Office

425 Park Avenue

41-Story, 670,000-Square-Foot Office Tower At 425 Park Avenue Lands Anchor Tenant, Midtown

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.



5521 Eighth Avenue

Foundation Work Underway For Six-Story, 40-Unit Medical Office Building At 5521 Eighth Avenue, Sunset Park

In October of 2014, YIMBY revealed renderings of the planned six-story, 40-unit multi-use commercial building at 5521 Eighth Avenue, on the corner of 56th Street in Sunset Park, located seven blocks north of the N train’s stop on Eighth Avenue. The Brooklyn Daily Eagle reports foundation work is now underway on the 81,569 square-foot project, which will include 36 medical offices and four retail units. The retail space will measure 13,003 square feet in total and will span the ground floor and a mezzanine level. The medical offices will begin on the second floor and should average 1,180 square feet apiece. Flushing-based Andy Wong filed documents with the Attorney General’s office in January, which indicated the project is being valued at $76.3 million. Raymond Chan is designing and completion in 2017 seems likely.


One Penn Plaza as seen from the southwest. Photo by Evan Bindelglass.

One Penn Plaza, Two Penn Plaza To Get Major Renovations, Interconnection, Midtown

Following the state’s plan to upgrade and expand Pennsylvania Station, Vornado Realty Trust has announced plans to renovate and interconnect 57-story One Penn Plaza and 29-story Two Penn Plaza, completed in 1972 and 1968 respectively, into a massive 4.2-million-square-foot office complex. The two buildings are located directly adjacent to and above Penn Station, in Midtown, between West 31st and 34th streets and Seventh and Eighth avenues. According to The Real Deal, the renovation project would improve desirability and tenant mobility and allow for new retail and amenity opportunities. Two Penn Plaza would get a new floor-to-ceiling glass façade and One Penn Plaza would receive “a more conventional upgrade.” Start and completion dates have not been disclosed, and a designer has not yet been revealed.


106 West 56th Street

Reveal For 26-story, 90,000-Square-Foot Office Building At 106 West 56th Street, Midtown

Earlier this week, news broke that Savanna and Hong Kong-based Atom Assets were planning a 26-story, 90,000 square-foot office building at 106 West 56th Street, in Midtown, and now Real Estate Weekly has a rendering of the project. As reported earlier, the new building will feature boutique office space geared towards smaller business tenants. The Perkins Eastman-designed project will feature multiple terraced setbacks and floor plates of varying sizes, ranging from 5,000 square feet on the lower levels to 2,000 square feet towards the top. The developers received an acquisition loan from United Overseas Bank to purchase the existing nine-story office building. Demolition will begin in early 2017 and completion is expected in 2019.


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