Midtown East

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Google Street View of 666 Fifth Avenue

April 9, 2018

Vornado says it reached a deal with Kushner Cos. to sell 666 Fifth Avenue stake

Update 4/9/18: Vornado announced on Friday that it reached a "handshake" deal to sell its stake at 666 Fifth Avenue back to the Kushner Cos, according to the New York Times. It remains unclear if the Kushners have found a new partner. Steven Roth, chairman of Vornado, in the filing, said the payment would cover the company's investment: "The existing loan will be repaid including payment to us of the portion of the debt we hold." Kushner Cos. said this week it is in talks to buy the remaining 49.5 percent stake in 666 Fifth Avenue from Vornado Realty Trust, furthering the drama at the 41-story Midtown Manhattan office building, according to the Wall Street Journal. The tower has remained one of Kushner Cos. most financially troubled projects. In addition to its debt and high rates of vacancy, the building has been mired in controversy, mostly due to Jared Kushner's role as a senior adviser and son-in-law to President Donald Trump. While Jared divested in the property to avoid conflicts of interest, investors have been reluctant from entering a deal with Kushner Cos.
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Policy

Richard Meier’s East side master plan moving ahead with three condos and biotech offices

Rendering courtesy of Richard Meier & Partners / Solow / BloomImages

April 9, 2018

Richard Meier’s East side master plan moving ahead with three condos and biotech offices

By Annie Doge

Across the street from Richard Meier’s nearly-complete new black glassy-facaded condo/rental tower at 685 First Avenue (known as 685 First), between First Avenue and the East River, a boarded-up construction site has remained quiet for the better part of a decade. Now, Curbed reports, the site’s developer, Solow Building Company, headed by Sheldon H. Solow, 89, and son Stefan Soloviev, confirms the site's awakening and imminent transformation into three condominium buildings and a fourth building, to be a biotech office, using the 2012 master plan penned by Meier's architecture firm.
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Design contest winner would turn Park Avenue into a concert venue and basketball court

Rendering of “Park Park” courtesy of Maison

March 14, 2018

Design contest winner would turn Park Avenue into a concert venue and basketball court

By Dana Schulz

Last month, Fisher Brothers unveiled the 17 finalists for its “Beyond the Centerline” design competition, a call for creative and ambitious ideas for how to transform Park Avenue's traffic medians between 46th and 57th Streets. Proposals called for everything from an Alpine mountain to a High Line-esque walkway to a massive aquarium, but in the end, it was the "Park Park" entry that the jury selected as the winner. This proposal, courtesy of Ben Meade, Anthony Stahl, and Alexia Beghi of design firm Maison, transforms the iconic thoroughfare via a series of raised platforms that hold a concert space, art galleries, gardens, a restaurant, and a basketball court, "intended to inject new energy into the currently staid Park Avenue landscape."
More details and the runner up

Architecture And Design

St. Patrick’s Cathedral to get $7.2M from sale of air rights under Midtown East rezoning

St Patrick’s Cathedral via Wikimedia

March 2, 2018

St. Patrick’s Cathedral to get $7.2M from sale of air rights under Midtown East rezoning

By Devin Gannon

Editor's Note: The owners of 405 Park Avenue are set to buy the development rights from St. Patrick's Cathedral, the Real Deal reports. MRP Realty and Deutsche Bank Asset Management will add four floors and 205,000 square feet of office space to their existing building. JPMorgan Chase and Mayor Bill de Blasio announced last week plans for the first project under the city's Midtown East rezoning: a 70-story tower to replace its old offices at the same Park Avenue site. And with the Archdiocese of New York this week reaching a tentative deal to sell 30,000 square feet of development rights from St. Patrick's Cathedral, the second project under the new rezoning could quickly follow. According to Crain's, if the sale happens the Archdiocese could pick up at least $7.2 million in air rights.
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You can buy a $14,000 mantle and more salvaged items from the Waldorf Astoria

Photo via Wikimedia; Auction images via Olde Good Things

March 1, 2018

You can buy a $14,000 mantle and more salvaged items from the Waldorf Astoria

By Michelle Cohen

As 6sqft recently reported, ownership of the iconic Waldorf Astoria was among the properties involved when the Chinese government temporarily took over the debt-ridden Beijing-based Anbang Insurance Group, a firm known for snatching up prominent and expensive properties around the world. There has long been speculation about a condominium project in the works, and Bloomberg reports that the project is moving forward. Signs of change: Effects from the building's guest suites have been carted off by Scranton, Pennsylvania-based architectural salvage purveyor Olde Good Things, who is already is selling pieces of the storied hotel on its website.
See what's for sale

Events & Things To Do

New construction photos show One Vanderbilt’s 1,401-foot ascent

Photo courtesy of Max Touhey

February 28, 2018

New construction photos show One Vanderbilt’s 1,401-foot ascent

By Devin Gannon

After beginning its vertical construction last June, One Vanderbilt's progress shows no signs of slowing. According to SL Green, the supertall is currently rising two floors per month and after the 13th floor is completed, three floors will be installed every month. The planned 1,401-foot tower, which will become the city's second tallest skyscraper when completed, will measure over one million square feet. In addition to the above-ground construction, the project includes $220 million in public transit improvements as well as a passageway for direct access to the subway.
See it here

February 27, 2018

Finalists for Park Avenue design contest propose an artificial mountain and a river for kayak commutes

By Devin Gannon

Fisher Brothers unveiled on Tuesday the 17 finalists chosen for its "Beyond the Centerline" design competition after receiving more than 150 submissions. Participants were asked to think of creative and ambitious ideas to transform the traffic medians along Park Avenue between 46th and 57th Streets. The finalists did not disappoint. Proposals call for an Alpine mountain, a massive aquarium, floating gardens, mini-golf, an elevated walkway and more. Although a jury will select the grand prize winner, all 17 proposals will be on display for public voting at Park Avenue Plaza, located at 55 East 52nd Street, from March 5 to March 9 for the second-place prize. Below, check out all of the unique projects.
See the ambitious ideas

Architecture And Design

Highly elegant and highly classified: The history of espionage at the St. Regis

Photo via Wally Gobetz/Flickr

February 26, 2018

Highly elegant and highly classified: The history of espionage at the St. Regis

By Lucie Levine

You know that Old King Cole had a pipe and bowl, but did you know he also had a cloak and dagger? New York’s hyper-illustrious St. Regis Hotel, home to the famous King Cole Bar, has a clandestine pedigree that goes straight to its core. Founded by a family of spies, the Hotel became headquarters for the nation’s wartime spy service, and in the process helped inspire not only the Bloody Mary cocktail but also the Invasion of North Africa.
Read on for the history of Midtown’s preeminent spy den

The Chinese government now owns the Waldorf Astoria

Photo via Wikimedia

February 23, 2018

The Chinese government now owns the Waldorf Astoria

By Devin Gannon

The Chinese government has taken control over debt-ridden Anbang Insurance Group, a Beijing-based firm known for snatching up prominent properties around the world for billions of dollars. One of those high-profile properties includes New York City's iconic Waldorf Astoria, which the group purchased for $1.95 billion in 2014. According to the New York Times, the government takeover comes after Abang violated regulations, although the exact violations committed are unclear so far. Anbang will be overseen for one year by a group that includes China's central bank, the country's securities and banking regulator, the regular of foreign exchanges and other government agencies.
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Events & Things To Do

Soon to be largest deliberately demolished tower ever, 270 Park Avenue proposal faces backlash

270 Park Avenue via MikePScott’s Flickr

February 22, 2018

Soon to be largest deliberately demolished tower ever, 270 Park Avenue proposal faces backlash

By Devin Gannon

Plans to replace JPMorgan Chase's current headquarters at 270 Park Avenue with a much taller tower at the same site is facing opposition from architecture and preservation buffs, shortly after the proposal was announced. Not only will the project become the largest intentionally demolished building in history, as YIMBY reported, the landmark-worthy Union Carbide Building was also designed in 1960 by Natalie de Blois, a pioneer of American architecture and one of the few female senior designers at that time. As the first project under the Midtown East rezoning, JPMorgan Chase's existing 700-foot tall structure will be bulldozed to make way for a tower that will most likely be over 1,200 feet tall.
More this way

New 70-story JPMorgan Chase tower will be the first project under Midtown East rezoning

A model of what the future 270 Park Ave building might look like via CityRealty

February 21, 2018

New 70-story JPMorgan Chase tower will be the first project under Midtown East rezoning

By Devin Gannon

Mayor Bill de Blasio and JPMorgan Chase announced on Wednesday plans to build a new 70-story world headquarters at the site of the bank's current offices at 270 Park Avenue, the first project under the East Midtown Rezoning plan. Approved by the City Council in August, the rezoning affects 78 blocks running from East 39th Street to East 57th Street and from Third Avenue to Madison Avenue. The updated zoning code is expected to clear the way for 6.5 million square feet of modern office space and allow for taller buildings. JPMorgan Chase's new building will have enough room for about 15,000 employees, compared to the old building's capacity of just 3,500 employees.
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Empire State Building looking for tenants to fill 50,000 square feet of retail space

Photo via Wikimedia

February 2, 2018

Empire State Building looking for tenants to fill 50,000 square feet of retail space

By Devin Gannon

The landlords of New York City's most iconic skyscraper are looking to fill 50,000 square feet of retail space by 2020, even as brick-and-mortar businesses in Manhattan have struggled to stay open. According to Bloomberg, owners of the Empire State Building are marketing the tower's ground-floor, concourse and second-floor real estate, as the building undergoes a retail renovation for the first time since opening in 1931. Plus, the tower's observatory entrance will be moved from Fifth Avenue to 34th Street.
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Real Estate Trends

How the Manhattan neighborhood of Turtle Bay got its name

Turtle Bay and Blackwell’s Island around 1840 at the foot of what now is 49th Street, courtesy the Turtle Bay Association

January 26, 2018

How the Manhattan neighborhood of Turtle Bay got its name

By Emily Nonko

The Manhattan neighborhood of Turtle Bay, a stretch of Midtown East that holds everything from skyscrapers to brownstones, has a history dating back to 1639. Modern-day New Yorkers might envision the area got its name from "hundreds of turtles sunning themselves on the rocks along the East River between 45th and 48th Streets," as Ephemeral New York puts it. Back then, that's where an actual bay was once located in Colonial-era Manhattan, surrounded by meadows, hills and a stream that emptied at the foot of today’s 47th Street. Some historians do think actual turtles lent to the neighborhood name, as they were plentiful in Manhattan at the time and were commonly dined on. But another reading of history suggests otherwise.
The name may have been a mistake

History

January 18, 2018

$329K Tudor City studio packs a punch with charming prewar details

By Emily Nonko

Tudor City, the Turtle Bay apartment complex built in the 1920s, is known for its tiny, affordably priced apartments. This one comes from 45 Tudor City Place, which holds a whopping 403 units over 25 stories. Despite the small space, there are charming interior details, like dark hardwood flooring and beamed ceilings, and the owner has added some extra touches to maximize space. It's now on the market asking $329,000 after selling in 2006 for $280,000.
Head inside

Distinctive Homes

December 28, 2017

Sen. Jacob Javits’ former Sutton Place co-op sells for $4.4M

By Devin Gannon

After first hitting the market in June for roughly $5.2 million, the former Sutton Place home of influential New York senator, Jacob Javits and his wife Marian, has found a buyer. Last listed for $4.35 million, the three-bedroom co-op at 322 East 57th Street was designed in 1933 by Joseph Urban, an architect known for his Art Deco style. According to the New York Post, Javits entertained socialites and political players, like Henry Kissinger, in his spacious 3,300 square foot duplex.
Check out the glass cube

December 27, 2017

Greta Garbo fans buy the actress’ longtime Sutton Place co-op for $2.5M over ask

By Dana Schulz

This sprawling three-bedroom at the exclusive Sutton Place co-op The Campanile may have a private location, incredible East River views, and old-world details such as wall-to-wall pine wood paneling, working fireplaces, and tons of built-ins, but it was its longtime resident who encited a bidding war. Mansion Global reports that Greta Garbo's longtime home (she lived there from 1954 until her death in 1990) has sold for $8.5 million, 43 percent higher than the $5.95 million it listed for back in March. The late actress' great-nephew Craig Reisfield said the buyers have “a reverence for my great aunt” and added that he anticipates them being "great stewards" of the home that's very much intact from Garbo's days.
See the high-end apartment here

December 13, 2017

Soho style arrives at this dreamy Turtle Bay loft asking $999K

By Emily Nonko

You wouldn't necessarily expect an artist loft up for sale in Turtle Bay, but here's one asking just a hair under $1 million at the Turtle Bay Towers condop complex. The open floorplan was renovated in the style of a Soho loft, according to the listing, but you get all the conveniences of being in East Midtown. After its renovation the space saw a big price jump in just a few years--it was asking $689,000 in 2012 before selling for $649,000.
Head inside

Distinctive Homes

December 6, 2017

A six-story apartment with a townhouse feel asks $9.5M in Sutton Place

By Emily Nonko

It's not every day a six-story apartment hits the market in New York--and it feels like a bonafide townhouse within the new Sutton Place condo 441 East 57th Street. The four-bedroom pad, with a sprawling 5,550 square feet, has hit the market for $9.5 million. (After last selling in 2010 for $9.4 million, it's struggled on the market, asking everything between $13 and $9.499 million.) On top of tons of custom interior details, floor-to-ceiling glass doors open to a private 500-square-foot deck with all the outdoor perks.
Check it out

Distinctive Homes

Construction halted at 800-foot Sutton Place tower after City Council approves rezoning

The original rendering of 3 Sutton Place by Foster + Partners

December 1, 2017

Construction halted at 800-foot Sutton Place tower after City Council approves rezoning

By Devin Gannon

Gamma Real Estate will stop work on Sutton 58, a proposed 800-foot-tall residential tower at 3 Sutton Place, after the New York City Council voted on Thursday to rezone 10 blocks on the Upper East Side. According to The Real Deal, the rezoning requires properties between 51st and 59th Streets east of First Avenue to follow ‘tower-on-a-base” rules, meaning 45 to 50 percent of the building must be built below 150 feet. This drastically changes the developer's plan for a soaring skyscraper and also caps the height of future buildings.
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Policy

City Planning gives the go ahead for controversial 800-foot Sutton Place tower

The original rendering of 3 Sutton Place by Foster + Partners

November 16, 2017

City Planning gives the go ahead for controversial 800-foot Sutton Place tower

By Devin Gannon

The City Planning Commission approved a resident-proposed plan to curb the development of supertall, skinny towers in Sutton Place on Wednesday, capping the height of future buildings. However, because of a clause inserted by the commission, projects already under construction will be grandfathered into the current zoning rules. This comes as good news for Gamma Real Estate, the developer currently constructing an 800-foot-tall residential tower, now called Sutton 58, at 3 Sutton Place. Gamma needs to finish the foundation planned for their luxury condominium tower before the city votes on the rezoning proposal, to be immune from new height restrictions (h/t Crain's).
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Waldorf Astoria will lose 1,000 hotel rooms in renovation

Photo via Wiki Commons

November 13, 2017

Waldorf Astoria will lose 1,000 hotel rooms in renovation

By Emily Nonko

In the coming weeks, the renovation of the Waldorf Astoria Hotel will finally begin--a three-year process to convert much of the building to luxury condos. Hilton Worldwide Holdings, who had owned the landmark since 1972, agreed in 2014 to sell the 1,413-room hotel to Beijing-based financial and insurance company Anbang Insurance Group for $1.95 billion. Since then, the interior was landmarked, Skidmore, Owings & Merrill was tapped to design the project, and the building closed to begin work. Now the New York Post reports that post reno, the Waldorf will only hold 350 hotel rooms--a number that's "at the low end of recent estimates and much smaller than the number former Waldorf owner Hilton had expected," according to the paper.
It's caused some tension

Photo of Trump Tower via Krystal T’s Flickr

November 10, 2017

Trump Tower prices slide since 2015 presidential campaign

By Michelle Cohen

Sales prices at the tony Midtown condo building at 721 Fifth Avenue have dropped sharply since Donald Trump began his presidential campaign, according to the Wall Street Journal. The median sale price and average price per square foot are down since 2015 and are now reaching the lows experienced during the last financial crisis. Brokers aren't exactly sure whether the "Trump effect" has caused the slump–including issues specific to the tower such as heightened security, protests, and a general antipathy toward all things Trump–or it's part of an overall softening of the luxury condo market.
Is it the Curse of Trump?

Real Estate Trends

Robert A.M. Stern joins fight against Snøhetta’s plan to renovate Philip Johnson’s AT&T Building

Photo of the protest courtesy of Nathan Eddy

November 6, 2017

Robert A.M. Stern joins fight against Snøhetta’s plan to renovate Philip Johnson’s AT&T Building

By Devin Gannon

After Olayan America and Chelsfield revealed plans last week for a $300 million renovation of the building at 550 Madison Avenue, known as the AT&T Building, criticism quickly followed. Members of the architecture community, including New York architect Robert A.M. Stern, rallied together last Friday at the base of the Philip Johnson-designed skyscraper, to protest Snøhetta's proposal to replace the building's base with a scalloped glass front (h/t Dezeen). Protestors held signs that read "Hands off my Johnson," "Save the Stone," and "Save AT&T." Plus, a petition is currently being circulated on Change.org in an attempt to preserve Johnson's iconic AT&T Building by having the New York City Landmarks Preservation Commission officially designate it as a city landmark.
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November 1, 2017

One Vanderbilt’s outdoor observation deck may tie for highest in NYC

By Dana Schulz

Nearly a year ago, developer SL Green confirmed that their 1,401-foot supertall One Vanderbilt, set to be the city's second tallest building behind One World Trade Center, would boast a 1,020-foot observation deck, which would have made it the third-highest indoor-outdoor observatory in the city after the forthcoming 1,100-foot deck at 30 Hudson Yards and the 1,050-foot deck at the Empire State Building (One World Observatory is at 1,250 feet, but it’s not outdoors). However, new details and diagrams uncovered by NY Yimby show that it may actually stand at 1,100 feet, tying for the city's highest.
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Snøhetta tapped as lead architect for $300M Sony Building restoration

Rendering of 550 Madison Avenue, via DBOX/ Snøhetta

October 30, 2017

Snøhetta tapped as lead architect for $300M Sony Building restoration

By Devin Gannon

Over the last few years, plans to refurbish the former headquarters of AT&T and Sony Building at 550 Madison Avenue have come and gone, including a proposal to convert the upper floors into luxury condos designed by Robert A.M. Stern. Now, with those plans long abandoned, Olayan America and Chelsfield revealed plans on Monday for a $300 million renovation of the tower, modernizing the lower levels of the building with high-quality amenities and a sprawling 21,000-square-foot public garden. With Snøhetta as lead architect, the renovation will be the first major project in East Midtown since its revitalization plan was approved earlier this year.
See the new design

Architecture And Design

Photo courtesy of the UN

October 24, 2017

The history of the United Nations in NYC

By Devin Gannon

Every year on October 24th, 193 countries celebrate United Nations Day, the international holiday commemorating the anniversary of the ratification of the 1945 UN Charter. Beginning in 1948, the holiday is part of a broader United Nations Week, which runs from October 20th to 26th. While the day is a global holiday, the UN and UN Day continue to be unique to New York City, home to the peacekeeping organization’s headquarters since 1952.
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A previous rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

October 16, 2017

Kushner Companies’ plan for extensive renovations at 666 Fifth Avenue rejected by Vornado

By Devin Gannon

Instead of the 41-story Midtown tower becoming an 80-story office building with hotel rooms and luxury housing, 666 Fifth Avenue will now get a much more simple upgrade. According to Bloomberg, Vornado Realty Trust, the project’s partner alongside Kushner Companies, told brokers the property will remain an office building, with“mundane” renovations planned. As one of the most financially troubled developments for Kushner Cos., the Fifth Ave project has been losing money since its purchase was first coordinated by Jared Kushner, currently a senior advisor to President Donald Trump, in 2007.
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Policy

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