L&L undeterred by Midtown East rezoning collapse

Developer will move forward with plans for taller 425 Park Avenue
November 14, 2013 01:45PM

Despite the crash and burn of the Bloomberg administration’s Midtown East rezoning plan, L&L Holding’s 41-story office tower at 425 Park Avenue is moving full steam ahead.

David Levinson, CEO of L&L, told the New York Times that he still plans to tear down the current 31-story, 650,000-square-foot office tower on the full block site and replace it with a taller structure. L&L, formerly a minority stakeholder in 425 Park, acquired the remaining 90 percent interest in the property from Lehman Brothers in July of 2013.

“I want people to know we’re fine,” Levinson told the Times. “We’re still building the finest building in Midtown. Our plans are filed; we’re going.”

Only three proposed projects were planned for the next 10 years in the 73-block area around Grand Central covered under the rezoning, developers told the Times.

However, SL Green Realty’s plans to build a 65-story tower adjacent to Grand Central Station — dubbed One Vanderbilt — are on hold until an upzoning of the area takes place, as previously reported. [NYT] — Julie Strickland