L&L Holding Company

425 Park Avenue. Rendering by Dbox, courtesy of Foster + Partners

425 Park Avenue Celebrates Grand Opening in Midtown East, Manhattan

YIMBY attended the official opening ceremony of 425 Park Avenue, a 47-story commercial skyscraper in Midtown East and the first new full-block building to be built along Park Avenue’s Plaza District in nearly half a century. Designed by Norman Foster of Foster + Partners and developed by L&L Holding Company, Tokyu Land Corporation, and co-managing partner BentallGreenOak, the 897-foot-tall structure yields 667,000 square feet of column-free Class A office space with design flexibility and panoramic views up and down Park Avenue. Adamson Associates Architects was the architect of record, WSP was the structural and MEP engineer, R&R Scaffolding provided the BMU, and Tishman Construction was the construction manager for the project, which is located between East 55th and East 56th Streets.

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TSX Broadway’s Glass Curtain Wall Nears Roof Parapet at 1568 Broadway in Times Square, Manhattan

Curtain wall installation is nearing the parapet of TSX Broadway, a 47-story hotel tower at 1568 Broadway in Times Square. Designed by Perkins Eastman and Mancini Duffy and developed by L&L Holding Company and Fortress Investment Group, the 550,000-square-foot structure will yield 661 hotel rooms, 100,000 square feet of retail space on the lower levels, and a cantilevering outdoor performance stage. The project also involved the restoration and lifting of the historic Palace Theater by PBDW Architects to make room for retail frontage. Pavarini McGovern is the general contractor for the property, which is located at the corner of Seventh Avenue and West 47th Street.

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Construction Ramps Up on Terminal Warehouse Renovation at 261 Eleventh Avenue in West Chelsea, Manhattan

Construction is full swing on the Terminal Warehouse, a seven-story commercial conversion at 261 Eleventh Avenue in West Chelsea, Manhattan. Designed by COOKFOX Architects and developed by L&L Holding Company and Columbia Property Trust, the $1.25 billion project will overhaul the 121-year-old warehouse structure and yield a mix of Class A office suites, retail space, and dining options. L&L and Normandy Real Estate Partners purchased the Terminal Warehouse in 2018 for $880 million, and CBRE helped to arrange construction funding from the Blackstone Real Estate Debt Strategies platform, Goldman Sachs, KKR, and Oaktree Capital Management. New Line Structures & Development is the general contractor for the property, which is bound by West 28th Street to the north, West 27th Street to the south, Eleventh Avenue to the east, and West Street to the west.

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Palace Theatre Completes 30-Foot Lift Within TSX Broadway, at 1568 Broadway in Times Square, Manhattan

Construction on TSX Broadway has reached a significant milestone with the completion of the historic Palace Theatre’s lift to its new position 30 feet above street level within the podium of the 47-story Times Square hotel tower. The engineering challenge was overseen by Urban Foundation and Engineering and used a system of 34 hydraulic jacks to hoist the 14-million-pound venue at a speed of about a quarter of an inch per hour over the span of four months. Work will now commence on PBDW Architects‘ restoration of the theater, whose new elevated position will make way for 100,000 square feet of retail space at the base of the structure.

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