The first steel beams of JP Morgan Chase‘s 1,425-foot supertall have begun to rise at 270 Park Avenue as work continues on the demolition of its 52-story former headquarters in Midtown East. The new steelwork is being assembled on the Madison Avenue-facing side of the parcel, where a low-rise podium once stood, while the main 707-foot-tall skyscraper formerly known as the Union Carbide Building continues its descent toward Park Avenue. The new tower will eventually span the entire block between East 47th and 48th Streets from Park to Madison Avenues and yield 2.5 million square feet of office space.
Updated renderings created by DBOX for Vornado Realty Trust showcase The Penn District, a 7.4-million-square-foot development in Midtown, Manhattan. Located within the same boundaries as the new Madison Square Garden complex from Vishaan Chakrabarti’s Practice for Architecture and Urbanism that YIMBY recently revealed, the renderings offer a more finalized version of five skyscrapers with the tallest, referred to as Penn 15, anticipated to rise nearly 1,200 feet high. Foster + Partners is designing the structures, which would stand close to the 109-year-old James A. Farley Building and Skidmore Owings & Merrill‘s newly opened Moynihan Train Hall, as well as One and Two Penn Plaza and Madison Square Garden. The redesign also appears to be a tweaked iteration of 15 Penn Plaza from a previous depiction that YIMBY showed back in May 2020.
YIMBY’s 2020 New Building Report, covering 2019’s numbers, showed a substantial increase in applications, with 2019’s total filings reaching 36,467. This year, the numbers have dropped somewhat, with 2020’s submitted residential units totaling 30,036. While this was a decrease, it was still substantially above the 2018 total of only 20,393 new units filed, indicating that in spite of the profound headwinds beginning in March of last year that are now seemingly abating, permitting activity remained fairly vigorous. The full report covering 1,774 new buildings and over 57 million square feet of new floor space is available in Excel format upon purchase of YIMBY’s Building Wire subscription.
Permits have been filed for a 70-story mixed-use tower at 520 Fifth Avenue, in Manhattan’s Midtown. Rabina Properties is listed as the owner behind the applications with Kohn Pedersen Fox Associates as the architect of record.
Taking the top spot in our construction countdown for the third year is the Central Park Tower, the tallest building by roof height in the Western Hemisphere and the tallest residential skyscraper in the world. Designed by Adrian Smith + Gordon Gill and developed by Extell, the 1,550-foot supertall stands nearly complete at 217 West 57th Street on Billionaires’ Row in Midtown. Developers are expecting a $4 billion sellout for its 179 residences, which are being marketed by Corcoran Sunshine.