The Real Deal New York

SL Green will build an observation deck at One Vanderbilt

The outdoor-indoor viewing space will rise more than 1,000 feet above the street, connect to Grand Central
December 05, 2016 02:15PM

A rendering of One Vanderbilt

A rendering of One Vanderbilt

The developer behind One Vanderbilt will be sharing the views from its Midtown skyscraper with the masses. In exchange for a fee, of course.

SL Green Realty TRData LogoTINY will build an observation deck as part of its $3.1 billion office development.

The indoor-outdoor deck will rise more than 1,000 feet above the street and will connect directly to the Grand Central train hub, Bloomberg reported. Once completed, the deck will be the fifth of its type in the city. Observation decks can be found at the Empire State Building, One World Trade Center and 30 Rockefeller Center. Related Companies30 Hudson Yards is also slated to have a observation deck.

The company expects the venture will be a “very high-margin business,” according to Bloomberg. “What could differentiate us is an experience that is unrivaled amongst the competing observation desks,” Rob Schiffer, a managing director at SL Green told the publication. “First and foremost is our location. Grand Central Terminal is one of the most highly visited attractions in the New York and the world.”

The real estate investment trust held a ceremonial groundbreaking on the 1.7 million-square-foot office tower last month. The developer must deliver on its promise to make $220 million worth of public infrastructure improvements before any tenants can move in.

In August, SL Green settled a lawsuit with the owners of Grand Central, who had alleged the office landlord and the city made their 1.2 million square feet of air rights useless when the area was rezoned.

A month later the REIT closed on a $1.5 billion construction loan for the $3.1 billion office development, with Wells Fargo leading the financing syndicate.