NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[NewYorkCity76]

https://commercialobserver.com/2024/...ars-at-google/

[NYguy]

https://therealdeal.com/new-york/202...ch-air-rights/

Ken Griffin agrees to $78M deal for more church air rights
St. Bartholomew’s contract could contribute to 350 Park development





March 27, 2024
Holden Walter-Warner

Ken Griffin might as well be singing the praises of the 2017 Midtown East rezoning.

The Citadel boss, in partnership with Rudin Management and Vornado Realty Trust, is in contract to purchase up to 250,000 square feet of air rights from St. Bartholomew’s Church for $78 million, Crain’s reported, or $312 per square foot.

The contract dates back to last spring but was only revealed on Wednesday in a court filing in Manhattan Supreme Court, due to the court approval needed for the church to sell properties.

The deal between the sides is structured as an option. The developers paid $2 million at the contract signing and will need to pay $2 million each this year and next, then $4 million in 2026 before the deal can close. The option will expire in 2027.

The air rights would help the partners in their development of 350 Park Avenue, a planned 51-story, 1.7 million-square-foot office tower.

In 2022, Citadel agreed to lease the existing structure at 350 Park from Vornado and 40 East 52nd Street from Rudin next door. A year later, Vornado and Rudin teamed on a $40 million purchase of an adjacent townhouse.

The developers agreed in December to buy up to 525,000 square feet of air rights from the Roman Catholic Archdiocese of New York for up to $164 million, or $312.50 per square foot, for the rights attached to St. Patrick’s Cathedral.

The developers are also required to contribute $62.50 per square foot to the Public Realm Improvement Fund, a Midtown East group which works to improve the business district; the developers will need to contribute roughly 20 percent of the sales price to the fund with the St. Bart’s deal, approximately $62.40 per square foot.

Completion of the development is expected for 2032. Citadel is slated to occupy half of the tower.

St. Bartholomew’s has been down this road before. One year after the Midtown East rezoning allowed for the sale of air rights for projects that aren’t directly adjacent to a property, the church sold 50,000 square feet of air rights to JPMorgan Chase for $15.6 million. That was in service to the bank’s headquarters development at 270 Park Avenue, a 1,388-foot-tall project scheduled to open next year.

[ChiND]

I was just about to post that great news!

Do you think that this might get taller? I wonder if Griffen might make this mixed us like he’s planning to do in Miami.

[Ahoi]

So, can Citadel build 350 Park Ave. higher now that Citadel acquired more air rights?

[NYguy]

He can build as high as he likes, even without air rights transfers. There are no height limits. The transfers are what will allow the tower to increase in floor area from what is built now.

[ChiND]

Originally Posted by NYguy

He can build as high as he likes, even without air rights transfers. There are no height limits. The transfers are what will allow the tower to increase in floor area from what is built now.

Yes, but since it’s a limited footprint, don’t the extra square feet in air rights mean that he could build more than 1.7m square feet (or whatever is presently planned)?

If he added 50 condos and a 100 room, 7-star hotel at the top, this tower could easily exceed 1,600’.

[UrbanImpact]

It's interesting that there may be two Citadel supertall towers under construction at some point in NYC & Miami.

[NYguy]

Originally Posted by ChiND

Yes, but since it’s a limited footprint, don’t the extra square feet in air rights mean that he could build more than 1.7m square feet (or whatever is presently planned)?

No. Also, the height would be determined by the size of the floorplates, ceiling heights, etc.. They don’t have to build a supertall tower here.

The total amount of square footage on the current, combined site is just under 1 msf. They’ll make up the rest in air rights.

[ChiND]

It’s exciting that this tower appears certain to rise. Hopefully, we’ll get news for 175 Park.

[Ahoi]

I think these projects are going up 100% (175 and 350 Park Ave.). 175 Park Ave. will be the new landmark in New York and the thread about it, in the international forums, is one of the most read ever. Other potential supertall locations:
45 east 45th Street
425 Madison Ave.
Others in the Grand Central Zone (too much future)
2 WTC
ESC (Penn District)
Hudson Yards Phase Two
PA Station two Supertalls?

[NYguy]

Keep in mind also that this tower is still being developed, and the pending lot merger(s) could lend more to size, or total allowable square footage on site.



https://commercialobserver.com/2024/...ric-cathedral/

St. Bartholomew’s Church in Manhattan is planning to sell heaven itself, or at least 250,000 square feet of it.

Ken Griffin’s Citadel, Rudin Management and Vornado Realty Trust are in contract to purchase the air rights above the landmarked church at 325 Park Avenue for $78 million from the congregation, Crain’s New York Business first reported.

… And it won’t be the first iconic New York City House of God being eyed by Griffin either, as the firm is going into contract to buy 525,000 square feet of air rights from St. Patrick’s Cathedral on Fifth Avenue for a sum of $164 million, Crain’s reported in December.

[ChiND]

I’d be elated with 1,350’, but with all of these air right purchases, do you think that Citadel might build more? This is probably going to be the most sought-after trophy space in NY.

[Busy Bee]

As mentioned before, I think it would be better if they acquired the full block and built out a whopper of a tower ala 270 even if that meant a slightly shorter height. Considering the Madison Av structures and the architectural potential of a full block development I think that's the win-win-win scenario. I don't need anyone else to agree to know I'm right

[NYguy]

Originally Posted by ChiND

I’d be elated with 1,350’, but with all of these air right purchases, do you think that Citadel might build more? This is probably going to be the most sought-after trophy space in NY.

Originally Posted by Busy Bee

As mentioned before, I think it would be better if they acquired the full block and built out a whopper of a tower ala 270 even if that meant a slightly shorter height. Considering the Madison Av structures and the architectural potential of a full block development I think that's the win-win-win scenario. I don't need anyone else to agree to know I'm right

Sure, sure ya are.


But I think several things are at play here. Citadel has to take into account - as both tenant and developer - that they have to lease the remaining space in the tower. As such, full block floor plates won't be in play. Citadel itself will likely occupy the lower floors, and some floors at the top. The lot merger(s) already in play would increase the allowable space to be built in the project - minus the existing space in the Madison Avenue buildings.







The base FAR of the site is 15, which can be increased through a variety of means, but in this case through transfer of development rights from landmarks.

[ChiND]

Do you think that this building will have a large public plaza like 270 Park will? If so, if Citadel buys one of the adjacent Madison Avenue buildings, perhaps the plaza will occupy that site or at least part of its footprint.

[NYguy]

Originally Posted by ChiND

Do you think that this building will have a large public plaza like 270 Park will? If so, if Citadel buys one of the adjacent Madison Avenue buildings, perhaps the plaza will occupy that site or at least part of its footprint.

They aren’t going to demo those buildings. If there’s no indoor plaza, you woukd likely get something similar to the plaza in the previous design.

[NYguy]

MARCH 13, 2024


The last piece in the footprint that will be coming down, 39 E. 51st Street...

Under plans shared last winter, the developers would raze 39 E. 51st as well as two much larger buildings around it, 350 Park Ave. and 40 E. 52nd St., in order to construct a new office building containing 1.7 million square feet.

https://www.crainsnewyork.com/commer...idtown-changes

[NYguy]

The St. Patrick's portion of the air rights transfers....

[NYguy]

I remember Citadel planning to lease additional space at 280 Park, then that was put on hold. It’s becoming a little more clear why.


https://commercialobserver.com/2024/...0-park-avenue/

Private Equity Firm Antares Expands to 76K SF at 280 Park


BY LOIS WEISS
APRIL 15, 2024

SL Green and Vornado spent $150 million renovating the 1.2 million-square-foot property, which they bought for close to $500 million in 2011.

The joint venture has had its ups and downs, and the two real estate investment trusts recently clashed over deciding whether to expand other tenants versus bringing in the larger Citadel.

Another large tenant in the property, Franklin Templeton Investments, will soon relocate and expand to 347,000 square feet at SL Green’s One Madison Avenue.

The venture also suffered a setback when the long-heralded relocation of the Four Seasons restaurant from Seagram Building to 280 Park ended up a bust as the eatery never got its mojo back.

Since then, the space has been occupied by the acclaimed Italian restaurant Fasano.

[DCReid]

Citadel founder Ken Griffin’s efforts to build a 62-story office tower on Manhattan’s Park Avenue have taken a significant step forward.

Griffin and developers Vornado Realty Trust and Rudin have filed plans with New York City for their 1.8 million-square-foot (167,200-square-meter) skyscraper at 350 Park Ave., according to a statement Tuesday...

https://www.msn.com/en-us/money/real...b5eb49fc&ei=10