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Yet another old tower is likely to rise in Midtown thanks to the rezoning that will be enacted.

http://www.commercialobserver.com/2...-a-stake-in-and-redevelop-380-madison-avenue/

Levinson In Talks To Buy A Stake In And Redevelop 380 Madison Avenue
By Daniel Geiger 3:59pm
Developer David Levinson is in talks to invest in and help redevelop 380 Madison Avenue, an 840,000-square-foot Midtown office building sources say.

The property is currently controlled by the mercurial and enigmatic investor and developer Sheldon Solow who has a leasehold on the property. But that interest runs out in 2014 and the owners of the building, a venture led by Deutsche Bank’s real estate investment fund RREEF, want to bring on a partner to overhaul the antiquated tower.



380 Madison Avenue
Mr. Levinson has experience with such projects. His firm L&L Holding Company, redid 200 Fifth Avenue and has plans to build a new office tower at 425 Park Avenue.

Neither the terms of the deal that Mr. Levinson was potentially arranging with RREEF nor its scope were not available by press time. Mr. Levinson and a spokesperson from Deutsche Bank did not return calls seeking comment.

According to a person with knowledge of the 24-story building, it needs significant work to address several shortcomings, including low ceilings, bulky heating and cooling convector units that hug the windows and block the building’s views and various outdated core systems such as the property’s elevators and HVAC.

With a city proposal to potentially rezone areas of Midtown in a way that would allow significantly larger buildings to be built there, 380 Madison Avenue could also be a candidate for a larger project in which the building would be demolished and replaced with a significantly bigger structure some sources said.
All of the property’s office leases expire with end of Mr. Solow’s leasehold interest, clearing the way for construction work.
Mr. Solow purchased the leasehold interest over a decade ago and launched what legal experts say was a bizarre lawsuit against RREEF and its partners, alleging they were part of a scheme to mislead him into paying above market rate for his leasehold interest. Mr. Solow, who has a reputation for being litigious, lost the suit.

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Dark, Hulking 380 Madison Avenue to Be Transformed



Clarion Partners' 380 Madison Avenue was built in the 1950s out of brick and sheathed in a facade of opaque blue glass during the '80s. The combination of the two styles produced a building that is large, squat, and altogether dismal-looking, but now a complete makeover from L&L Holding Co. will transform the building—almost magically—into a light, modern tower of the type that will probably come to characterize Midtown East in a few years. Using a loophole in the 1961 zoning rules that allows for a Midtown East building to be replaced with another building of the same size only if 25 percent of the original structure is preserved, L&L, with a design from architectural firm KPF, will be able to almost completely redo 380 Madison, which will be renamed 390 Madison Avenue, with no public review whatsoever. Technically, the vast majority of the original tower will remain, but the new version will be virtually unrecognizable with a curtain wall of floor-to-ceiling windows, glass spandrels, and 100,000 square feet from two lower floors removed and reused for eight new floors on top, taking the building from 24 to 32 stories.
 

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East Midtown Study
http://www.nyc.gov/html/dcp/html/east_midtown/presentation0213.shtml

On page 24 of the East Midtown Study, there are 3 projected sights being looked at to use the special permit for superior development. 380 Madison Ave and a site next to Grand Central Tower which I assume is the proposed 1 Vanderbilt. Should the rezoning pass these 2 sites would most definitely be supertalls. There is a site on Park Ave between 55th and 56th street in which I’m not sure if it’s the 432 Park site. 432 Park is already being built as a supertall w/o needing approval of the rezoning so could this be another potential site that I am not aware of??
 

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Good riddance. :cheers1:
 
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Discussion Starter · #9 ·
I'd bet that the Hyatt on 42nd just east of GCT will be the next to go after 1 Vanderbilt. Since it's a hotel, it can be emptied and demolished at will without waiting for leases to expire.
 

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^^ link

L &L Holding’s David Levinson dropped some details yesterday about the reinvention of 380 Madison Ave. and the Lord Norman Foster design for 425 Park Ave.

Levinson, speaking before brokers at the YM/WREA, said the firm won a beauty contest against seven other contenders and has been hired by ground owner RREEF to overhaul 380 Madison — what will become a 1 million square-foot building on the blockfront between East 46th and 47th streets.
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^
Moar:

Mad About 380 Madison


David Levinson

L&L Holding’s David Levinson dropped some details yesterday about the reinvention of 380 Madison Ave. and the Lord Norman Foster design for 425 Park Ave.

Levinson, speaking before brokers at the YM/WREA, said the firm won a beauty contest against seven other contenders and has been hired by ground owner RREEF to overhaul 380 Madison — what will become a 1 million square-foot building on the blockfront between East 46th and 47th streets. The building was developed by Harold Uris and then redeveloped by Howard Ronson’s HRO International. RREEF bought the ground and Sheldon Solow owns the leasehold, which ends January 2014. Current tenant the United Nations is on track to leave early, Levinson said. Documents show options by the leaseholder to purchase the building have expired.

Levinson said, “380 is being re-imagined” because even if reskinned, “it would not be the forward-thinking building that would attract tenants.” The biggest risk, he said, would be that “you put a ton of money into it and it’s just another glass-and-steel building in the Grand Central District. You have to deliver a trophy headquarters.”

They are working with architects KPF to literally take out floor slabs and add the removed floor area to the top, bringing more height and views. The engineering is very difficult, and Levinson has hired the Severud Associates team to work on it. One pencil rendering shows the base facade leaning out at an angle over the sidewalk. It would be easier to tear it all down and rebuild, but the city previously downzoned areas of Manhattan. So if a building is completely torn down, the owner loses the ability to construct the same amount of space.

Levinson said this is also an issue at 425 Park Ave., where they are negotiating with city officials for the reinvented building to cantilever over an open plaza, where he foresees art exhibitions. Current zoning calls for retail stores and a straight up 85-foot streetwall before setbacks can be taken to the façade. “The city wants retail,” said Levinson, who would like to avoid adding stores even though that income would be twice what he would get for top-of-tower office floors.

The current plan is to leave 25 percent of the building in place so as to rebuild as of right, but Levinson is upset that the city now wants them to “pay” for the “overbuilt portion” — that is, the 3-FAR that is over the current allowed 15-FAR.

[...]

380 madison by ata08, on
 

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The current building is from 1953, and replaced the original Ritz-Carlton hotel. As far as I'm concerned, anything is better than this wedding cake crap, but hopefully it will be demolished and replaced with something to compensate for destroying the former hotel. I suppose 1 Vanderbilt is an acceptable sacrifice, but the Grand Hyatt should be restored along with the Bank of America Building. :)
 
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