CommentBreakthrough at Bryant Park
Last Updated: 12:57 AM, February 9, 2011
Posted: 12:39 AM, February 9, 2011
BETWEEN THE BRICKS
Now that a prominent development partner and architects are on board, a key site catty-corner to Bryant Park is moving closer to a resolution.
The Post has learned that Hines Interests is now working with Pacolet Milliken Enterprises, the owner of 1045 Ave. of the Americas, which takes up a full block front between West 39th and West 40th streets. The now-vacant site previously hosted the headquarters of Milliken & Co. and was recently demolished.
Additionally, the architecture firm Pei Cobb Freed has now completed conceptual designs that do not need discretionary approvals, the owners advise.
Richard Webel, president of Pacolet Milliken, said, "Together with Hines Interests, one of the leading real estate development entities, Pacolet Milliken has been working for the last several years to formulate a project that can satisfy the demands of both users and investors for the highest quality office space on this unique site. Offering in excess of 400,000 square feet of rentable area, the project is potentially positioned to be at the leading edge of the next development cycle."
Paul Amrich of CB Richard Ellis, who may or may not be the agent for the future tower, declined comment through a spokesman.
In December, the owners of the adjacent and recently landmarked Springs Mills Building, at 104 W. 40th St., sold 65,085 square feet of transferrable air rights to Pacolet Milliken Enterprises for about $12.2 million, or just under $200 a square foot. A spokesman for Savanna Partners, the owner of Springs Mills, declined comment.
Back in March 2009 we warned you that Milliken was tearing down its former showroom building and planning a new, as-of-right development.
No matter what is constructed, both the city and the Bryant Park Business Improvement District would be beneficiaries of enhanced payments and an improvement in the landscape.
Read more: http://www.nypost.com/p/news/busines...#ixzz1DTMvjzqy