Vornado, Rudin mull 1,450-foot tower in Midtown East

Brochure envisions 1.68M-sf office project for Park Avenue

New York /
May.May 03, 2019 06:43 PM
350 Park

350 Park

Vornado Realty Trust and Rudin Management might build a 1,450-foot tower at 350 Park Avenue, marking the latest project to take advantage of Midtown East’s rezoning.

A brochure for the potential project, which is presented as a possibility for the site and has not yet been filed with the city’s Department of Buildings, shows a tower that would rise more than 100 feet above SL Green Realty and Hines’ One Vanderbilt and would have 1.68 million square feet of rentable space.

The New York Post reported last month that the two companies were discussing a possible joint venture to build a new office tower on Park Avenue. Such a plan would require the demolition of Vornado’s existing building at 51st and 52nd streets, and Rudin’s at 40 East 52nd Street.

A source familiar with the potential joint venture said this was just one option for the sites. Rudin and Vornado could decide, instead, to redevelop their properties independently.

Renderings for the potential project are reminiscent of the stepped look of One Vanderbilt, though the different levels of 350 Park’s facade (achieved through setbacks) form outdoor space. The brochure envision multiple floors of amenities, including a “sky bar” at the top of the tower, a sports club, some sort of fine dining, an auditorium and an arts club. Vornado and Rudin declined to comment.

In August 2017, the city rezoned Midtown East, a move intended to encourage the creation of 6.5 million square feet of new office space over the next two decades by allowing developers to build larger projects.  The zoning change has already inspired JPMorgan Chase to demolish 270 Park Avenue and build a new 1,400-foot tower in its place. Harry Macklowe has announced plans for a 1,500-foot tall office building at 14 East 52nd Street.

Not everyone is committed to tearing down older building stock to make way for flashy new towers. Tishman Speyer just ditched its plan to redevelop 300 Park Avenue after consumer goods conglomerate Colgate-Palmolive renewed about 242,000 square feet at the building for its global headquarters.


Related Articles

arrow_forward_ios
No Joke: Pete Davidson (left) and Colin Jost just purchased a Staten Island Ferry boat. (Getty)
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Vicky Ward (CNN)
Vicky Ward breaks down New York State’s Trump investigation
Vicky Ward breaks down New York State’s Trump investigation
Lloyd's of London headquarters at Lime Street (Lloyd's of London/CC BY 2.5 - via Wikimedia Commons, iStock)
Lloyd’s of London may exit “Inside Out” home after three decades
Lloyd’s of London may exit “Inside Out” home after three decades
(iStock/Illustration by Kevin Rebong for The Real Deal)
NYC investment sales hit multi-year peak to end 2021
NYC investment sales hit multi-year peak to end 2021
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
Tax assessments rise 9%, signaling higher bills for landlords
From left: Ryan Johnson and Jeff Berens, co-founders of Culdesac, in front of a rendering of Culdesac Tempe (Culdesac, iStock)
Startup that wants to build car-free cities raises $30M Series A
Startup that wants to build car-free cities raises $30M Series A
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Keith Powers, Democratic District 4 representative on the New York City Council, in front of 45 East 45th Street (Getty Images, The Roosevelt Hotel, iStock/Illustration by Steven Dilakian for The Real Deal)
Local lawmakers aim to landmark shuttered Roosevelt Hotel
Local lawmakers aim to landmark shuttered Roosevelt Hotel
arrow_forward_ios

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

Loading...