The long-vacant Times Square Theater, located at 217 West 42nd Street, between Seventh and Eighth avenues in Midtown, may have another chance to be used, according to the New York Post. Singapore-based Oracle Projects International, which produces and designs events, has reportedly leased the property. The former theater is overseen by the state’s Historic Preservation Committee as well as New 42nd St, a nonprofit that leases the theater (and five others) in a 99-year lease. In recent years, the building was leased twice with different reuse projects in mind, but both failed to come to fruition. The latest plan would likely include, at the very least, minor alterations to, or a restoration of, the existing building. The building’s interior and exterior were on the Landmarks Preservation Commission’s backlog, but were removed from the calendar without prejudice last month.
Back in September, we told you about a competition to conceive a redesign of the MetLife Building. Earlier this week, the six finalists of the “Reimagine a New York City Icon” competition were announced. The competition, sponsored by Metals in Construction magazine and the Ornamental Metal Institute of New York, isn’t part of any actual process in the works to modify the Midtown office tower, but are fascinating ideas of what could be. Perhaps these ideas will be put into use at other buildings.
The stunningly tall towers rising along 57th Street are taking the Manhattan skyline to a whole new level. Despite their relatively small footprints, some projects are actually replacing true architectural gems. Between the end of 2014 and the beginning of 2016, the LeFrak Organization and Vornado Realty leveled three pre-war buildings at 27-33 West 57th Street. Although the latest reports indicated a “seven star hotel,” final plans are still unknown. Given the site’s Billionaires’ Row location and proximity to Central Park, whatever gets built will most likely be very tall, and very expensive.
In late 2014, YIMBY brought you new renderings of the Foster + Partners-designed 41-story, 897-foot-tall office tower under development at 425 Park Avenue, between East 55th and 56th streets in Midtown, and now project has secured its anchor tenant with a city-wide record-breaking lease. According to Real Estate Weekly, Chicago-based Citadel will take roughly 200,000 square feet in the 670,000-square-foot building, with rents as high as $300 per square foot on the tower’s penthouse floors. The project, being developed byL&L Holding and GreenOak Real Estate, is aiming for L.E.E.D. Gold and WELL certifications. This past summer, the developers secured a $556 million construction loan and the site’s 32-story office predecessor has since been significantly demolished. The lower portion of the existing structure will be utilized in the new building and completion is expected in late 2018.
Following the state’s plan to upgrade and expand Pennsylvania Station, Vornado Realty Trust has announced plans to renovate and interconnect 57-story One Penn Plaza and 29-story Two Penn Plaza, completed in 1972 and 1968 respectively, into a massive 4.2-million-square-foot office complex. The two buildings are located directly adjacent to and above Penn Station, in Midtown, between West 31st and 34th streets and Seventh and Eighth avenues. According to The Real Deal, the renovation project would improve desirability and tenant mobility and allow for new retail and amenity opportunities. Two Penn Plaza would get a new floor-to-ceiling glass façade and One Penn Plaza would receive “a more conventional upgrade.” Start and completion dates have not been disclosed, and a designer has not yet been revealed.