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.
Construction on the Kohn Pedersen Fox-designed tower will begin in 2017; slated to open in 2020, when complete it will be the tallest tower in Midtown and the second tallest tower in the city. In addition to bringing 58 floors of Class A office space and retail to East Midtown, the new tower will provide direct underground access to Grand Central Terminal.
The 65-story, 1.7 million-square-foot building is included in the controversial Midtown East Rezoning plan. It is being constructed using air rights from the Grand Central Terminal area and zoning bonuses awarded to the developers for providing $220 million in infrastructure improvements including the aforementioned improvements to Grand Central Terminal.
SL Green’s Robert Schiffer said the tower would offer tenants “technologically advanced, Class A office space with best-in-class amenities and unparalleled proximity to public transportation.” The tower is expected to cost $3.1 billion to construct. TD Bank has already signed on for 200,000 square feet and will also provide a flagship retail branch at the base.
- $1.5B in construction financing secured for Midtown supertall One Vanderbilt
- Excavation Work Begins at One Vanderbilt, Follow Its Progress on Instagram
- One Vanderbilt Will Cost a Whopping $3.14 Billion
- All One Vanderbilt coverage
Renderings by DBOX.
Neighborhoods : Midtown East