Office

Rendering of One Madison Avenue Expansion. Designed by Kohn Pedersen Fox

One Madison Avenue’s Concrete Core Begins Ascent in Flatiron District, Manhattan

8:00 am on June 11, 2022 By Michael Young

Construction is set to begin on the new floors at One Madison Avenue, a 27-story office tower expansion in Manhattan’s Flatiron District. Designed by Kohn Pedersen Fox for SL Green, the project involves the gut renovation of the existing eight-story building and structural addition above its roof level, bringing the structure up to 1.4 million square feet of Class A office space. The National Pension Service of Korea and Hines are also part of the development team and acquired $1.25 billion in construction financing for the property, which occupies a full block bound by East 23rd and 24th Streets and Madison Avenue and Park Avenue South.

Demolition Ramps Up for PENN15 Supertall at 15 Penn Plaza in Midtown, Manhattan

8:00 am on June 7, 2022 By Michael Young

Demolition work is ramping up for PENN 15, a 56-story, 1,200-foot commercial supertall at 15 Penn Plaza in Midtown, Manhattan. Designed by Foster + Partners and developed by Vornado Realty Trust, the 2.7 million-square-foot tower will replace the aging Hotel Pennsylvania and stand as the tallest component in the 7.4 million-square-foot Penn District master plan. 401 Hotel Reit is the owner and Northstar Contracting Group is the demolition contractor for the property, which is bound by Seventh Avenue to the west, West 32nd Street to the south, and West 33rd Street to the north.

231 East 51st Street Nears Completion in Turtle Bay, Manhattan

7:30 am on June 6, 2022 By Michael Young

Exterior work is nearing completion on 231 East 51st Street, a five-story commercial office building in the Midtown East neighborhood of Turtle Bay. The 3,682-square-foot lot was once home to a prewar five-story structure that served as the Consulate of the Republic of Singapore. The property was sold to Texas-based travel firm Frosch in December 2017 for $22.05 million. Clune Construction is the general contractor for the project, which is located between Second and Third Avenues.

Macquarie Group Inks 222,000-Square-Foot Lease at 660 Fifth Avenue in Midtown Manhattan

7:00 am on June 5, 2022 By Sebastian Morris

Macquarie Group, a global financial services company, is the latest to join an expanding roster of new commercial tenants at 660 Fifth Avenue in Midtown Manhattan. As the tower’s anchoring tenant, the firm will occupy 221,764 square feet, spread across six floors, in addition to having a private lobby entrance on both the first and second floors, 30,000 square feet of private outdoor space, and top of building signage.

New York Korea Center Nears Completion at 122-126 East 32nd Street in Murray Hill, Manhattan

8:00 am on June 4, 2022 By Michael Young

Construction is nearing completion on the New York Korea Center, the new seven-story home of the Consulate General of the Republic of Korea in New York at 122-126 East 32nd Street in Murray Hill. Designed by Samoo Architects and Engineers (SAMOO) and developed by Level Group, the 120-foot-tall structure will yield 36,500 square feet and is aiming for LEED Certification. KSK Construction Group is the general contractor for the property, which is located between Park Avenue South and Lexington Avenue.

Main entry plaza at 1345 Avenue of the Americas - Courtesy of Fisher Brothers Management Company

Fisher Brothers Debut Newly Renovated Fisher Park at 1345 Avenue of the Americas in Midtown, Manhattan

7:30 am on June 2, 2022 By Sebastian Morris

Fisher Brothers have completed a large-scale improvement project at Fisher Park, a publicly accessible urban space at 1345 Avenue of the Americas in Midtown, Manhattan. The improvements include free public wifi, over 100 feet of bench seating, raised planters, tables and chairs throughout the plaza, and new granite pavers, steps, and lighting.

New Dining Tenants Announced for MetLife Building at 200 Park Avenue in Midtown East, Manhattan

7:30 am on May 28, 2022 By Sebastian Morris

This week Tishman Speyer and Irvine Company revealed the next phase of renovations and capital improvements at the historic MetLife Building, with new food and beverage options set to debut in 2023. Located at 200 Park Avenue in Midtown East, Manhattan, the building’s new dining options will include the iconic Capital Grille, organic and fair-trade café Jack’s Stir Brew Coffee, Black Seed Bagels, as well as a pop-up run by Talea Beer Co., a woman-owned brewery based in Brooklyn.

Demolition Underway for 550 Tenth Avenue in Hell’s Kitchen, Manhattan

8:00 am on May 25, 2022 By Michael Young

Demolition has begun at 550 Tenth Avenue, the site of a 47-story residential skyscraper in Hell’s Kitchen. Designed by Handel Architects and developed by Gotham Organization and Goldman Sachs Asset Management JV, the 430,000-square-foot structure will yield 453 units, with 316 market-rate and 137 moderate- and middle-income homes, as well as 9,000 square feet of retail space and over 20,000 square feet of amenities. The building will also house 26,764 square feet of administrative office space for Covenant House. Wells Fargo and US Bank provided a $212 million construction loan and Lionheart Strategic Management assisted with $35 million in mezzanine financing for the project, which is located along Tenth Avenue between West 40th and 41st Streets.

Excavation Underway for Journal Square Urby at 571-577 Pavonia Avenue in Jersey City, New Jersey

8:00 am on May 22, 2022 By Michael Young

Excavation has begun at 571-577 Pavonia Avenue, the site of Journal Square Urby, a 25-story residential tower in the Journal Square section of Jersey City. Designed by HLW Architects and Amsterdam-based studio Concrete and developed by Ironstate Development, Panepinto Properties, and Kimmel, the 265-foot-tall structure will yield 317 residential units, a 2,607-square-foot cafe on the ground level, and 1,349 square feet of office space. The property is alternately addressed as 532 Summit Avenue and is located at the corner of Pavonia and Summit Avenues, a short walk from the Journal Square PATH station.

PENN 2’s Cantilevering Expansion Takes Shape at Two Penn Plaza in Midtown, Manhattan

8:00 am on May 18, 2022 By Michael Young

Renovation work and construction continue on PENN 2, a 31-story commercial tower at Two Penn Plaza in Midtown. Designed by MdeAS Architects and developed by Vornado Realty Trust, the project involves the interior overhaul and re-cladding of the 412-foot-tall, 1.61 million-square-foot structure, as well as the construction of a multi-story cantilevering addition. PENN 2 is one component in the Penn District revitalization scheme that calls for the erection and redevelopment of several buildings surrounding Penn Station and Madison Square Garden. Turner Construction Company is the general contractor for the property, which is located along Seventh Avenue between West 31st and 33rd Streets.

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