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View of 45 East 53rd Street - Courtesy of Newmark

Joint Venture Secures $175M to Purchase and Renovate 45 East 53rd Street in Midtown, Manhattan

Newmark, a global real estate services company, has successfully arranged $175 million in capitalization to facilitate a major renovation of 45 East 53rd Street in Midtown, Manhattan. Located in the Plaza District, the building once operated as the New York headquarters for Santander Bank, but sold in April to ZG Capital and Rialto Capital Management.

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417 Park Avenue Readies for Excavation in Midtown East, Manhattan

Excavation is set to begin at 417 Park Avenue, site of a 220,000-square-foot office tower in Midtown East. The project is being developed by GDS Development (GDSNY) and Klövern AB, which acquired the property for $184 million and are also building on an adjacent plot to the south at 409 Park Avenue. The plot is located at the corner of Park Avenue and East 55th Street and will rise with a floor area ratio of 25 under the Midtown East Rezoning regulations.

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Lever House’s Podium Renovation Progresses at 390 Park Avenue in Midtown East, Manhattan

Renovation work is moving along on the lower floors of Lever House, a landmarked International Style commercial tower at 390 Park Avenue in Midtown East. Designed by Skidmore, Owings & Merrill and developed by WatermanClark, Brookfield Properties, Higgins Quasebarth & Partners, Integrated Conservation Resources, and Integrated Conservation Contracting, the $100 million project involves an overhaul of the public plaza, renovations to the main lobby, improvements to the ventilation and sustainability systems, and the addition of new amenity spaces. Pavarini McGovern is the general contractor for the property, which is located along Park Avenue between East 53rd and East 54th Streets.

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Rendering of 660 Fifth Avenue

660 Fifth Avenue’s New Curtain Wall Reaches Roof Parapet in Midtown, Manhattan

Re-cladding work is wrapping up on 660 Fifth Avenue, a 39-story commercial tower in Midtown, Manhattan. Designed by Kohn Pedersen Fox and developed by Brookfield Properties, the project involves extensive interior renovations of the 64-year-old building’s 1.25 million square feet of office space and the complete replacement of its mid-century curtain wall with a more transparent modern envelope. Turner Construction Company is the general contractor for the property, which is located along Fifth Avenue between West 52nd and 53rd Streets and was formerly addressed as 666 Fifth Avenue. The developer is aiming for LEED Gold certification.

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