French design house Hermès has signed a 71,757-square-foot lease at 550 Madison Avenue, Philip Johnson’s landmarked commercial tower in Midtown East, Manhattan. The sprawling new office will span three full levels across the 23rd through 25th floors.
Excavation is progressing at 520 Fifth Avenue, site of an 88-story mixed-use supertall skyscraper in Midtown, Manhattan. Designed by Kohn Pedersen Fox for Rabina , which took over as the lead developer in 2019 from Ceruzzi Properties and SMI USA, the 1,002-foot-tall, 507,608-square-foot structure will yield 100 residential units, commercial space, and four cellar levels. Suffolk Construction is the general contractor for the project, which is located on a 10,625-square-foot lot at the corner of Fifth Avenue and West 43rd Street.
Demolition is underway at 123-141 West 57th Street, the site of a forthcoming 26-story, 185,000-square-foot office tower along Billionaires’ Row in Midtown, Manhattan. The site is located between Sixth and Seventh Avenues, surrounded by Christian de Portzamparc’s One57 and SHoP Architects‘ 111 West 57th Street. It was recently reported that Alchemy Properties and ABR Partners closed a $120 million deal to purchase the property, which was owned by Calvary Baptist Church and includes the adjacent 16-story, 153-foot-tall Salisbury Hotel. ABR Partner’s equity partner, Cain International, had brought on Security Benefit Life as the new lender. The total construction cost for the project is estimated to be roughly $350 million.
GDS Development Management and Klövern recently celebrated the completion and opening of 28&7, a new office building in Chelsea. The 12-story building is located at the corner of 28th Street and Seventh Avenue and comprises more than 90,000 square feet.
YIMBY went on a tour of TSX Broadway, a 46-story hotel that topped out last week at 1568 Broadway in Times Square. Designed by Perkins Eastman and Mancini Duffy and developed by L&L Holding Company and Fortress Investment Group, the 470-foot-tall tower will yield 550,000 square feet with a 669-key hotel, retail space, restaurants, and a cantilevering outdoor performance stage that overlooks Times Square. The property is also home to the historic Palace Theatre, which will soon be raised by Urban Foundation and Engineering. PBDW Architects is restoring the interior of the theatre, and Pavarini McGovern is the general contractor for 1568 Broadway, which is located at the corner of Seventh Avenue and West 47th Street. The project is expected to cost around $2.5 billion.
