Proposed project from Vornado and Rudin calls for 1,450-foot tower in Midtown East

Posted On Mon, May 6, 2019 By

Posted On Mon, May 6, 2019 By In Major Developments, Midtown East

Via Vornado Realty Trust and Rudin Management Company

A tentative joint venture between two developers could bring another supertall to Midtown East. Vornado Realty Trust and Rudin Management Company may team up to develop a 1,450-foot office tower at 350 Park Avenue, the Real Deal reported Friday. A leaked brochure for the potential project includes renderings of the proposed tower, revealing a glassy building with a series of setbacks that would allow for outdoor terraces and floorplates of various sizes.

350 Park Avenue, Vornado, Rudin Management

350 Park Avenue, Vornado, Rudin Management

According to the brochure, 350 Park Avenue would offer 1.68 million square feet of office space across 70 stories, with more than 50,000 square feet of amenity space for tenants. Amenities listed include an executive porte-cochere, outdoor terraces, arts club, fitness center, auditorium, an “all day” and fine dining area, and a sky bar on the 53rd floor.

And views remain unobstructed because of the many landmarked buildings surrounding the site. The brochure reads: “While tall buildings may rise elsewhere in East Midtown, the presence of nearby landmarks guarantees both the existing views and a premier place in the skyline.”

350 Park Avenue, Vornado, Rudin Management

The project would require the demolition of Vornado’s building at 51st and 52nd Street and Rudin’s at 40 East 52nd Street, the New York Post reported last month.

The plan laid out by the developers is just a proposal, as no permits have been filed with the city’s Department of Buildings. Vornado and Rudin would not comment specifically on the proposal, but a person familiar with the proposal told 6sqft that the plan is just one option of many available to each. The developers could also decide to redevelop their properties separately, according to The Real Deal.

The office skyscraper would be the latest proposed under the Midtown East rezoning, which the city passed in August 2017. The updated zoning code clears the way for 6.5 million square feet of office space in 78 blocks around Grand Central Terminal, allowing for denser development and for developers to build a higher floor area ratio.

The rezoning has allowed for JPMorgan Chase to demolish its current headquarters at 270 Park Avenue (the Natalie de Blois-designed Carbide Building) to build a tower that would likely be more than 1,200 feet tall. TF Cornerstone plans to take advantage of the zoning changes, announcing earlier this year plans to purchase and raze the Grand Hyatt building next to Grand Central to make way for an office tower.

And SL Green’s One Vanderbilt is rising in the area, with the 1,401-foot skyscraper expected to be completed in 2020.

[Via The Real Deal]

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Renderings via Vornado Realty Trust and Rudin Management Company

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Neighborhoods : Midtown East

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