NEW YORK | 50 W 40th St. | Proposed

[RobertWalpole]

The New York Post and NY Times reported on 17 Nov. 2010 that a new tower of 300,000 sf designed by Norman Foster will rise at 50 W 40th St.

NYPost.com
http://www.nypost.com/p/news/busines...mPpwfRkScAoL/1

Sources say Eric Hadar is negotiating to hire starchitect Norman Foster's firm, Foster & Partners, to design a new contemporary tower that would overlook Bryant Park.

Foster is known here for the new Hearst Building's jewel-like Crystal Cathedral and the four-story addition for Aby Rosen's 980 Madison Ave. project.

Complicating the construction on W. 40th St., sources say, Hadar has also signed CUNY to lease one of the buildings on the mid-block site between Fifth and Sixth avenues in order to provide income.



Hadar declined to discuss the project or lease. Nevertheless, sources say CUNY is expecting to take over the 91,000-square-foot 50 W. 40th St.

The 10-year lease, which sources say nets out to the mid-$30s a foot, still has to be approved by various city officials.

John Bonamusa of JJ Bonamusa & Associates approached Hadar and suggested the CUNY deal.

He could not be reached for comment. Howard Kessler of Newmark Knight Frank is representing CUNY and declined comment.

Other sources say CUNY would create a new community college to act as a "feeder" to its larger four-year programs.

The small building is perfect for a school, as it is currently being used by the Katherine Gibbs School, which spent some $20 million on creating classrooms and upgrades.

Career Education Corp., its Chicago parent company, wants to gets out of its lease, which goes to December 2015, and has been unsuccessfully trying to sublease.

Hadar also owns the adjacent 43 W. 39th St. along with the 51,000-square- foot Daytop Village Building at 54 W. 40th St.

With 130 feet along Bryant Park and a slew of air rights, Foster's options in clude designing a building of up to 300,000 square feet that would canti lever over 50 W. 40th St.

The seven-story black-and-gold 50 W. 40th is an annex building to its taller neighbor, the Raymond Hood-designed, landmarked American Radiator Building, which houses the Bryant Park Hotel.

Hadar's smaller annex has 30-foot-high ceilings on the ground floor with a group of large windows overlooking the park and a number of setback terraces flocked with gold.

While not landmarked, sources say any future development would likely maintain the façade and simply build up and over the annex.

Development plans for the ultra-modern tower, which could include office, hotel and residential spaces, were first revealed by Post colleague Jennifer Gould Keil last month.

A year ago, Hadar bought out his father, Richard Hadar, from the buildings. His parents are divorced and his mom, Margery Hadar, is the Brown Harris Stevens agent marketing his breathtaking $26.25 million city apartment on E. 65th St. with 360-degree views.

The article from The New York Times:

http://www.nytimes.com/2010/11/17/re...=bryant&st=cse