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Old July 18th, 2013, 12:39 AM   #181
hunser
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^ Yes, 209m is to the roof and 260m if you count the 'fins'.
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Old July 18th, 2013, 12:43 AM   #182
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Quote:
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^ Yes, 209m is to the roof and 260m if you count the 'fins'.

Would CTBUH count the fins as official height?? just curious.
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Old July 18th, 2013, 12:44 AM   #183
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Would CTBUH count the fins as official height?? just curious.
yes, they're an architectural element.
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Old July 19th, 2013, 09:14 PM   #184
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they definitely belong to the official height.
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Old July 26th, 2013, 06:09 PM   #185
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L&L buys Lehman’s stake in 425 Park for $140M
http://therealdeal.com/blog/2013/07/...park-for-140m/

Quote:
Real estate investment firm L&L Holding Company, formerly the minority stakeholder in a new office development at 425 Park Avenue, has acquired the remaining 90 percent interest in the property from Lehman Brothers, The Real Deal has learned.

The company paid close to $140 million for Lehman’s stake, said Robert Lapidus, president and chief investment officer at L&L. The stake was valued by Lehman at $84 million in 2006. Eastdil Secured’s Adam Spies and Joshua King marketed the stake on behalf of Lehman, which had been trying to unload its ownership interest since February.

Neither Spies nor King were immediately available for comment.

L&L is planning to bring a 650,000-square-foot office tower to the full-block site, between East 55th and East 56th streets, to be designed by Foster + Partners, it was previously reported. It will be the first full-block office project on Park Avenue in more than 50 years, according to a statement from the firm.

The sale of the property marks another milestone for Lehman, which has been slowly selling off its assets following its 2008 bankruptcy. Before selling off 425 Park, the real estate group at Lehman waited until the new office development had reached several significant milestones to reap the best price, said Ashish Gupta, a senior vice president at Lehman.

“Over the last two years in particular, Lehman and L&L Holding have systematically de-risked the development opportunity by investing discretionary capital to fix several design and cost variables,” Gupta said in a statement. “The achievement of certain predevelopment milestones, including the selection of Foster + Partners as the project architect, created a more defined project which shifted the risk profile of the investment and allowed the partnership to complete a capitalization that replaces Lehman’s ownership with new, long-term capital alongside L&L.”

Other former Lehman projects, such as 10 Madison Square Park, which is now a condominium property, have also been revived by local developers. Meanwhile, buildings partly owned by Lehman at 25 Broad Street and 45 Broad Street have been sold.

L&L declined to name its investment partners on the deal.

Construction on the new 41-story office property is slated to start in 2013 and is expected to be completed by 2017.
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Old July 27th, 2013, 01:19 PM   #186
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I was at an art exhibition in London over a month ago with college and they're was an 'architecture' section, and there were quite a few designs there which almost seemed to replicate this building

But good news! i like the desing of this tower, yet another to add to Midtown skyline
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Old August 2nd, 2013, 07:58 AM   #187
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Upfront Transit Money Sways Scott Stringer on Midtown East Rezoning
http://observer.com/2013/08/upfront-...east-rezoning/



Mr. Stringer’s suggestions include a provision aimed at 425 Park.

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Michael Bloomberg appears desperate to pass the Midtown East rezoning before his 12-year stint as mayor ends, and with his announcement yesterday in the Daily News that the city would front some money for transit and pedestrian circulation improvements, he seems to have won over a key stakeholder: Manhattan Borough President Scott Stringer.

Finally, buried as the last condition for Mr. Stringer’s endorsement is a provision that appears geared specifically for L&L Holding Company, a developer seeking to rebuild an office tower on Park Avenue. The $750 million Norman Foster-designed project, called 425 Park Avenue, was up until now going to use a loophole that would allow it to rebuild the structure to its current square footage, so long as they keep 25 percent of the build square footage intact (normally it wouldn’t be allowed, as it’s overbuilt according to the current zoning).

But Mr. Stringer wants smaller buildings (code for 425 Park) to be able to rise before the 2017 sunrise provision is set to kicks in, in exchange for paying into the DIB fund, which is something that L&L wouldn’t have to do if it used the rebuilding loophole. If Mr. Stringer’s Midtown East proposals are enacted, L&L also wouldn’t have to leave 25 percent of the building intact, giving it more flexibility when it comes to floor plates and ceiling heights on the lower floors.
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Last edited by Vertical_Gotham; August 2nd, 2013 at 08:11 AM.
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Old August 8th, 2013, 03:42 AM   #188
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Apparently, L&L has changed its tune and wants to construct a taller tower.

http://ny.curbed.com/archives/2013/0...ng_hearing.php
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Old August 8th, 2013, 04:01 AM   #189
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Mind you, the current deaign was under the auspices that this would go up before the rezoning. With the rezoning bonus, this could be yet another supertall.
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Old August 8th, 2013, 04:24 AM   #190
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True. I think that 20% of any new tower can entail residential. Putting 120m of residential at the top could result in a very tall tower with stunning views.
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Old August 9th, 2013, 08:56 PM   #191
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Quote:
Originally Posted by RobertWalpole View Post
Putting 120m of residential at the top could result in a very tall tower with stunning views.
If they were to do that, it seems like they could keep the design very similar, and just create a fourth setback section for residential. Here's hoping.
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Old August 9th, 2013, 09:00 PM   #192
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Yea. I really like this design. Here's hoping.
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Old August 9th, 2013, 10:16 PM   #193
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wow potentially another supertall?
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Old August 10th, 2013, 12:01 AM   #194
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I think we are getting spoiled ... every new tower in Manhattan that is not a potential supertall feels like a loss lol.
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Old August 10th, 2013, 12:04 AM   #195
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Quote:
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I think we are getting spoiled ... every new tower in Manhattan that is not a potential supertall feels like a loss lol.
so true
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Old August 10th, 2013, 08:01 AM   #196
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41 floors and 200 meters plus?? Here in Adelaide we got a 39 story tower which is proposed and it's gonna be just over a hundred meters. I guess my point is how tall would each floor be?
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Old August 10th, 2013, 06:07 PM   #197
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I don't know how tall each floor is, but it has a massive open-air atrium and those fins on top. I think that accounts for a great deal of the height.
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Old August 10th, 2013, 10:08 PM   #198
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Quote:
Originally Posted by RobertWalpole View Post
True. I think that 20% of any new tower can entail residential. Putting 120m of residential at the top could result in a very tall tower with stunning views.
Would it be possible to build another 120 on top of the current structure?
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Old August 11th, 2013, 12:40 AM   #199
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Quote:
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Would it be possible to build another 120 on top of the current structure?
I think so. My guess is that they would keep the same design, but just add a fourth setback of about 120m. Those apartments would be very, very expensive.
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Old September 9th, 2013, 07:38 PM   #200
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L&L To Scrap Foster's 425 Park Design?

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Redevelopment plans for dowdy post-war relic 425 Park Avenue have taken yet another turn, with owner L&L Holding Company possibly reversing their position on the building’s future. Per Curbed, L&L now wants to take advantage of the Midtown East re-zoning, meaning Foster’s tower may not rise in its currently rendered form.

Last year, L&L held a major campaign to select an architect for the tower’s re-design, and stated their intention to proceed with Norman Foster’s plans for the building, which would have kept the lower quarter of 425 Park Avenue while modernizing and expanding the structure; the defining features of Foster’s vision were ‘fins’ protruding from the building’s backside, which would have led to an 855-foot Park Avenue icon. The design competition was a major event unto itself, with finalists including Zaha Hadid, Rogers Stirk Harbour + Partners, and ODA – but it seems that the entire hubbub may have been for naught.

Under the Midtown East re-zoning, 425 Park Avenue’s allowable square footage will see an expansion by 30%; furthermore, the preservation requirements will be voided, allowing L&L to construct an entirely new structure. L&L’s hesitation to take advantage of the rezoning seems to hinge on the clause that new development has to occur after 2017, which had the stated intention of shielding the Hudson Yards & World Trade Center from the rise of Midtown East, which is the most in-demand neighborhood for Class-A office space.

The 2017 provision has come under recent attack, and assuming the re-zoning passes, developers may be allowed to take advantage of their new air rights immediately.
See below:

Councilman urges faster midtown rezoning

City Councilman Dan Garodnick, who represents midtown east, is questioning a sunrise provision that would delay the start of the midtown east rezoning until 2017.


425 Park Ave. may seek a redesign if the 2017 MER deadline is voided.

Quote:
City Councilman Dan Garodnick is casting a shadow over a sunrise provision in the Bloomberg administration's east midtown rezoning plan that would prevent the rezoning from taking effect until July 2017.

Mr. Garodnick, who will have the final say on the rezoning this fall, is calling for the elimination of the provision. He argues that with only two towers slated to go up immediately after the rezoning of the 73-block area, there is no reason to delay it. The rezoning, which is going through the public approval process, would allow for the construction of new office buildings in the area bounded by Fifth and Third avenues, between East 39th and East 57th streets.

"I asked the Independent Budget Office, the city budget director, the real estate board, and none of them could give me a clear answer on how slowing down the rezoning for a few years would help or hurt" development elsewhere in the city, Mr. Garodnick said.

The sunrise provision was introduced by the city Department of City Planning to prevent unwanted competition for other mega-projects, most notably Hudson Yards and the World Trade Center, that the city and state have already helped finance. The concern is that allowing new class A office towers to rise in midtown would undercut the leasing of these other projects.

After all, things are not exactly going well at the World Trade Center, and while The Related Cos. and Brookfield Properties Inc. have had better luck finding tenants on the far West Side, there are still millions of square feet of space to fill.

The two new projects most anticipated to be built immediately after the midtown east rezoning is approved are L&L Holding's 425 Park Ave. and an undisclosed tower by SL Green Realty Corp. and Hines on East 42nd Street and Madison Avenue, directly across from Grand Central Terminal.

[...]
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