A month after his divorce, Harry Macklowe prepares to fight for a $1B office supertall

The developer is filing plans for the office tower next week

TRD New York /
Jan.January 18, 2019 04:15 PM

Harry Macklowe and a rendering of the proposed office tower on East 51st and 52nd streets (Credit: Getty Images and Macklowe Properties)

Mere weeks after his fortune was split down the middle in a bitter divorce trial, Harry Macklowe is gearing up to get one final supertall over the line.

The developer is close to filing plans for his ambitious Midtown office tower, a 1,500-plus-foot tower that would likely be the capstone to his dramatic 60-year career in New York real estate.

Macklowe will submit plans next week, initiating the city’s public review process, Crain’s reported. The project is likely to cost upwards of $1 billion.

His vision for the project — midblock between East 51st and East 52nd Streets — includes a multilevel observatory on the highest floors and a tapered midsection that will prop up the height of the floors below. Its mass-damper, a water-filled mechanism that reduces sway in supertall towers, will be displayed with a seismograph, according to Crain’s.

To build the 1-million-square-foot project, Macklowe will have to transfer hundreds of thousands of square feet of development rights from St. Patrick’s Cathedral, which is across the street. It will likely cost tens of millions of dollars. The move would have to go through the city’s uniform land-use review procedure — which requires public review and City Council approval.

As The Real Deal first reported in June, Macklowe has been purchasing properties at the site of the project for several years. He targeted five-parcel site with the combined addresses of 5-9 East 51st Street and 12-20 East 52nd Street. And an entity tied to Macklowe acquired the property at 12 East 52nd Street for $32 million, as well as 4 East 52nd Street.

The office tower’s height would surpass Macklowe’s 432 Park Avenue, a 1,400-foot-tall luxury condo project. It’s unclear whether he will secure air rights for the building, the Crain’s report said.

Depending on if and when it’s built, the project could face competition from SL Green Realty’s One Vanderbilt in Midtown — as well as Tishman Speyer’s the Spiral and Moinian Group’s 3 Hudson Boulevard in Hudson Yards and Silverstein Properties’ 2 World Trade Center in the Financial District. [Crain’s] — Meenal Vamburkar

 

Related Articles

arrow_forward_ios
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

Vishaan Chakrabarti on a Manhattan real estate market without private cars

Vishaan Chakrabarti on a Manhattan real estate market without private cars
Clockwise from left: 432 West 19th Street, 61-15 Metropolitan Avenue in Ridgewood, 45 West 39th Street and 1518 Macombs Road in the Bronx (Google Maps)

Charter school shells out $21 million for Bronx parcels

Charter school shells out $21 million for Bronx parcels
Vishaan Chakrabarti of Practice for Architecture and Urbanism and Hiten Samtani of The Real Deal (Getty)

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?

The REInterview: What if Manhattan had four Central Parks’ worth of land to play with?
Social Construct CEO Ben Huh, The Real Deal's Hiten Samtani and Social Construct cofounder Michael Yarne

The REInterview: Social Construct’s founders on making multifamily construction an assembly line

The REInterview: Social Construct’s founders on making multifamily construction an assembly line
2870 Ocean Avenue in Sheepshead Bay (Google Maps)

Chetrit firm to acquire Sheepshead Bay development site

Chetrit firm to acquire Sheepshead Bay development site
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
Alexandria Real Estate Equities founder Joel Marcus and Alexandria Center for Life Sciences (Getty, Google Maps)

Life-sciences sector proves safe haven for landlords

Life-sciences sector proves safe haven for landlords
123 West 23rd Street and Adam Neumann (Google Maps; Getty Images)

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site

Adam Neumann, Jeff Dagowitz get $75M refi for Chelsea dev site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...