Rendering courtesy of Gensler
Just one month after closing on 5 East 51st Street, a six-floor rental across the street from St. Patrick’s Cathedral, developer Harry Macklowe has filed demolition permits with the city, as CityRealty reported. This move brings Macklowe one step closer to realizing his vision for Tower Fifth, a 1,556-foot office tower that, if approved, will become the second-tallest building in the Western Hemisphere, surpassing Macklowe’s own 432 Park Avenue and coming in just short of One World Trade Center. (Tower Fifth’s roofline would actually be 216 feet above One World Trade Center’s but since its mast brings the building’s official height to 1,776 feet it would retain the title of the city’s tallest building.)
Photo via Max Pixel
“I see the building as a Sleeping Beauty: It needs to be woken up and revitalized,” developer Aby Rosen told the Post about his plans for the Chrysler Building. His firm RFR Realty, in partnership with Signa Holding, bought the landmark for $150 million last month . His plans include restoring the 1930s Art Deco interiors by way of a series of restaurants that will take inspiration from Chrysler’s original Cloud Club, as well as adding a ‘”fashionable food hall” (of course) and retail spaces. The biggest news, though, is that he also wants to incorporate a new observation deck, joining the ranks of 30 Hudson Yards, One Vanderbilt, and Chrysler’s one-time rival the Empire State Building.
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To the dismay of many New Yorkers, the Waldorf Astoria closed its doors in 2017 for a huge renovation project that will ultimately create larger hotel rooms and add a new set of luxury condos. After the plans were announced, the Landmarks Preservation Commission designated the hotel’s first three floors as an interior landmark, meaning the new owners will need to preserve the 1931 Art Deco spaces. But after a four-year hiatus (the hotel will reopen in 2021) and a completely new vibe, it’s not clear if those interiors will have the same glamorous, old-school New York vibe that they were once famous for. Luckily, photographers James and Karla Murray captured the Waldorf in all its glory before it closed its doors. Ahead, take a tour of the old Waldorf, from its iconic, two-ton lobby clock to the three-tiered grand ballroom.
Take the tour
Image: Wikimedia commons.
NYC Parks has announced that Mayor Bill de Blasio has allocated $75 million in additional funding for ongoing East River Esplanade reconstruction projects underway from East Midtown through East Harlem. The new funding has been allocated to three distinct esplanade projects: East Harlem from 114th to East 117th Streets, the Upper East Side from East 90th to East 94th Streets and Midtown East from East 62nd to East 63rd Streets.
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Image via Flickr
In response to pushback, JPMorgan Chase will be redesigning its planned 1,400-foot office tower at 270 Park Avenue with additional open public space, as Crain’s first reported. Under the East Midtown rezoning, new developments are required to provide 10,000 square feet of public space, but because two-thirds of the site sits above the Grand Central Terminal train shed, architects for the project argued they could only come up with 7,000 square feet. This notion was challenged by members of Manhattan Community Board 5 and elected officials. JPMorgan has now agreed to submit new designs increasing the size of the public space to 10,000 square feet and making it an open-air area instead of enclosed as it was in the initial design proposal.
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Image: Jennifer Rotner via Flickr.
Developer TF Cornerstone and investment firm MSD Partners have announced plans to purchase and tear down the Grand Hyatt building adjacent to Grand Central Terminal, the Wall Street Journal reports. The hotel brand will eventually return to the site in a form different from the smoked glass-clad building that was Donald Trump’s first major Manhattan development. In its place will rise a mixed-use project that includes 2 million square feet of high-octane office space. The planned development is one of four new towers in the works as a result of a 2017 Midtown East rezoning aimed at encouraging new office buildings as well as infrastructure improvements in the east side business district.
The times they are a-changin’ in East Midtown
A group of apartments in Midtown owned by late Broadway playwright Neil Simon are on the market, the Wall Street Journal reported on Wednesday. The three apartments are in the Ritz Tower, an Emery Roth-designed 42-story building in Midtown East and range in price from $1.5 million to $2.8 million. Simon, a Pulitzer Prize-winning writer who was best known for plays like “The Odd Couple,” died at age 91 last August.
Take a look around
Tower Fifth rendering by TMRW courtesy Gensler
The developers behind the distinct supertall at 432 Park Avenue want to take a second shot at altering New York City’s skyline. Harry Macklowe submitted a preliminary application to the city’s planning department for a 1,551-foot-tall skyscraper between 51st and 52nd Streets in Midtown across from St. Patrick’s Cathedral, the New York Times reported. If the city approves the project, Tower Fifth, the name given to the proposed tower by Macklowe Properties, would become the second-tallest building in the Western Hemisphere.
See inside the proposed supertall
The existing 270 Park Avenue, MikePScott via Flickr
Demolition permits were filed Tuesday for the JPMorgan Chase HQ at 270 Park Avenue, CityRealty reports. The building will be the tallest planned demolition in history. The filing is a significant step for the bank on the way to replacing the 1.5-million-square-foot Modernist tower previously known as the Union Carbide Building with a 2.5-million-square-foot skyscraper, to be designed by British Pritzker Prize winner Norman Foster/Foster + Partners architectural firm.
Down with the old, up with the new
Everything goes on sale after Christmas, and that’s certainly true of hedge fund billionaire Steve Cohen’s Beacon Court penthouse at 151 East 58th Street. The SAC Capital Advisors founder bought the 9,000-square-foot duplex for $24 million in 2005 and hired noted architect Charles Gwathmey to give it a once-over. The condo hit the market again in April of 2013 for a whopping $115M (around the time Cohen received a wrist-slap to the tune of $1.2 billion for insider trading). No takers at that price. Or the next one ($82M). Or the one after that ($79M)–you probably get where this is going. Where the five-bedroom aerie on the building’s 51st and 52nd floors ended up today: Deeply discounted to $45 million after eight price cuts adding up to a $70 million drop, making it the heftiest haircut to happen in New York City history according to The Real Deal.
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