midtown east rezoning

Midtown East, Policy

Via Flickr

The New York City Council on Wednesday approved the first supertall to be constructed under the Midtown East rezoning. JPMorgan Chase will build a new 70-story headquarters at the site of its current offices at 270 Park Avenue. The rezoning, adopted by the city in 2017, affects more than 70 blocks around Grand Central Terminal and encourages the construction of taller, more modern office towers in the neighborhood. Designed by Norman Foster’s Foster + Partners, the 1,400-foot building is set to become one of the tallest structures in the city and the tallest office building by roof height.  More here

Major Developments, Midtown East

350 Park Avenue, Vornado, Rudin Management

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.

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Midtown East, New Developments

Grand Hyatt, midtown east rezoning, TF cornerstone, midtown east, donald trump, grand hyatt, new developments, grand central terminal,

Image: Jennifer Rotner via Flickr.

Developer TF Cornerstone and investment firm MSD Partners have announced plans to purchase and tear down the Grand Hyatt building adjacent to Grand Central Terminal, the Wall Street Journal reports. The hotel brand will eventually return to the site in a form different from the smoked glass-clad building that was Donald Trump’s first major Manhattan development. In its place will rise a mixed-use project that includes 2 million square feet of high-octane office space. The planned development is one of four new towers in the works as a result of a 2017 Midtown East rezoning aimed at encouraging new office buildings as well as infrastructure improvements in the east side business district.

The times they are a-changin’ in East Midtown

Midtown East, New Developments, Starchitecture

Via MikePScott’s Flickr

JPMorgan Chase has tapped starchitect Norman Foster to design its new 2.5 million-square-foot headquarters at 270 Park Avenue, as first reported by Bloomberg. The new 70-story tower would replace the bank’s current offices, located in the Union Carbide building. Foster + Partners designed the nearby office tower at 425 Park Avenue, as well as Apple’s spaceship-like headquarters in California.

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Midtown East

Greenacre Park, Midtown Manhattan, Midtown East rezoning

Via Terry Tynes on Flickr (CC)

Greenacre Park, a famed vest pocket park in Midtown, was added last week to the National Registry of Historic Places. Measuring just over 6,300 square feet, the tiny three-level park features a dramatic 25-foot-high waterfall in the middle of Second and Third Avenues on East 51st Street. “This beautiful park delivers a connection that builds social bonds with family, friends and community and I congratulate the Greenacre Foundation on this national recognition,” Rose Harvey, commissioner of NYS Office of Parks, Recreation and Historic Preservation, said.

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Midtown East, Policy

st patrick's, st patrick's cathedral, nyc landmarks

Image via Wikimedia

In March, the Archdiocese of New York reached a deal to sell 30,000 square feet of development rights from St. Patrick’s Cathedral to MRP Realty and Deutsche Bank, the owners of 405 Park Avenue in Midtown East. But, as Crain’s reported on Thursday, an exclusive men-only club has undercut the Archdiocese by offering the developers the deal at a lower price. The Brook, known for its billionaire clientele, will sell its air rights over its property at 111 East 54th Street to the owners of 405 Park Avenue. The owners plan to use the air rights to add four new floors to the 17-story property, a high-end office building.

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Midtown East, Policy, real estate trends

st patrick's, st patrick's cathedral, nyc landmarks

St Patrick’s Cathedral via Wikimedia

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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Major Developments, Midtown East, New Developments

270 Park Avenue via MikePScott’s Flickr

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.

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Major Developments, Midtown East, Policy

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

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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Midtown East, Policy

east midtown, rezoning, midtown manhttan

Conceptual image depicting all of the proposed sites of the East Midtown rezoning fully built out, via CityRealty

After five years, the City Council approved a rezoning for Manhattan’s Midtown East on Wednesday, by a 42-0 vote. The proposal will rezone roughly 78 blocks, running from East 39th Street to East 57th Street and from Third Avenue to Madison Avenue, clearing the way for 6.5 million square feet of office space in the area. A new updated zoning code is expected to incentivize new, dense development, allowing Midtown to compete with other booming business districts in the borough like Hudson Yards and the Financial District. As the New York Times reported, this change which lets developers build to a higher floor area ratio could result in new supertall towers.

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