Posted Apr 19, 2018, 5:04 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
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https://commercialobserver.com/2018/...d-new-midtown/
Marc Holliday’s Brand New Midtown
It’s taken years, millions of dollars in promised transit improvements and political squabbling but SL Green’s One Vanderbilt is ready for its closeup
BY MAX GROSS
APRIL 18, 2018
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Holliday, the CEO of SL Green Realty Corp., has since the early 2000s, been planning a colossus—something to rival its great skyscraper neighbors, like the Empire State Building and the Chrysler Building—called One Vanderbilt in a part of Manhattan that didn’t seem to entirely welcome a 1,401-foot-tall, 1.6-million-square-foot super tower. One Vandy seemed better suited for the Far West Side, or the Financial District.
Moreover, as the largest private landlord of office space in the most populous city in the country with ownership interests in 29.5 million square feet, it’s not like SL Green has to prove anything. But One Vanderbilt—with its sleek Kohn Pedersen Fox design, the hundreds of millions of dollars in transit improvements SL Green has pledged, an 11,000-square-foot restaurant headlined by Daniel Boulud, and already hundreds of thousands of square feet of leases with Greenberg Traurig and TD Bank—promises to be the most change in Midtown in a very long time.
It paved the way for last year’s Midtown East rezoning and J.P. Morgan Chase’s announcement earlier this year that it will demolish and rebuild its 52-story tower at 270 Park Avenue.
“I think J.P. Morgan’s announcement flatters One Vanderbilt,” Holliday said from his office at 420 Lexington Avenue, a block away from all the action, sitting with Andrew Mathias, the president of SL Green (who joined part of the conversation).
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Is Midtown East rezoning going to change the game?
Holliday: It has. There are two major new projects, neither of which would have been possible without those efforts… To get an important new project every few years that’s a noticeable sea change in Midtown. So, yeah, it was a great piece of zoning, and over time it will have a big impact.
Are you guys looking at any development sites specifically?
Mathias: We own lots of buildings within the zoning area, so, depending on lease roll, age of building, and how under-built that building is relative to the new zoning, there’s a lot of different sites under consideration.
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