The rezoning of Midtown East continues to propel talk of change in the district. As reported by the Real Deal, Vornado Realty Trust and Rudin Management are considering building a 1,450-foot tower at 350 Park Avenue. A brochure for the potential project shows a tower rising over 100 feet above SL Green Realty and Hines’ One Vanderbilt, and offering 1.68 million square feet of rentable space. The project is still in its early stages and is an option that has not yet been filed with the city’s Department of Buildings.
The New York Post first reported in April that Vornado and Rudin were in talks for a possible joint venture to build a new office tower in Park Avenue. The plan would entail the demolition of Vornado’s existing building at 51st and 52nd streets, and Rudin’s midblock tower at 40 East 52nd Street. Rudin’s 23-story building, known as BlackRock Building and opened in 1986, has its own reasons for considering demolition. Its main tenant, main tenant, BlackRock, is moving to Hudson Yards in four years, and will leave it empty.
Sources have indicated that this plan for a potential joint venture, is only one possibility for the sites. Rudin and Vornado may alternatively decide to each redevelop their properties independently. Renderings for the budding project are similar to the stepped look of One Vanderbilt, though the different levels of 350 Park’s façade have outdoor space. The brochure depicts multiple floors of amenities, including a “sky bar” at the top, fine dining, a sports club, an arts club, and an auditorium. Vornado and Rudin have thus far declined to comment.
The discussed project is possible only thanks to the rezoning of the district, which allows developers to build taller projects. In August 2017, the city rezoned Midtown East, with the intention of encouraging the construction of 6.5 million square feet of new office space over the course of the next two decades. The new zoning has already led JPMorgan Chase to demolish 270 Park Avenue so as to build a new 1,400-foot tower in its place. Harry Macklowe has similarly announced plans for a 1,500-foot tall office building at 14 East 52nd Street.
Of course, tearing down buildings is a controversial business which is sure to attract plenty of critics and uncertainty. Tishman Speyer just gave up its proposal to redevelop 300 Park Avenue, after Colgate-Palmolive renewed about 242,000 square feet of space at the building for its global headquarters.
