One Vanderbilt

$1.5B in construction financing secured for Midtown supertall One Vanderbilt
September 28, 2016

$1.5B in construction financing secured for Midtown supertall One Vanderbilt

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It's full steam ahead for SL Green's new Midtown supertall, One Vanderbilt. Early this morning the developer announced it had closed on $1.5 billion in financing for its 1,401-foot, full-block office tower slated to rise directly adjacent to Grand Central Terminal. As SL Green Managing Director, Robert Schiffer expressed in a statement: “Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline.”
find out more here
City releases Midtown East Rezoning plan; could add 16 new towers

Conceptual image depicting all the proposed sites of the East Midtown rezoning fully built out. Courtesy CityRealty

August 25, 2016

City releases Midtown East Rezoning plan; could add 16 new towers

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After Mayor Bloomberg's failed 2013 attempt, the city has released its long-awaited Midtown East Rezoning plan, a controversial upzoning of the area bound by Madison and Third Avenues and 39th and 50th Streets, which would encourage taller, more modern office towers in an area that many feel is no longer attracting commercial tenants. According to Crain's, their proposal, the first step in the formal rezoning process, would allow the tallest buildings around Grand Central, increasing the maximum density by 30 percent. Along Park Avenue and near subway stations north of the Terminal, density would be increased, too. The proposal also will permit owners of landmarked buildings to sell their air rights across the district, rather than just to adjacent properties like the current law dictates.
More details ahead
Excavation Work Begins at One Vanderbilt, Follow Its Progress on Instagram
August 17, 2016

Excavation Work Begins at One Vanderbilt, Follow Its Progress on Instagram

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Last week, a $1.1 billion lawsuit against One Vanderbilt was settled, giving the green light to the 1,401-foot project. Investors at Grand Central Terminal led the suit, claiming that the tower would divest them of the value of their air rights if developer SL Green was was allowed to proceed with construction as it was cleared to do under the controversial Midtown East Rezoning. Now that it's been dismissed, NY Yimby reports that excavation work is underway at the site of Midtown's future tallest tower, at the corner of 42nd Street and Vanderbilt Avenue. And Curbed points out that architecture buffs can stay apprised of construction progress through the building's new Instagram page.
Check out some construction shots
One Vanderbilt Will Cost a Whopping $3.14 Billion
June 7, 2016

One Vanderbilt Will Cost a Whopping $3.14 Billion

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Another supertall tower will join the $3 billion+ club. The Real Deal reports that SL Green Realty has pegged the cost of One Vanderbilt, Midtown's future tallest tower, at $3.14 billion. The city's largest office landlord also said it hopes to close on a $1.5 billion construction loan by the end of the summer, leaving $1.64 in equity needed to complete the 1,401-foot tower designed by Kohn Pedersen Fox. As TRD notes, One World Trade Center became the world's most expensive office tower in 2014 when it opened with a final cost of around $3.8 billion. Bjarke Ingels' planned High Line tower known as the Spiral is also expected to run over $3 billion.
More details this way
Skyline Wars: Accounting for New York’s Stray Supertalls
May 11, 2016

Skyline Wars: Accounting for New York’s Stray Supertalls

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Carter Uncut brings New York City’s latest development news under the critical eye of resident architecture critic Carter B. Horsley. Ahead, Carter brings us his eighth installment of “Skyline Wars,” a series that examines the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. In this post Carter looks at the "stray" supertalls rising in low slung neighborhoods. Most of the city’s recent supertall developments have occurred in traditional high-rise commercial districts such as the Financial District, the Plaza District, downtown Brooklyn and Long Island City. Some are also sprouting in new districts such as the Hudson Yards in far West Midtown. There are, however, some isolated "stray" supertalls that are rising up in relatively virgin tall territories, such as next to the Manhattan Bridge on the Lower East Side and Sutton Place.
read more from carter here
Skyline Wars: One Vanderbilt and East Midtown Upzoning Are Raising the Roof…Height!
December 7, 2015

Skyline Wars: One Vanderbilt and East Midtown Upzoning Are Raising the Roof…Height!

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Carter Uncut brings New York City’s breaking development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter brings us the second installment of nine-part series, "Skyline Wars," which examines the explosive and unprecedented supertall phenomenon that is transforming the city's silhouette. In this post Carter zooms in on Midtown East and the design of One Vanderbilt, the controversial tower that is being pinned as the catalyst for change in an area that has fallen behind in recent decades. Despite some objections from community boards and local politicians, New York City is moving ahead with the rezoning of East Midtown between Fifth and Third avenues, and 39th and 59th Streets; and earlier this year, the de Blasio administration enacted an important part of the plan, a rezoning of the Vanderbilt Avenue corridor just to the west of Grand Central Terminal. The Vanderbilt Avenue rezoning included approval of a 1,501-foot-high tower at 1 Vanderbilt Avenue on the block bounded by Madison Avenue, 42nd and 43rd Streets. The tapered, glass-clad tower, topped by a spire, is being designed by Kohn Pedersen Fox for SL Green. Mayors Bloomberg and de Blasio have championed the 1 Vanderbilt proposal despite serious concerns voiced by numerous civic organizations over the rezoning scheme that some see as “spot zoning” and the fact that the city has still not finalized nor published its complete rezoning package. Using air-rights transfers from the Grand Central Terminal area and zoning bonuses for providing $210 million for infrastructure improvements in the area, the tower will significantly alter the midtown skyline, rising several hundred feet above the nearby Chrysler Building and the huge and bulky but lower MetLife Tower straddling Park Avenue just north of Grand Central Terminal. Its 63 stories are several less than the Chrysler Building and just a few more than the MetLife Tower, which might be interpreted by some observers as indicated that it was in “context” with such prominent neighbors, but they are wrong.
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New Renderings of One Vanderbilt, Midtown’s Future Tallest Office Tower
December 3, 2015

New Renderings of One Vanderbilt, Midtown’s Future Tallest Office Tower

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The digital production studio Visualhouse has posted on their website our first motion video look at SL Green's 63-story office tower known as One Vanderbilt. Hailed to forever change the face of Midtown East and reinvigorate the business district, the $1 billion-plus, 1.6-million-square-foot tower was unanimously approved by the City Council this past summer, thus granting SL Green the green light to begin construction of the supertower immediately. Visualhouse's newly released renderings provide us with a clearer picture of how the building's full-block base will meet the street, and also remind us just how gargantuan the tower will be. According to the tower's architects Kohn Pedersen Fox (KPF), the tower will rise 1,401 feet to its spire, making it the second tallest building in the city upon completion. However, unlike the pencil-thin supertalls underway around Central Park, the project will throw up a substantial amount of bulk into the air.
See all the renderings
New Renderings of One Vanderbilt Show the 1,500-Foot Tall Tower Set in the Skyline
October 12, 2015

New Renderings of One Vanderbilt Show the 1,500-Foot Tall Tower Set in the Skyline

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Outside of a $1.1 billion lawsuit, news on the One Vanderbilt front has been relatively quiet. The supertall tower received unanimous approval back in May by the City Council and since then demo at the site has been underway. But now, NY Yimby has gotten ahold of some new renderings that offer additional views of the KPF-designed tower—in particular, how the 1,500-foot behemoth will fit in with the existing NYC skyline. Once the building is constructed, it will be one of the tallest skycrapers in the city with a roof height exceeding that of One World Trade's. And as noted by YIMBY, One Vanderbilt will also be the first building in Midtown east to surpass the Chrysler Building in height (which, if you look closely at the above rendering, you can see demurely reflected in the building's glass).
see more here
Owner of Grand Central Sues City and One Vanderbilt Developer for $1.1 Billion
September 29, 2015

Owner of Grand Central Sues City and One Vanderbilt Developer for $1.1 Billion

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Grand Central owner Andrew Penson is back in the news again, this time suing the city and One Vanderbilt developer SL Green for a princely sum of $1.1 billion. As the NY Times reports, Penson is claiming that the 65-story behemoth slated to rise next door to the historic structure has led to the devaluation of his air rights atop the terminal. Penson claims that the de Blasio administration, the City Council and SL Green "deprived him of his property rights when the city gave SL Green permission to build a 1,501-foot tall office tower, without having to buy any air rights from him." By allowing for a tower twice the size of what was zoned for the block "for free" (but really, in exchange for a $220M investment into the subway infrastructure beneath Grand Central), his air rights have been rendered "worthless."
More on the lawsuit here
One Vanderbilt Tower Receives Unanimous Approval from City Council
May 27, 2015

One Vanderbilt Tower Receives Unanimous Approval from City Council

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This afternoon, SL Green's One Vanderbilt tower received the ultimate green light from the New York City Council, as members voted unanimously in favor of both the construction of the new 1,501-foot tall office building and the rezoning of a five-block stretch of Vanderbilt Avenue (the Vanderbilt Corridor) that would bring with it significant infrastructural upgrades to the area's public transportation. The vote was the last hurdle for the development and is a critical step in the rezoning of a greater area of Midtown East.
Find out more here
One-Third of 220 Central Park South Sold; One Vanderbilt Moves Forward with Full City Support
May 5, 2015

One-Third of 220 Central Park South Sold; One Vanderbilt Moves Forward with Full City Support

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After just six weeks, one-third ($1.1B) of 220 Central Park West has been sold. “Acceptance by brokers and buyers has been extraordinary and unprecedented.” [TRD] One Vanderbilt is well on its way to becoming a reality. This morning SL Green cleared its final major hurdle, receiving approval, with some amendments, by a key City Council subcommittee. [Crain’s] Philip […]

A Massive Modern Tower Could Sprout Next Door to Controversial One Vanderbilt

Image: One Vanderbilt via SL Green/KPF

March 4, 2015

A Massive Modern Tower Could Sprout Next Door to Controversial One Vanderbilt

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Foes of One Vanderbilt could soon find themselves with choice words for a new supertall enemy on the rise in the Midtown corridor. The Post reports that developer Howard Milstein is now looking to design and develop a brand new tower at 335 Madison Avenue. Millstein’s move takes advantage of the new Vanderbilt corridor zoning that would […]

Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights
February 5, 2015

Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights

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Discord around the construction of One Vanderbilt continues to grow, and the latest contender to enter the ring is Harvard Law professor, "liberal constitutional scholar" and President Barack Obama's former educator, Laurence H. Tribe. Grand Central owner Andrew Penson has tapped the big-time lawyer to battle the city in his fight against the 1,514-foot supertall, according to The New York Times. Yesterday, with Tribe in tow, Penson went head-to-head—yet again—with the tower's developer SL Green at the City Planning Commission hearing. The meeting got as heated as one would expect, and "unconstitutional" and "ridiculous" were just a couple of the words thrown around.
Find out more here
Gale Brewer Shows Support for One Vanderbilt, Negotiates Even More Public Improvements
January 30, 2015

Gale Brewer Shows Support for One Vanderbilt, Negotiates Even More Public Improvements

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Gale Brewer is no shrinking violet when it comes to city planning, and having her on your side is never a bad thing. The borough president of Manhattan has just come out as a full-fledged supporter of not only Midtown East's rezoning, but more notably, One Vanderbilt, the controversial 1,514-foot supertall slated to pop up right next door to Grand Central. Curbed reports that Brewer coupled her approval with an announcement that her office negotiated a slew of additional community benefits from developer SL Green—the developer that has already put up $210 million for the improvement of Grand Central’s subway station.
More on what's included in the plan
EVENT: Is the Vanderbilt Corridor the Future of East Midtown?
January 12, 2015

EVENT: Is the Vanderbilt Corridor the Future of East Midtown?

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The proposed East Midtown Rezoning has been a hotly debated issue over the past few years. First introduced by Mayor Bloomberg, and backed by Mayor de Blasio, the rezoning would allow developers to build larger and taller than the current Grand Central Terminal district zoning allows in exchange for financial contributions to the area's infrastructure needs. The Department of City Planning feels the rezoning would ensure that the area maintains its spot as a global business center, but others think it would forever ruin the historic nature of the neighborhood. One of the most major components of the project is One Vanderbilt, a 68-story, 1,514-foot zigzag tower that will stand adjacent to Grand Central. Along with the building comes a reconfiguration of the Vanderbilt Corridor, the streetscape around the Terminal. A panel discussion at the Museum of the City of New York on January 20th will examine both the tower and the corridor and what they mean for Midtown East.
More about the event here
Real Estate Wire: Community Boards Not Happy with One Vanderbilt; Condos on the Rise in Long Island City
December 23, 2014

Real Estate Wire: Community Boards Not Happy with One Vanderbilt; Condos on the Rise in Long Island City

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Manhattan Community Boards 5 and 6 want to redesign SL Green’s 67-story One Vanderbilt tower. [NYP] Fresh Direct breaks ground for its South Bronx headquarters, but locals protest that it will further damage the area’s air quality. [NYT] An opinion on why the proposed megatower on the pier would ruin the South Street Seaport. [NY Mag] Long Island […]

One Vanderbilt: New Images of Midtown East’s Zigzag Supertower
November 17, 2014

One Vanderbilt: New Images of Midtown East’s Zigzag Supertower

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Recently at the Municipal Art Society's 2014 Summit for NYC, James von Klemperer, FAIA , a principal at Kohn Pederson Fox & Associates, briefed the audience with new details on the architecture firm's upcoming supertall project known as One Vanderbilt. In case you haven't been paying attention, the 68-story, 1,514-foot zigzag building is expected to become the tallest office tower in Midtown and third tallest in the city behind One World Trade Center (1,776 feet to spire tip) and Extell's Nordstrom Tower (1,775 feet to spire tip).
Check out all the new images of the supertall tower here
Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified
October 20, 2014

Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified

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Forest City Enterprises is putting its 55% stake in Barclays up for sale. [Brooklyn Eagle] The Department of City Planning certified a five-block rezoning application today for a stretch of Vanderbilt Avenue near Grand Central Terminal that includes SL Green’s One Vanderbilt tower. [CO] Mayor Bill de Blasio has rejected JPMorgan Chase’s request for $1B in […]

75% of Grand Central’s $210M Renovation Money Will Go to the 4, 5, 6 Trains
October 15, 2014

75% of Grand Central’s $210M Renovation Money Will Go to the 4, 5, 6 Trains

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New York City's most taxed line is about to get a sizable cash infusion. Of the $210 million that developer SL Green Realty has budgeted for improving Grand Central's subway station for the green light to construct a 65-story office tower next door, more than 75% will go toward the Lexington Avenue line, Crain's reports. Yesterday, a 63-page study was delivered to Manhattan's Community Board 5 and to transportation advocates who have called for Midtown East's rezoning to include improvements to transportation infrastructure to meet current demand as well as the influx of nearly 16,000 workers as new lines are drawn. So where exactly will the money go?
Where will the money will go?
REVEALED: Skyline Views of KPF’s One Vanderbilt Near Grand Central
September 19, 2014

REVEALED: Skyline Views of KPF’s One Vanderbilt Near Grand Central

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We've been keeping a close eye on One Vanderbilt, SL Green's new 65-story office tower planned for the entire block west of Grand Central and north of East 42nd Street. Designed by Kohn Pedersen Fox, it will be the second-tallest building in the city when completed. Now, Yimby has hot-off-the-press skyline views of One Vanderbilt from KPF, and the newest NYC supertall certainly stands out amongst the nearby Empire State Building and Chrysler Building.
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REVEALED: $210 Million Upgrade for Grand Central’s Subway Station As Part of One Vanderbilt Tower
September 9, 2014

REVEALED: $210 Million Upgrade for Grand Central’s Subway Station As Part of One Vanderbilt Tower

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As part of a five-year, $210 million plan to significantly upgrade Grand Central's subway station, developer SL Green hopes to install new staircases to the train platforms, two new street-level entrances and a refurbished mezzanine level, and a 4,000-square-foot ground-level commuter waiting area. The improvements were conceived in conjunction with the MTA and the de Blasio administration earlier this year as the first component of the Midtown East Rezoning project. The transit upgrades must all be completed before tenants can occupy One Vanderbilt (planned for completion in January 2020), SL Green's new 65-story office tower planned for the entire block west of Grand Central and north of East 42nd Street. Designed by Kohn Pederson Fox, the tower will be the second-tallest building in the city when completed.
More on the upgrades ahead
Landmarks Deems S.L. Green’s One Vanderbilt Tower ‘Appropriate’ for Its Grand Central Site, Others Not Happy
July 22, 2014

Landmarks Deems S.L. Green’s One Vanderbilt Tower ‘Appropriate’ for Its Grand Central Site, Others Not Happy

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The New York City Landmarks Preservation Commission held a hearing today on a proposal by S.L. Green to build a huge tower on the northwest corner of Vanderbilt Avenue and 42nd Street directly across from Grand Central Terminal. The proposal before the commission was an application for a “certificate of appropriateness” for a transfer of air rights from the former Bowery Savings Bank Building at 110 East 42nd Street between Park and Lexington Avenues. The developers of S.L. Green made their moves by wooing Landmarks with renderings of Kohn Pedersen Fox-designed tower which would be 1,350 feet tall not counting a 100-foot-high spire—this is significantly higher than the Chrysler Building on the northeast corner of Lexington Avenue and 42nd Street and higher than all the supertalls in construction or planned for 57th Street.
Reactions from the hearing this way
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