I’m just gonna bump this comment again. I think this is very solid speculation on your part. I think they are moving on this before the market starts sliding into recession 1-2 years from now. A rush to get all of this up and going. I think that’s why we are seeing rushes on 270 Park, Tower 5th, and what looks like 350 Park. Aiming for liquid capital to mitigate any potential risk should the markets go sour and banks become hesitant to lend big.
Blackrock is moving to 50 HY, but its the same time-frame anyway.
The earliest this thing could be finished would be 5 years from now and probably more like 6-7.
Blackrock is planning to move into 50 in early 2022…meaning demo can’t start (at least on their building) until then…meaning foundation work probably wouldn’t be finished until 2023 and then at least two years of construction after that.
Quick mockup of U/C towers and proposals, including 350 Park Avenue and Grand Hyatt (creative liberties taken). Credit to benchervin for original photo
Looks like a taller 425 Park Avenue… but for some reason in the renders it doesn’t look like 1350ft. I’m very curious to see how the back of this building looks