L&L gets OK for 42-story tower at 425 Park Avenue

Demolition to start late this year, final completion slated for 2017

From left: 425 Park Avenue now and a rendering of the planned tower
From left: 425 Park Avenue now and a rendering of the planned tower

The Department of Buildings has given L&L Holdings the green light for a planned 42-story tower at 425 Park Avenue.

The 905-foot tower on Park Avenue, between 55th and 56th streets, will go up after L&L tears down of the current 31-story, 650,000-square-foot office tower that currently takes up the full block. Demolition is slated to kick off at the end of the year. L&L CEO David Levinson told the Wall Street Journal that he expects construction to be completed by 2017.

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Under former Mayor Bloomberg’s proposed Midtown Rezoning, Levinson would have been able to raze the current building and construct a new tower roughly 15 percent larger. Because that plan stalled out, L&L must leave the steel skeleton of the bottom 25 percent of the building in place.

L&L, formerly a minority stakeholder in 425 Park, picked up the remaining 90 percent interest in the property from Lehman Brothers in July 2013. [WSJ, 1st item]Julie Strickland