Lehman could facilitate second new Park Avenue office tower

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.

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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]