A rescued collection of terra cotta building facade figures–including naked cherubs, smiling porpoises and the head of Neptune–that once adorned an 18-story office building next to Grand Central Station are in need of a new home. The building was demolished to make way for the under-construction One Vanderbilt skyscraper; at the urging of New York Landmarks Conservancy Chair Lloyd Zuckerberg, the new building’s developer, SL Green Realty Corp., saved the three terra cotta panels from the facade of 51 East 42nd Street. Warren and Wetmore, the building’s architects, also designed the station.
Terra cotta figures that adorned building demolished for One Vanderbilt construction seek a new home, Thu, May 4, 2017
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.
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.”
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.
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).
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.
Image courtesy of Akueous Design
Here’s our first look at what commercial heavyweights SL Green have in mind for a small Times Square corner at 719 Seventh Avenue and West 48th Street. Building permits filed earlier this month call for a four-story, 9,000 square-foot retail building designed by TPG Architecture. Demolition permits were filed back in December and the doomed three-story structure is already shrouded in construction netting and scaffolding. The site also shares its Seventh Avenue block-front with Witkoff’s upcoming 40-story Marriott Edition Hotel that will flash one of the largest LED displays in the city.