HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Global Projects & Construction > Skyscraper & Highrise Construction


Reply

 
Thread Tools Display Modes
     
     
  #1  
Old Posted Oct 15, 2019, 5:58 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Smile NEW YORK | 660 5th Ave Redevelopment | 483 FT | 39 FLOORS

With the old 1,400 ft proposal dead, Brookfield moves forward with redevelopment plans.



https://www.wsj.com/articles/brookfi...er-11571109821

Brookfield Embarks on High-Price Makeover of Fifth Avenue Tower
When work on 666 Fifth Ave. is done, the building will have a new address and substantially higher rents



By Peter Grant
Oct. 15, 2019



Quote:
Real-estate giant Brookfield Asset Management is starting a $400 million overhaul of the tower at 666 Fifth Avenue, undeterred by a lackluster office leasing market in Midtown Manhattan and an aging bull market in commercial property.

Toronto-based Brookfield said it would deliver 1.6 million square feet of modern office space and expects to begin construction in 12 to 18 months after roughly 10 business tenants vacate the building. Brookfield officials said they expect to complete the project in early 2023.

Brookfield purchased a 99-year lease of the property in a 2018 deal that valued it at $1.29 billion. When finished, the project will be one of the costliest office building makeovers ever in New York.

“The building in its current state is probably a $60- to $70-a-square-foot building,” said Ric Clark, Brookfield Property Group chairman, referring to current rents. “After investing this money, we expect to get substantially higher rents.”

He said Brookfield is aiming for an average of more than $100 a square foot, though the firm hasn’t started marketing the property and no leases have been signed.
Quote:
Brookfield plans to upgrade the 1950s-era building between 52nd and 53rd streets, which has fallen behind more modern competitors because of low ceilings and numerous columns. It plans to eliminate many of those columns and offer double-high ceilings and add four terraces on the 39-story building.

“It’s kind of a dinosaur,” said Mr. Clark. “You can basically feel the wind coming through it.”

The firm also plans to replace aluminum cladding on the exterior of the building with floor-to-ceiling windows and change the building’s address from 666 Fifth to 660 Fifth.

A Brookfield spokesman said the firm is changing the name because “it will be a completely new building with a completely new identity.”
Quote:
The $400 million price tag includes $300 million to overhaul the exterior and core of the building and $100 million for tenant interior work.

Brookfield is moving ahead with the project when the Midtown market is showing signs of softening because of slow leasing and increasing development. The “availability rate,” which includes vacancy and space coming on the market, increased to 11.5% in the third quarter, its highest level since the third quarter of 2017, according to commercial real estate services firm CBRE Group Inc.

But the situation is slightly better for developers who are building from the ground up or giving existing buildings makeovers. For example, Rockefeller Group International, a subsidiary of Mitsubishi Estate Co. , had fully leased 1271 Sixth Avenue while an overhaul of that building was in progress. SL Green Realty Corp. has leased about 60% of One Vanderbilt, a new 1,401-foot office tower above Grand Central Terminal that is still under construction.

CBRE said that 42% of the blocks of office space larger than 50,000 square feet leased in the first half of 2019 were in new or renovated buildings, up from 41% in 2018. Tenants today are more willing to pay up for modern space than they were in the past to attract a millennial workforce at a time of low unemployment, analysts say.

The younger workforce “has a completely different expectation of what a workplace should offer them,” said Nicole LaRusso, CBRE’s research director for the New York region.






__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #2  
Old Posted Oct 15, 2019, 11:24 AM
Crawford Crawford is online now
Registered User
 
Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
Posts: 30,551
Horrible. This needs to be demolished.
Reply With Quote
     
     
  #3  
Old Posted Oct 15, 2019, 12:39 PM
Barney Greengrass's Avatar
Barney Greengrass Barney Greengrass is offline
West End & Riverside
 
Join Date: Jun 2017
Location: UWS NYC, Dörfli Zürich
Posts: 508
Quote:
and change the building’s address from 666 Fifth to 660 Fifth.
Seriously? 666 Fifth is the only cachet this building has!

I miss those big, red, glowing numbers!



https://www.nytimes.com/2002/01/03/n...t-the-top.html

Last edited by Barney Greengrass; Oct 15, 2019 at 2:49 PM.
Reply With Quote
     
     
  #4  
Old Posted Oct 15, 2019, 1:37 PM
Busy Bee's Avatar
Busy Bee Busy Bee is online now
Show me the blueprints
 
Join Date: Feb 2006
Location: on the artistic spectrum
Posts: 10,302
I don't know, the devil's in the details I suppose.
__________________
Everything new is old again

There is no goodness in him, and his power to convince people otherwise is beyond understanding
Reply With Quote
     
     
  #5  
Old Posted Oct 15, 2019, 2:06 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
I'm sure it'll be nice on the inside, and there are more important things than what the facade looks like on the outside, but when you look at what was just revealed across the street, I think I would prefer the building as currently is over just another bland, glass box. Or just take the whole thing down and start over. But it's a pretty prime location, so I'm sure they will do well either way.


On the other side of the Avenue...we couldn't just enjoy this for a week.






__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #6  
Old Posted Oct 15, 2019, 3:44 PM
Gantz Gantz is offline
Registered User
 
Join Date: Mar 2013
Posts: 653
Quote:
Originally Posted by Sloper View Post
Seriously? 666 Fifth is the only cachet this building has!

I miss those big, red, glowing numbers!
Exactly. This is just bad marketing. They should keep 666.
Reply With Quote
     
     
  #7  
Old Posted Oct 15, 2019, 4:14 PM
Zerton's Avatar
Zerton Zerton is offline
Ω
 
Join Date: Mar 2002
Location: Chicago
Posts: 4,551
So the Zaha design is out :\

That 665 design is stunning though
__________________
If all others accepted the lie which the Party imposed, if all records told the same tale, then the lie passed into history and became truth. -Orwell
Reply With Quote
     
     
  #8  
Old Posted Oct 15, 2019, 6:26 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
If they could drop another million square feet on site, I bet this baby would be coming down as we speak. Too bad it's just outside of the midtown rezoning area though...


__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #9  
Old Posted Oct 15, 2019, 9:57 PM
matt19215 matt19215 is offline
Registered User
 
Join Date: Apr 2019
Posts: 94
Does the new facade have to be ugly?
Reply With Quote
     
     
  #10  
Old Posted Oct 16, 2019, 2:44 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Quote:
Originally Posted by matt19215 View Post
Does the new facade have to be ugly?
Yes, so the tenants can better appreciate the view of the Rolex tower across the street (and a nice view of 53w53 while they're at it). Brookfield should be embarrassed, but they won't be.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #11  
Old Posted Oct 16, 2019, 2:57 AM
chris08876's Avatar
chris08876 chris08876 is online now
NYC/NJ/Miami-Dade
 
Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,694
This is really underwhelming for a renovation outlook given that the site is in such a prime location. Beauty like Rolex Tower will greatly aid the aesthetics of the area, but 666 Fifth Avenue is really something worthy of the wrecking ball. NY is entering the era of large scale demolitions, and this is really a prime location for a 270 Park style tower. Just adding lipstick on a pig not fully utilizing it for its long-term outlook potential.

Or at least a vertical expansion or something given this has 1.4 mil-sq ft and could really capitalize on the booming office/leasing market.
Reply With Quote
     
     
  #12  
Old Posted Oct 16, 2019, 5:51 AM
patriotizzy's Avatar
patriotizzy patriotizzy is offline
Metal Up Your !
 
Join Date: Jul 2010
Location: Bay Area, CA
Posts: 1,585
Quote:
Originally Posted by chris08876 View Post
This is really underwhelming for a renovation outlook given that the site is in such a prime location. Beauty like Rolex Tower will greatly aid the aesthetics of the area, but 666 Fifth Avenue is really something worthy of the wrecking ball. NY is entering the era of large scale demolitions, and this is really a prime location for a 270 Park style tower. Just adding lipstick on a pig not fully utilizing it for its long-term outlook potential.

Or at least a vertical expansion or something given this has 1.4 mil-sq ft and could really capitalize on the booming office/leasing market.
You're forcing food down the throat of a full stomach. If they wanted all that, they'd have gone for it. They don't seem to care about potential expansion. Maybe they could sell their air rights if they don't care for them?
__________________
God bless America
Reply With Quote
     
     
  #13  
Old Posted Oct 16, 2019, 12:45 PM
JMKeynes JMKeynes is offline
BANNED
 
Join Date: Aug 2017
Location: SW3
Posts: 4,216
I would have liked to see this come down.

They're basically sprinkling some sugar on a pile of crap so that it doesn't smell so bad.

https://ny.curbed.com/2019/10/16/209...nue-brookfield

Last edited by JMKeynes; Oct 16, 2019 at 4:58 PM.
Reply With Quote
     
     
  #14  
Old Posted Oct 16, 2019, 9:51 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747




__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #15  
Old Posted Oct 16, 2019, 11:21 PM
Amanita's Avatar
Amanita Amanita is offline
Crane Goddess
 
Join Date: Apr 2003
Posts: 2,229
At least keep the 666 number, it's hilarious! And I'm gonna get yelled at, but I rather like its current facade. It's got character, at least.
__________________
"Build me to the heavens, and Life never stops"
"Live as if the world were as it should be, to show it what it can be"
-Angel
"Prayers are fleeting and wars are forgotten, but what is built endures"
-Ambassador DeLenn, Babylon 5
Reply With Quote
     
     
  #16  
Old Posted Oct 17, 2019, 1:04 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Quote:
Originally Posted by Amanita View Post
At least keep the 666 number, it's hilarious! And I'm gonna get yelled at, but I rather like its current facade. It's got character, at least.
LOL, you like what you like. No one can yell at you about it. But really the only thing I find nice are the terraces, which every building must have these days. I find the facade to be just too bland.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #17  
Old Posted Oct 17, 2019, 6:49 AM
Amanita's Avatar
Amanita Amanita is offline
Crane Goddess
 
Join Date: Apr 2003
Posts: 2,229
My problem with the proposed one is that it looks kinda bland- there are so many plain glass facades around already.
__________________
"Build me to the heavens, and Life never stops"
"Live as if the world were as it should be, to show it what it can be"
-Angel
"Prayers are fleeting and wars are forgotten, but what is built endures"
-Ambassador DeLenn, Babylon 5
Reply With Quote
     
     
  #18  
Old Posted Oct 17, 2019, 1:05 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Quote:
Originally Posted by Amanita View Post
My problem with the proposed one is that it looks kinda bland- there are so many plain glass facades around already.
And that's the problem. They'll get their tenants, and higher rents. But we'll get another, bland, glass box.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
  #19  
Old Posted Oct 17, 2019, 8:48 PM
RobEss's Avatar
RobEss RobEss is offline
Walk taker
 
Join Date: Jan 2013
Location: Brooklyn
Posts: 489
I'm cautiously optimistic that this tower and it's plain, boxy windows will develop a sort of hyper-grid aesthetic like the Kips Bay Towers.

__________________
Know and embrace your inner NIMBY.
Reply With Quote
     
     
  #20  
Old Posted Jan 13, 2020, 7:08 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Some before and after from KPF

https://www.kpf.com/projects/666-fifth-avenue







__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Global Projects & Construction > Skyscraper & Highrise Construction
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 3:34 PM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.