Let’s stay on topic. This page is for 175 Park, not other buildings.
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“… The one bright spot is that demand remains strong for the city’s newest and most expensive office towers. A record number of $100-per-square-foot or higher leases were signed in the first quarter — the average Manhattan office lease is $77 a square foot — as well as a few at more than $200 a square foot….
The brightest spot is the most modern office buildings, known as “Class A.” Since the beginning of 2002, almost three-quarters of all new leases are in those buildings, according to research from CBRE.
They are seeking exceptionally high rents. Buildings are offering 15 million square feet at more than $100 a square foot.
Demand remains high. Rechler, who is part of a consortium building a new 100-story building called 175 Park on the site of the former Trump Hyatt which will contain 2.5 million square feet of office space and a 200-room hotel. Around the corner from SL Green’s One Vanderbilt, another top-end new tower, it is expected to open in 2030.“
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were dreaming -
interest rates prevent this tower from going now.
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since when does 175 park have 100 floors?
It will rise eventually of course, and it will be magnificent.
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If Blackstone anchors this, perhaps they could become a partner and finance a large portion themselves as an investment.
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Shed is up on lex and 42nd. Hopefully the black shroud of death is next. Wasn’t demo supposed to start in the fall though? Seems early.
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the demo has started…
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the sooner the better
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I don’t think so. The hotel is still open.
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Fall of last year*, but even if the sidewalk sheds were for demolition, which it’s quite possible they may not be, the hotel website would have mentioned something about eventually closing or last day of operations/for bookings. The previous schedule had preparations for demolition starting in March of 2022 with demo not starting until October of 2022, if the shed is indeed for demolition then that would mean that it wouldn’t begin that process until December using the same timeframe.
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Even if they don’t start construction of the building immediately, is there are reason they don’t start demolition? I feel like that would make it easier/faster when they do start.
Then again, would the infrastructure under pose a problem for that?
I don’t believe having it demolished already would make construction any faster, because demolition and foundation works are supposed to start at the same time anyways in the “planned” schedule. One wouldn’t want the Hyatt to be closed, the building demolished and the new tower not start until a year later because that would be lost revenue, much more than if the tower was just closed due to demolition/foundation works proceeding at once.
In addition, because of the subway station below as you mentioned, that also can’t happen.
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Thank you
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It sadly appears that this project is on ice due to limited and exorbitant financing. I don’t believe that the hotel is closing any time soon.
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The worrisome thing is it will probably get another height chop once the market gets better.
I never underestimate developers’ ability to turn something magical into the mundane.
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Correct, we spoke about this only 5 days ago
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I don’t think there could be much of a height chop to this since the tower already takes up nearly the entire site on the lower floors and with no room for staging and a complicated foundation this one will need every usable square foot to be profitable (so its not going to get smaller by floor space).
This site compared to some others just isn’t that large. 270 Park is about the same overall size, but with a much bigger site and bulkier tower.
The Spiral and 50 Hudson Yards are both larger than this one in terms of floor area at 2/3 the height, but their sites are much larger.
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Don’t be to sure of yourself on that one, it’s certainly always possible. A height chop doesnt mean the area would be affected in any way as the 2 aren’t related anyway. This tower has vanity height and the height of the mech floors could always be decreased to their standard/regulated heights. The crown alone beyond the penthouse and bulkhead is ~150’.
This site at ~57,300 sqft is fairly large for a partial block lot. But out of the comparisons you’re using, only 270 Park Avenue’s lot is actually much larger than 175’s as its 23k sqft larger, but 50 HY and The Spiral’s lots are only 12k and 10k larger (respectively), I wouldnt say that’s much larger. But generally, you’re comparing lots on partial portions of blocks to lots that take up full blocks, which isn’t really a good metric to go off of.
Floor area does not equate to height and it needs to stop being used as so for comparative purposes.
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My point was that if this one got a height chop it couldn’t be that dramatic.
If 270/Chase is 2.5M sf, essentially the same as this one, but the individual floors are much larger 175 can’t shrink to even 1300’ and maintain the same rentable space even if they eliminated the taper and all the floors were the same size as the lowest office block.
My bigger worry is them value engineering the design, especially the crown without which this building wouldn’t be the same.
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