425 Park Avenue
425 Park Avenue | |
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Foster + Partners |
425 Park Avenue is an office building in
Architecture
Original building
The original 388-foot (118 m) building was designed by
Since 2004, L&L Holding, which was founded in 2000, had been trying to redevelop 425 Park Avenue when the
Redesigned building
L&L designed the new building under the assumption that it would keep 25% of its former structure in order to keep the total floor area of 670,000 sq ft (62,000 m2).
Zoning
425 Park Avenue is located in the eastern part of Midtown Manhattan. The area, from approximately East 34th Street to East 59th Street, and from Second Avenue to Fifth Avenue, is one of the main business districts in Manhattan with more than 400 office buildings.[13]
The
For 425 Park Avenue, without the redevelopment, the building could only generate revenue of about $50 to $70 per square foot. With a more modern building, the revenue could be boosted to more than $100 per square foot.[14] The 1961 zoning was a major obstacle for its redevelopment. If L&L would have demolished the building, it could only construct a building with the maximum of 580,000 sq ft (54,000 m2) instead of the original 670,000 sq ft (62,000 m2).[15] However, there was an exception to the 1961 zoning rules. If a redevelopment of a pre-1961 building could retain at least 25% of its original structure, the new building would be permitted to have up to the original square footage. This was an option that L&L explored, but the rezoning occurred only after L&L had already commissioned a design.[8]
Development
A $556 million construction loan is secured by the property.[8]
Preserving the original structure led to difficulties during construction, requiring the developer to hire a third engineering firm to help orchestrate the sequence of demolition and construction. The first step was to completely demolish floor by floor from the top floor to the 18th floor. Temporary steel structures were then installed to support the remaining 17 floors before further demolition.
The building reached half its full height in April 2018.[18] Facade installation began in June 2018; at the time, the superstructure was 22 stories from topping out.[19] The building topped out on December 4, 2018, in a ceremony attended by lead architect Lord Norman Foster.[1] The building received a temporary Certificate of occupancy in January 2021.[20][21][22] The renovation was completed in October 2022.[22][23]
Tenants
L&L intended not to pre-lease the building, but in early 2016, hedge fund Citadel signed a lease for 200,000 sq ft (19,000 m2) across several floors, including the penthouse floor.[24][11] At the time it was signed, it was the most expensive lease in the city's history. Delays in construction have led some to speculate that Citadel may back out of the lease, or that it was seeking temporary offices due to the delays.[25] L&L has asserted that the tenant will move in as planned. These concerns were officially allayed in January 2019 when Citadel executed a lease expansion for another 124,000 sq ft (11,500 m2) of space, bringing their total occupancy to 16 floors of the building.[26] The expansion will see Citadel occupy a total of 335,400 sq ft (31,160 m2), or 48% of the building's space.
See also
References
- ^ a b Young, Michael (December 15, 2018). "Norman Foster's 425 Park Avenue Officially Tops Out 897 Feet Atop Midtown East, Manhattan". New York Yimby.
- ^ "425 Park Avenue - The Skyscraper Center". www.skyscrapercenter.com. Retrieved January 3, 2021.
- ^ "425 Park Avenue". Emporis. Archived from the original on July 26, 2016. Retrieved July 27, 2019.
- ISBN 9780062018601. Retrieved July 27, 2019.
- ^ a b "NATIONAL BISCUIT LEASES SIX FLOORS; Will Move Offices From the Chelsea District to New Space on Park Avenue" (PDF). The New York Times. February 11, 1955. Retrieved August 19, 2019.
- ISBN 978-0-393-73268-9. Retrieved July 27, 2019.
- ^ "BANK LEASES SPACE; Chemical Corn to Have Unit at 425 Park Avenue" (PDF). The New York Times. May 18, 1956. Retrieved August 19, 2019.
- ^ a b c d e Clarke, Katherine (November 1, 2016). "The resurrection of 425 Park". The Real Deal. Retrieved July 28, 2019.
- ^ Cuozzo, Steve (September 19, 2006). "$1B Park Ave. Deal is a Steal – L&L Wins Bid War". New York Post. Retrieved July 27, 2019.
- ^ "Delay in L&L's Park Avenue office development could boost project". The Real Deal. May 15, 2012. Retrieved July 29, 2019.
- ^ a b c Ogorodnikov, Vitali (April 8, 2016). "425 Park Avenue, Pioneer Of Modernism, Loses Half Its Height To Make Way For 893-Foot-Tall 21st Century Beacon". YIMBY. Retrieved October 12, 2018.
- ^ a b Rosenfield, Karissa (November 16, 2012). "425 Park Avenue / Foster + Partners". ArchDaily. Retrieved July 30, 2019.
- ^ a b East Midtown Rezoning (PDF). New York City Department of City Planning. 2013. Retrieved July 28, 2019.
- ^ "L&L seeks architect for new Park Avenue tower". The Real Deal. April 23, 2012. Retrieved July 29, 2019.
- ^ a b Guerre, Liam La (June 20, 2018). "Under Construction: L&L's 425 Park Avenue Demo Nears the Finish Line". Commercial Observer. Retrieved July 29, 2019.
- ^ Rudarakanchana, Nat (November 29, 2017). "A 7,391-ton study in mind-boggling complexity". Fastmarkets AMM. Retrieved July 27, 2019.
- ^ "425 Park Avenue Phasing Diagram". Tishman. Retrieved July 30, 2019.
- ^ Walker, Ameena (April 17, 2018). "Norman Foster's Park Avenue office tower is now halfway to its pinnacle". Curbed. Retrieved October 15, 2018.
- ^ Nelson, Andrew (June 29, 2018). "425 Park Avenue's Façade Installation Begins As Construction Nears Halfway Point, Midtown East". YIMBY. Retrieved October 12, 2018.
- ^ Williams, Taylor (January 19, 2021). "L&L Holding Nears Completion of $1B Office Tower at 425 Park Ave. in Manhattan". REBusinessOnline. Retrieved November 20, 2021.
- ^ "L&L secures TCO for 425 Park Avenue - Real Estate Weekly". Real Estate Weekly. January 20, 2021. Retrieved November 20, 2021.
- ^ a b Gordon, Amanda L. (October 26, 2022). "NYC's Secret Weapon to Keep Finance Elite Is Park Avenue Revamp". Bloomberg News. Retrieved October 26, 2022.
- ^ Crook, Lizzie (October 27, 2022). "Foster + Partners completes long-awaited 425 Park Avenue in New York". Dezeen. Retrieved October 27, 2022.
- ^ Boysen, Ryan (February 17, 2016). "The Priciest Lease In NYC History May Have Just Been Signed". Bisnow. Retrieved October 12, 2018.
- ^ Hall, Miriam (June 1, 2018). "Citadel, After Signing Most Expensive NYC Office Lease Ever, Exploring Other Office Options". Bisnow. Retrieved October 12, 2018.
- ^ "With big lease expansion, Citadel kills rumors it's spooked by 425 Park delays". The Real Deal. January 8, 2019.
- ^ Cuozzo, Steve (June 10, 2015). "Park Avenue tower will boast hot new eatery". New York Post. Retrieved October 12, 2018.
- ^ Preston, Marguerite (June 10, 2015). "Eleven Madison Park Team to Open Fine Dining Behemoth on Park Avenue". Eater. Retrieved October 12, 2018.
- ^ Dai, Serena (July 16, 2018). "Eleven Madison Park Team Nixes Plan for Big FiDi Restaurant". Eater NY. Retrieved October 15, 2018.
- ^ Adams, Erika (March 29, 2022). "EMP Chef Daniel Humm's Vegan Focus Sinks Plans for Midtown Fine Dining Restaurant". Eater NY. Retrieved April 13, 2022.
- ^ Cuozzo, Steve (August 15, 2022). "Chef Jean-Georges Vongerichten expanding empire at 425 Park Ave". The New York Post. Retrieved August 16, 2022.