Macklowe Properties recently negotiated a refinancing package to the tune of $192 million for Harry Macklowe’s three Midtown parcels. Two of the lots, 5 East 51st Street and 12 East 52nd Street, could be the home of Tower Fifth, a 1,556-foot-tall office tower and New York City’s future tallest building by roof height. The refinancing from Fortress Investment Group also includes the 17 East 47th Street site and a new $50 million mortgage replacing a $124 million loan.
In the midst of the largest office-to-condo conversion in New York City history at One Wall Street, its famous Red Room is undergoing a 16-month-long renovation. Designed in 1931 by renowned muralist Hildreth Meière, the former banking hall’s walls and ceilings are lined with 8,911 square feet of oxblood, orange, and gold glass tile mosaic, some of which has become damaged over the years. The Red Room will likely serve as retail space when the building reopens, which is expected to be in 2021. Macklowe Properties is the developer of the $1.5 billion Financial District conversion and expansion. CORE is handling sales and marketing of the planned 566 housing units in the rest of the Ralph Walker-designed skyscraper. SLCE Architects is serving as the architect of record.
Demolition permits were filed last week for 5 East 51st Street, part of the assemblage that could give rise to New York City’s future tallest building by roof height. The future 1,556-foot-tall and 96-story Tower Fifth, is located in Midtown East, between Fifth Avenue and Madison Avenue. Permits were previously filed for this lot in April, but later withdrawn. Filings for the remaining structures within the footprint have also been trickling in over the past few months, hopefully indicating that excavation for the prospective supertall is imminent.
YIMBY went on a hard hat tour of One Wall Street, a historic, 51-story Art Deco tower designed by Ralph Walker and completed in 1931. Formerly the headquarters of the Bank of New York and Irving Trust Company, the Financial District icon is currently undergoing a $1.5 billion residential conversion and expansion. A five-story addition is underway and being constructed above the adjoining mid-century annex. SLCE Architects is serving the architect of record while Harry Macklowe of Macklowe Properties is the developer. CORE is handling sales and marketing of the planned 566 housing units.
Following a major announcement for the $1.5 billion conversion and partial expansion of Manhattan’s One Wall Street, the development team has revealed new renderings of the building’s crowning residential areas.