Fifth Avenue continues its piecemeal evolution, and with legitimate supertalls now set to sprout as far south as the upper 20s, the blocks to the south are following suit with their own changes. 150 Fifth Avenue has been owned by L&L Holding Co. since 2000, and the firm is now renovating and expanding the building with an attractive two-story rooftop addition, for which YIMBY now has the video reveal.
L&L Holding Company
Park Avenue is about to get its first new office tower in decades as the 1957 office tower at 425 Park Avenue (catty corner to Rafael Viñoly’s 1,396-foot-tall 432 Park Avenue), once the pinnacle of modernity, is being reinvented for the 21st century via a partial demolition and a dramatic, 893-foot-tall restructuring by developer L&L Holdings and architects at Foster + Partners.
In late 2014, YIMBY brought you new renderings of the Foster + Partners-designed 41-story, 897-foot-tall office tower under development at 425 Park Avenue, between East 55th and 56th streets in Midtown, and now project has secured its anchor tenant with a city-wide record-breaking lease. According to Real Estate Weekly, Chicago-based Citadel will take roughly 200,000 square feet in the 670,000-square-foot building, with rents as high as $300 per square foot on the tower’s penthouse floors. The project, being developed byL&L Holding and GreenOak Real Estate, is aiming for L.E.E.D. Gold and WELL certifications. This past summer, the developers secured a $556 million construction loan and the site’s 32-story office predecessor has since been significantly demolished. The lower portion of the existing structure will be utilized in the new building and completion is expected in late 2018.
A year ago, YIMBY brought you new renderings of redevelopment plans for the 24-story office building at 380 Madison Avenue, between East 46th and 47th streets in Midtown. By removing certain floors within the building, the structure will grow to 32 stories but will retain the same square-footage. According to the Wall Street Journal, the process is well underway, with 18 percent of the original building in total expected to be removed and used for a vertical expansion. The completed building, called 390 Madison Avenue, will have 663,419 square feet of commercial space, most of which will be office space, although the first two floors will contain double-height retail space. L&L Holding Company is developing the project and Kohn Pedersen Fox is designing it. Completion is expected in early 2017.