmark, coming out this fall!
Take a peek inside this gorgeous residence