425 Park Avenue in Midtown East has been the focus of much interest, with good reason. Unlike the full demolition and larger replacement impending for the Union Carbide Building, the old pre re-zoning regulations forced 425 Park’s developers to maintain 25% of the extant structure in order to build to its exact original square footage. Now, steel and concrete for the Foster + Partners creation are finally rising above the old shell, and the project is slowly moving upwards and into the neighborhood skyline.
The Park Avenue corridor north of Grand Central is about to sprout yet another major new addition. 432 Park Avenue opened as the tallest residential tower in the country earlier this decade. 425 Park Avenue is currently under construction, and will soon become an 892-foot tall office building. And now, 270 Park is set for demolition and rebirth as a supertall, stretching to an eventual pinnacle 1,200 feet above street level.
Last year, YIMBY’s pipeline report showed a dramatic decrease in new building filings, with 2015’s multi-family count of 32,702 units falling precipitously, to 19,356 in 2016. Fortunately, the hemorrhaging of pipeline additions has nearly come to a complete stop, and 2017 saw filings for 19,180 multi-family units, a drop of under one percent. The full report, covering all 2,030 new building applications filed last year, is downloadable in Excel format at the following link.
The blocks of Hudson Yards are the current hotspot for office construction in New York City, with supertall after supertall rising from nothing. But Midtown East might be the only location in Manhattan where major office projects are rising alongside existing fabric. While One Vanderbilt is only beginning to rise above 42nd Street, work is substantially further along at 425 Park Avenue, where Norman Foster’s vision is now climbing past the stump remaining from the site’s former occupant.
Permits have been filed by an anonymous LLC for a 17-story office building at 710 3rd Avenue, on the corner of 45th Street and 3rd Avenue, in Midtown East, Manhattan. The development will stand four blocks away from the main entrance to Grand Central Train Station, serviced by the 4, 5, 6, 7, and Shuttle trains, along with all lines on the Metro-North railroad.