Photo by Max Touhey
Construction of SL Green’s supertall One Vanderbilt continues to push forward, with the steel erection on the 16th floor now complete. By the end of the year, the developer expects to reach the 30th floor of the Kohn Pedersen Fox-designed, 1,401-foot skyscraper, which will become the city’s second tallest skyscraper when completed in 2020. A fresh set of aerial photos of the tower provide a new perspective of the surrounding buildings, including neighboring Grand Central Terminal. And with even more sky-high news, SL Green reportedly announced that tickets to One Vanderbilt’s 1,000-foot observatory will cost about $39, or $5 more than that of One WTC.
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Photo courtesy of Max Touhey
After beginning its vertical construction last June, One Vanderbilt’s progress shows no signs of slowing. According to SL Green, the supertall is currently rising two floors per month and after the 13th floor is completed, three floors will be installed every month. The planned 1,401-foot tower, which will become the city’s second tallest skyscraper when completed, will measure over one million square feet. In addition to the above-ground construction, the project includes $220 million in public transit improvements as well as a passageway for direct access to the subway.
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Nearly a year ago, developer SL Green confirmed that their 1,401-foot supertall One Vanderbilt, set to be the city’s second tallest building behind One World Trade Center, would boast a 1,020-foot observation deck, which would have made it the third-highest indoor-outdoor observatory in the city after the forthcoming 1,100-foot deck at 30 Hudson Yards and the 1,050-foot deck at the Empire State Building (One World Observatory is at 1,250 feet, but it’s not outdoors). However, new details and diagrams uncovered by NY Yimby show that it may actually stand at 1,100 feet, tying for the city’s highest.
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.
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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.
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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.
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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.
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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.
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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).
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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.
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