The 40-story, 850,000 square-foot office building at 437 Madison Avenue, located between East 49th and 50th streets in Midtown, is currently receiving $60 million in upgrades and renovations, according to Real Estate Weekly. The outdoor plaza and the building’s lobby are being redesigned, building infrastructure is being upgraded, and new amenities are being constructed, including a 15th-floor sky lounge, garden terrace conference rooms, an arcade, and a yoga room. Construction began two years ago and completion is expected early this year. The Emery Roth & Sons-designed building was completed in 1967 and the William Kaufman Organization has owned it ever since. Fogarty Finger is designing the renovation. Medallion Financial Corp. recently extended their 18,650 square-foot lease in the building.
A year ago, YIMBY brought you new renderings of redevelopment plans for the 24-story office building at 380 Madison Avenue, between East 46th and 47th streets in Midtown. By removing certain floors within the building, the structure will grow to 32 stories but will retain the same square-footage. According to the Wall Street Journal, the process is well underway, with 18 percent of the original building in total expected to be removed and used for a vertical expansion. The completed building, called 390 Madison Avenue, will have 663,419 square feet of commercial space, most of which will be office space, although the first two floors will contain double-height retail space. L&L Holding Company is developing the project and Kohn Pedersen Fox is designing it. Completion is expected in early 2017.
Over the summer, YIMBY brought you new renderings and details on the planned 88-unit luxury residential tower at 36 Central Park South, dubbed 1 Park Lane, which would replace the 46-story, 628-key Park Lane Hotel. The project was in the pre-development stages and advertised in the EB-5 program, but its developers, Witkoff and Macklowe Properties, are shelving plans for now, Bloomberg Business reports. Due to uncertainty in EB-5’s congressional reform, a slowdown in the Chinese economy, and an over-saturation in the ultra-luxury residential market, the Park Lane will remain as a hotel for the foreseeable future. Its operations and management are in the process of being repositioned, and Witkoff is in talks to refinance debt on the property.
Back in May of 2015, YIMBY posted renderings from SLCE Architects featuring the Robert A.M. Stern Architects-designed 220 Central Park South. Since then, construction on the building has made major headway, with the structure now reaching past its tenth floor, and now we can post the building’s final look, thanks to an ad placed by developer Vornado in REBNY’s new booklet.
Earlier this month, news broke that Gov. Andrew Cuomo was moving forward with plans to upgrade Pennsylvania Station, between West 31st and 33rd streets on Eighth Avenue in Midtown, and now the state has issued a Request For Proposals (RFR) for the project, dubbed the Empire Station Complex. According to Curbed NY, the document highlights plans to build a main entrance on Eight Avenue, which would entail demolishing the Theater at MSG. In addition, it would connect the station to the proposed new tracks of the Gateway Project, which includes new tunnels under the Hudson River and Amtrak’s expansion into Moynihan Train Hall (the Farley Post Office) and the connecting concourse, along with other upgrades. The renderings were created by Skidmore, Owings & Merrill, although the selected team could go ahead with a different firm. Proposals are due by April 22.