L&L Holding Company

Design, Policy

L&L Holding Companies, 390 Madison Avenue, Rooftop Terrace

Rendering of L&L Holding Company’s planned rooftop terrace at 390 Madison Avenue

Update 7/31/17: The Post reports that the DOB recently sent landlords a draft memo clarifying that, aside from minor details, terraces are allowed “as open passive recreation space.” 

To give workers a comfortable and conducive work space, some companies have outfitted their offices with amenities like on-site fitness centers, free coffee and outdoor space. However, the city’s Department of Buildings has launched a campaign to stop or delay these rooftop terraces on office towers, claiming the spaces can only be used for plants, not people. As the New York Post reported, DOB may not approve office terrace plans and may even rescind already approved plans.

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Midtown East, real estate trends

view of metlife building from the south on park avenue

Park Avenue has for decades been the office district of choice for many of the city’s high-profile–and high-rent–corporations. But a recent Crain’s article points to impending departures–such as the decision of investment firm Black Rock to decamp for new space in Hudson Yards or the World Trade Center, raising the question of whether the avenue’s biggest office zone, from East 45th to East 59th streets, is falling out of favor with big-ticket business tenants.

The city’s office market is, without a doubt, changing. Industries like tech are growing and the financial industry is consolidating and in some cases downsizing its office space. The neighborhood, which charges the city’s highest average rents, has been slow to catch up with the needs of new office tenants.

People moving out, people moving in

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