Posted Feb 12, 2016, 8:33 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,868
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http://www.crainsnewyork.com/article...owed-neighbors
A Park Avenue supertower overshadows its neighbors
The 1,396-foot-tall luxury condo and commercial building at 432 Park Ave. is an influence on the rest of the block
By Tom Acitelli
February 8, 2016
Quote:
Construction of the 1,396-foot-tall luxury condo and commercial tower at 432 Park Ave. is expected to wrap in the middle of this year, and already the spire’s effects on surrounding properties are being felt in new deals and new prices—a boon for 432 Park co-developers Macklowe Properties and CIM Group.
At 450 Park next door, three recent leases in this 33-story office tower were delayed until the prospective tenants were certain that 432’s construction noise and disruption were about to end, according to a person familiar with the transaction.
The three are BDT Capital, expanding to about 10,000 square feet on the 23rd floor; Junto Capital Management, which moved from 510 Madison to take the 10,000-square-foot 25th floor; and law firm Chevez Ruiz Zamarripa, which moved from the Seagram Building at 375 Park Ave. to 3,000 square feet on the 14th floor. The asking rents for these spaces were at least $130 per square foot.
Across the street at 425 Park Ave.—another tower under development—hedge fund Citadel late last year signed a 200,000-square-foot lease that includes a rent of $300 per square foot for the 900-foot-tall spire’s penthouse, a record price for Manhattan office space.
And at 575 Madison Ave., on the west side of the same block as 432 Park Ave., luxury-watch brand Breitling took some 7,000 square feet on three levels at about $1,900 per square foot annually. The store is expected to open in early February.
“One of the attractions to Breitling is what’s happening to the block,” said Michael Steinberg, whose family owns 575 Madison Ave. “So do I think it’s a benefit to the block? Absolutely.”
The cachet comes directly from the residential prices and commercial rents at 432 Park. Its 106 condos have traded for vast amounts of money, even by Manhattan standards. A Saudi retail billionaire last year agreed to pay $95 million for an 8,255-square-foot penthouse.
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