One of the city’s most pivotal new office towers is approaching its latest milestone. This afternoon, developer SL Green announced that One Vanderbilt, the supertall currently under construction directly adjacent to Grand Central Terminal, will begin its vertical ascent in early May. According to a press release, the 1,401-foot skyscraper’s construction manager, AECOM Tishman, has secured the procurement of more than 25,000 tons of domestically-fabricated structural steel, in addition to a New Building Permit from the New York City Department of Buildings.
There are a number of towers on the rise poised to change the New York City skyline, but few are anticipated to have an impact as significant as One Vanderbilt. Developed by SL Green and designed by Kohn Pedersen Fox (KPF), the glassy supertall will extend an incredible 1,401 feet into the clouds to become the city’s third tallest tower (following One World Trade Center and the in-progress Central Park Tower) while also bringing a staggering 1.7 million square feet of office space to Midtown Manhattan. But beyond its height and girth, this massive development is expected to elevate its surroundings a profound way. Indeed, the enshadowed “iconic but aging” district surrounding Grand Central, long-deprived of public space and life beyond weary commuters, will be turned into a verdant block dedicated to all New Yorkers.
SL Green Realty CEO Marc Holliday said Thursday that the midtown office tower One Vanderbilt is expected to pull in as much as $198 million a year in net operating income when complete in 2020 and fully leased, The Real Deal reports. That figure, in 2028 dollars, likely includes $42 million in admission fees for the building’s planned observation deck and is based on the assumption that the tower will be leased out at an average of $155 per square foot. If realized, that figure would put the 1.7-million-square-foot, 1,401-foot-tall tower in a league with some of the the city’s significantly larger trophy properties.
New details for controversial Midtown East rezoning revealed, plan moves forward with land use review, Wed, January 4, 2017
Plans to rezone Midtown East are few steps closer to reality with the start of the new year. The Department of City Planning has certified a rezoning proposal for the area surrounding Grand Central, and the city kicked off its official land-use review process Tuesday. The next step for the rezoning plans will be the seven-month Uniform Land Use Review Procedure (ULURP), which includes review by community boards 5 and 6, the Manhattan borough president, the City Planning Commission and the City Council. The zoning proposal could add 6.5 million square feet of commercial space to the 73-block district in the form of 16 larger, more modern buildings that would replace old ones, breathing new life into the office zone that New York Post real estate columnist Steve Cuozzo recently referred to as “iconic but declining.”
SL Green, the city’s largest office landlord, “pulled off one of New York’s biggest office deals of 2016” when they secured $1.5 billion in construction financing for their supertall tower One Vanderbilt, which is expected to ultimately cost a whopping $3.14 billion. The developer is now looking to rake in even more dollars off the deal, reports the Wall Street Journal, as they’ve proposed to J.P. Morgan Chase (one of the Syndication Agents in the financing) a swap out where the bank would trade its two headquarters buildings at 383 Madison Avenue and 277 Park Avenue for the recently-under-construction, 1,401-foot office tower.
It’s been almost a year since 6sqft first heard inklings that One Vanderbilt–the city’s second tallest tower–would offer a sky-high observation deck, and now that developer SL Green has secured $1.5 billion in construction financing and broken ground on the 1,401-foot supertall, they’e confirmed that the tower will, in fact, have an sky deck. Bloomberg reports that the viewing platform will be located at the 1,020-foot mark, which will make it the third-highest indoor-outdoor observatory in the city after the forthcoming 1,100-foot deck at 30 Hudson Yards and the Empire State Building’s at 1,050 feet (One World Observatory is at 1,250 feet, but it’s not outdoors).
Yesterday 6sqft brought you a time-lapse video showing an entire Midtown block being demolished to make way for the 1,401-foot supertall One Vanderbilt. Now with a cleared site—plus $1.5 billion in construction financing secured—SL Green is ready to build anew, and Tuesday morning the developer held an official groundbreaking ceremony to mark the momentous occasion.
6sqft recently reported that One Vanderbilt, developer SL Green‘s new Midtown supertall, has secured $1.5 billion in financing, giving the green light to the 1,401-foot-tall, full-block office tower slated to rise at One Vanderbilt Avenue between 42nd and 43rd Streets directly adjacent to Grand Central Terminal. Demolition of a full block of commercial buildings next to Grand Central began a year ago to make way for the tower. Now, YIMBY brings us a time lapse video of the lengthy demolition courtesy of One Vanderbilt’s PR team.
It’s full steam ahead for SL Green‘s new Midtown supertall, One Vanderbilt. Early this morning the developer announced it had closed on $1.5 billion in financing for its 1,401-foot, full-block office tower slated to rise directly adjacent to Grand Central Terminal. As SL Green Managing Director, Robert Schiffer expressed in a statement: “Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline.”
Conceptual image depicting all the proposed sites of the East Midtown rezoning fully built out. Courtesy CityRealty
After Mayor Bloomberg’s failed 2013 attempt, the city has released its long-awaited Midtown East Rezoning plan, a controversial upzoning of the area bound by Madison and Third Avenues and 39th and 50th Streets, which would encourage taller, more modern office towers in an area that many feel is no longer attracting commercial tenants.
According to Crain’s, their proposal, the first step in the formal rezoning process, would allow the tallest buildings around Grand Central, increasing the maximum density by 30 percent. Along Park Avenue and near subway stations north of the Terminal, density would be increased, too. The proposal also will permit owners of landmarked buildings to sell their air rights across the district, rather than just to adjacent properties like the current law dictates.
Last week, a $1.1 billion lawsuit against One Vanderbilt was settled, giving the green light to the 1,401-foot project. Investors at Grand Central Terminal led the suit, claiming that the tower would divest them of the value of their air rights if developer SL Green was was allowed to proceed with construction as it was cleared to do under the controversial Midtown East Rezoning.
Now that it’s been dismissed, NY Yimby reports that excavation work is underway at the site of Midtown’s future tallest tower, at the corner of 42nd Street and Vanderbilt Avenue. And Curbed points out that architecture buffs can stay apprised of construction progress through the building’s new Instagram page.
Another supertall tower will join the $3 billion+ club. The Real Deal reports that SL Green Realty has pegged the cost of One Vanderbilt, Midtown’s future tallest tower, at $3.14 billion. The city’s largest office landlord also said it hopes to close on a $1.5 billion construction loan by the end of the summer, leaving $1.64 in equity needed to complete the 1,401-foot tower designed by Kohn Pedersen Fox.
As TRD notes, One World Trade Center became the world’s most expensive office tower in 2014 when it opened with a final cost of around $3.8 billion. Bjarke Ingels’ planned High Line tower known as the Spiral is also expected to run over $3 billion.
Carter Uncut brings New York City’s latest development news under the critical eye of resident architecture critic Carter B. Horsley. Ahead, Carter brings us his eighth installment of “Skyline Wars,” a series that examines the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. In this post Carter looks at the “stray” supertalls rising in low slung neighborhoods.
Most of the city’s recent supertall developments have occurred in traditional high-rise commercial districts such as the Financial District, the Plaza District, downtown Brooklyn and Long Island City. Some are also sprouting in new districts such as the Hudson Yards in far West Midtown.
There are, however, some isolated “stray” supertalls that are rising up in relatively virgin tall territories, such as next to the Manhattan Bridge on the Lower East Side and Sutton Place.
Carter Uncut brings New York City’s breaking development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter brings us the second installment of nine-part series, “Skyline Wars,” which examines the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. In this post Carter zooms in on Midtown East and the design of One Vanderbilt, the controversial tower that is being pinned as the catalyst for change in an area that has fallen behind in recent decades.
Despite some objections from community boards and local politicians, New York City is moving ahead with the rezoning of East Midtown between Fifth and Third avenues, and 39th and 59th Streets; and earlier this year, the de Blasio administration enacted an important part of the plan, a rezoning of the Vanderbilt Avenue corridor just to the west of Grand Central Terminal. The Vanderbilt Avenue rezoning included approval of a 1,501-foot-high tower at 1 Vanderbilt Avenue on the block bounded by Madison Avenue, 42nd and 43rd Streets. The tapered, glass-clad tower, topped by a spire, is being designed by Kohn Pedersen Fox for SL Green. Mayors Bloomberg and de Blasio have championed the 1 Vanderbilt proposal despite serious concerns voiced by numerous civic organizations over the rezoning scheme that some see as “spot zoning” and the fact that the city has still not finalized nor published its complete rezoning package.
Using air-rights transfers from the Grand Central Terminal area and zoning bonuses for providing $210 million for infrastructure improvements in the area, the tower will significantly alter the midtown skyline, rising several hundred feet above the nearby Chrysler Building and the huge and bulky but lower MetLife Tower straddling Park Avenue just north of Grand Central Terminal. Its 63 stories are several less than the Chrysler Building and just a few more than the MetLife Tower, which might be interpreted by some observers as indicated that it was in “context” with such prominent neighbors, but they are wrong.
The digital production studio Visualhouse has posted on their website our first motion video look at SL Green’s 63-story office tower known as One Vanderbilt. Hailed to forever change the face of Midtown East and reinvigorate the business district, the $1 billion-plus, 1.6-million-square-foot tower was unanimously approved by the City Council this past summer, thus granting SL Green the green light to begin construction of the supertower immediately.
Visualhouse’s newly released renderings provide us with a clearer picture of how the building’s full-block base will meet the street, and also remind us just how gargantuan the tower will be. According to the tower’s architects Kohn Pedersen Fox (KPF), the tower will rise 1,401 feet to its spire, making it the second tallest building in the city upon completion. However, unlike the pencil-thin supertalls underway around Central Park, the project will throw up a substantial amount of bulk into the air.
Outside of a $1.1 billion lawsuit, news on the One Vanderbilt front has been relatively quiet. The supertall tower received unanimous approval back in May by the City Council and since then demo at the site has been underway. But now, NY Yimby has gotten ahold of some new renderings that offer additional views of the KPF-designed tower—in particular, how the 1,500-foot behemoth will fit in with the existing NYC skyline. Once the building is constructed, it will be one of the tallest skycrapers in the city with a roof height exceeding that of One World Trade‘s. And as noted by YIMBY, One Vanderbilt will also be the first building in Midtown east to surpass the Chrysler Building in height (which, if you look closely at the above rendering, you can see demurely reflected in the building’s glass).
Grand Central owner Andrew Penson is back in the news again, this time suing the city and One Vanderbilt developer SL Green for a princely sum of $1.1 billion. As the NY Times reports, Penson is claiming that the 65-story behemoth slated to rise next door to the historic structure has led to the devaluation of his air rights atop the terminal.
Penson claims that the de Blasio administration, the City Council and SL Green “deprived him of his property rights when the city gave SL Green permission to build a 1,501-foot tall office tower, without having to buy any air rights from him.” By allowing for a tower twice the size of what was zoned for the block “for free” (but really, in exchange for a $220M investment into the subway infrastructure beneath Grand Central), his air rights have been rendered “worthless.”
This afternoon, SL Green’s One Vanderbilt tower received the ultimate green light from the New York City Council, as members voted unanimously in favor of both the construction of the new 1,501-foot tall office building and the rezoning of a five-block stretch of Vanderbilt Avenue (the Vanderbilt Corridor) that would bring with it significant infrastructural upgrades to the area’s public transportation. The vote was the last hurdle for the development and is a critical step in the rezoning of a greater area of Midtown East.
- After just six weeks, one-third ($1.1B) of 220 Central Park West has been sold. “Acceptance by brokers and buyers has been extraordinary and unprecedented.” [TRD]
- One Vanderbilt is well on its way to becoming a reality. This morning SL Green cleared its final major hurdle, receiving approval, with some amendments, by a key City Council subcommittee. [Crain’s]
- Philip Johnson’s iconic New York State Pavilion in Flushing Meadows Corona Park will get a free $3 million facelift. Bridge and steel painters are donating their time to restore the structure. [NYDN]
- Queens tallest tower has hit the market. [TRD]
- Tiengarden, a 20-year-old vegan eatery in the LES, is shuttering because of a rent hike. [DNA Info]
- The historic Helmsley Building has sold for $1.2B. [NYDN]
Images: 220 Central Park South (L); NY State Pavilion (R)
Image: One Vanderbilt via SL Green/KPF
Foes of One Vanderbilt could soon find themselves with choice words for a new supertall enemy on the rise in the Midtown corridor. The Post reports that developer Howard Milstein is now looking to design and develop a brand new tower at 335 Madison Avenue. Millstein’s move takes advantage of the new Vanderbilt corridor zoning that would allow a building of 30 FAR with various bonuses.
Currently in its place, however, is a 1.1 million square-foot tower from 1984. The new project would require knocking down the existing building and constructing anew. Although that sounds like an impossible task, The Post notes that the tower was actually a redevelopment of the 1913-era Biltmore Hotel that the Milstein family started razing before preservationists could react—meaning there’s far less architectural significance here than there once was. While the current building does host tenants, roughly 500,000 square feet is already vacant. A new tower would also take several years to plan and develop. Milstein’s new plan could include a high-end hotel which would harken back to the site’s hotel past.
[Via NY Post]
- One Vanderbilt May Offer Sky-High Observation Deck
- Landmarks Deems S.L. Green’s One Vanderbilt Tower ‘Appropriate’ for Its Grand Central Site, Others Not Happy
- One Vanderbilt: New Images of Midtown East’s Zigzag Supertower
When we talk about One Vanderbilt we typically focus on the base of the building–how it relates to its neighbor Grand Central and how it interacts with the planned public plaza in Vanderbilt Corridor. But at a presentation last night about the project, hosted by Open House New York and put on by Jamie van Klemperer, president of Kohn Pedersen Fox (the project’s architect), we learned some exciting new details about the top of the 68-story, 1,501-foot zigzag building.
The four-part contrapuntal structure will feature a transparent topper, which is currently envisioned as a public event space and observatory. And since One Vanderbilt will clock in as the third tallest office tower in the city, this look-out spot could possibly sit higher than the one at One World Trade Center, which offers views at 1,250 feet above ground. Specific renderings of the top of the tower haven’t yet been released, and the architects note that the use is subject to change, but for now more information and renderings for the project are available here:
- One Vanderbilt: New Images of Midtown East’s Zigzag Supertower
- Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights
- 75% of Grand Central’s $210M Renovation Money Will Go to the 4, 5, 6 Trains
- REVEALED: $210 Million Upgrade for Grand Central’s Subway Station As Part of One Vanderbilt Tower
- Landmarks Deems S.L. Green’s One Vanderbilt Tower ‘Appropriate’ for Its Grand Central Site, Others Not Happy
Rendering via KPF / SL Green
Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights, Thu, February 5, 2015
Discord around the construction of One Vanderbilt continues to grow, and the latest contender to enter the ring is Harvard Law professor, “liberal constitutional scholar” and President Barack Obama’s former educator, Laurence H. Tribe. Grand Central owner Andrew Penson has tapped the big-time lawyer to battle the city in his fight against the 1,514-foot supertall, according to The New York Times. Yesterday, with Tribe in tow, Penson went head-to-head—yet again—with the tower’s developer SL Green at the City Planning Commission hearing. The meeting got as heated as one would expect, and “unconstitutional” and “ridiculous” were just a couple of the words thrown around.
Gale Brewer is no shrinking violet when it comes to city planning, and having her on your side is never a bad thing. The borough president of Manhattan has just come out as a full-fledged supporter of not only Midtown East’s rezoning, but more notably, One Vanderbilt, the controversial 1,514-foot supertall slated to pop up right next door to Grand Central. Curbed reports that Brewer coupled her approval with an announcement that her office negotiated a slew of additional community benefits from developer SL Green—the developer that has already put up $210 million for the improvement of Grand Central’s subway station.
The proposed East Midtown Rezoning has been a hotly debated issue over the past few years. First introduced by Mayor Bloomberg, and backed by Mayor de Blasio, the rezoning would allow developers to build larger and taller than the current Grand Central Terminal district zoning allows in exchange for financial contributions to the area’s infrastructure needs. The Department of City Planning feels the rezoning would ensure that the area maintains its spot as a global business center, but others think it would forever ruin the historic nature of the neighborhood.
One of the most major components of the project is One Vanderbilt, a 68-story, 1,514-foot zigzag tower that will stand adjacent to Grand Central. Along with the building comes a reconfiguration of the Vanderbilt Corridor, the streetscape around the Terminal. A panel discussion at the Museum of the City of New York on January 20th will examine both the tower and the corridor and what they mean for Midtown East.
Real Estate Wire: Community Boards Not Happy with One Vanderbilt; Condos on the Rise in Long Island City, Tue, December 23, 2014
- Manhattan Community Boards 5 and 6 want to redesign SL Green’s 67-story One Vanderbilt tower. [NYP]
- Fresh Direct breaks ground for its South Bronx headquarters, but locals protest that it will further damage the area’s air quality. [NYT]
- An opinion on why the proposed megatower on the pier would ruin the South Street Seaport. [NY Mag]
- Long Island City sees a rise in condo development. [Bloomberg]
- West Village townhouse at 79 Horatio Street sells for $21 million, double what it sold for two years ago. [Curbed]
Images: One Vanderbilt (L); Long Island City (R)
Recently at the Municipal Art Society’s 2014 Summit for NYC, James von Klemperer, FAIA , a principal at Kohn Pederson Fox & Associates, briefed the audience with new details on the architecture firm’s upcoming supertall project known as One Vanderbilt.
In case you haven’t been paying attention, the 68-story, 1,514-foot zigzag building is expected to become the tallest office tower in Midtown and third tallest in the city behind One World Trade Center (1,776 feet to spire tip) and Extell’s Nordstrom Tower (1,775 feet to spire tip).
- After half a century of petitioning, the Tifereth Israel Town & Village Synagogue at 334 East 14th Street was made a landmark today by the New York City Landmarks Preservation Commission. [GVSHP]
- Citi Bike has been saved—and will double in size by 2017 to 12,000 bicycles and 700 docks. Those looking to ride should also expect a price hike. [Citi Bike Blog]
- One Vanderbilt has had a growth spurt. The tower, planned for a site neighboring Grand Central, has been bumped from 1,450 feet to 1,514 feet in height. [Curbed]
- Watch 432 Park Avenue rise in a time-lapse video. [TRD]
- The city is exploring new ways to revitalize Brownsville. [WSJ]
A Citi Bike (left); Tifereth Israel Town & Village Synagogue (right)
Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified, Mon, October 20, 2014
- Forest City Enterprises is putting its 55% stake in Barclays up for sale. [Brooklyn Eagle]
- The Department of City Planning certified a five-block rezoning application today for a stretch of Vanderbilt Avenue near Grand Central Terminal that includes SL Green’s One Vanderbilt tower. [CO]
- Mayor Bill de Blasio has rejected JPMorgan Chase’s request for $1B in tax incentives to keep its headquarters in New York. However, he hasn’t ruled out offering some tax breaks. [Crain’s]
- Thor Equities has purchased two Williamsburg properties for approximately $17.8 million and is planning to turn the site into a 10,000-square-foot retail development. [CO]
Images: Barclay’s (left); One Vanderbilt (right)
New York City’s most taxed line is about to get a sizable cash infusion. Of the $210 million that developer SL Green Realty has budgeted for improving Grand Central’s subway station for the green light to construct a 65-story office tower next door, more than 75% will go toward the Lexington Avenue line, Crain’s reports. Yesterday, a 63-page study was delivered to Manhattan’s Community Board 5 and to transportation advocates who have called for Midtown East’s rezoning to include improvements to transportation infrastructure to meet current demand as well as the influx of nearly 16,000 workers as new lines are drawn. So where exactly will the money go?
- Three new residential towers are coming to the High Line. [TRD]
- In what some are calling a PR stunt, the owner of Grand Central has offered SL Green $400 million for One Vanderbilt. [NYT]
- Manhattan commercial real estate is the top ranked in the country. [AMNY]
- Ridgewood, Queens, the hot new neighborhood dubbed “Quooklyn,” had the most active commercial property sales in the city for July. [NYO]
- Last gas station in the East Village will be replaced with condos. [TRD]
- Staten Island might be getting homes built on elevated platforms. [WSJ]
Images- One Vanderbilt (left); The High Line Park (right)