Lehman could facilitate second new Park Avenue office tower

TRD New York /
May.May 08, 2012 09:00 AM

Just two weeks after L&L Holdings requested proposals for Park Avenue’s first new office tower in three decades, speculation is growing that a second new tower could rise on the avenue. According to the New York Post, now that Lehman Brothers Holdings has full control over 237 Park Avenue it is considering building a new tower on the property, near 45th Street.

Monday Properties both manages 237 Park Avenue and owns the neighboring building at 230 Park Avenue. The addresses were going to be merged for zoning lot purposes in order to construct a new tower around 237 Park Avenue. But to build that new tower, developers need about 1.5 million square feet of air rights, which is owned by Lehman Brothers and Argent Ventures.

Now that Lehman has a stake in the properties, and considering it already has a stake in the air rights, perhaps the landlords can strike a deal for additional air rights and expand atop the existing structure or build a new one entirely, the Post said. [Post, 1st item]


Related Articles

arrow_forward_ios
RXR and Walton Street Capital near deal to sell 237 Park Ave stake to David Werner

RXR and Walton Street Capital near deal to sell 237 Park Ave stake to David Werner

RXR and Walton Street Capital now want to sell 237 Park in full

RXR and Walton Street Capital now want to sell 237 Park in full

Monday Properties to double office space, move to Park Avenue Tower

Monday Properties to double office space, move to Park Avenue Tower

Blackstone co-founder’s family wealth firm moving to Park Avenue

Blackstone co-founder’s family wealth firm moving to Park Avenue

Can anyone spare a billion? Here are five trophy buildings that could have sold in early 2017 — but didn’t

Can anyone spare a billion? Here are five trophy buildings that could have sold in early 2017 — but didn’t

Regus to launch Spaces co-working concept in Manhattan, at the Helmsley Building

Regus to launch Spaces co-working concept in Manhattan, at the Helmsley Building

NewYork-Presbyterian pays $251M for 30-year leasehold condo at 237 Park

NewYork-Presbyterian pays $251M for 30-year leasehold condo at 237 Park

Walton Street markets 49% stake in 237 Park

Walton Street markets 49% stake in 237 Park

arrow_forward_ios
Loading...