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
Today’s real estate news highlights:
- Conversions, condos, rising land prices, and, of course, more coffee shops. It looks like Crown Heights is “having a moment” as Brooklyn’s new “it” neighborhood. [New York Times]
- Oh, it looks like East New York’s moment has arrived as well — though this change has a bit more substance. Under the Mayor Deblasio’s new initiative, City Planning Commission Chairman Carl Weisbrod aims to spur a renaissance by rezoning the area to suit “thousands of residential units ringed by mixed-use corridors and bisected by a reimagined Atlantic Avenue”. [Crain’s]
- Ben Shaoul, the head of Magnum Real Estate Group, is in contract for the hotly sought after 199-unit Post Toscana and the 138-unit Post Luminaria rental buildings. Broken down Shaoul is paying about $800K a unit. He plans to turn the two buildings into condos. [NY Post]
- Time Equities launches sales at its 64-story luxury residential tower at 50 West Street and Rector Street. Prices per unit start at about $1.6M. [The Real Deal]
- James von Klemperer, a principal at Kohn Pedersen Fox Associates, says that the new tower designed for 1 Vanderbilt will “unbury views of Grand Central”. The 1,300-foot structure will mostly be made of a low-iron super clear glass, similar to what was used for the Fifth Avenue Apple cube. Other design details include indoor greenery, art spaces, and diagonal shapes of double-glazed terracotta for a lustrous look that references the masonry walls found in Grand Central. [DNA Info]
- After two previous attempts to build a $100 million project at the Brooklyn Navy Yard, the industrial park’s manager has issued another request for proposals to develop the 6-acre site and a smaller neighboring area that would host a supermarket and space for industrial and office use. [Crain’s]
1 Vanderbilt (left); Crown Heights (right)