425 Park Avenue

41-Story, 670,000-Square-Foot Office Tower At 425 Park Avenue Lands Anchor Tenant, Midtown

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.

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Landscape Renovations Underway At NYU’s Bleecker Street, LaGuardia Place Plazas, Greenwich Village

New York University’s 1.6-million-square-foot expansion looms on the horizon, in anticipation of its distant 2035 completion. However, well ahead of any significant redevelopment, a smaller overhaul of street-adjacent community space is already underway. NYU is collaborating with the NYC Department of Parks and Recreation to upgrade two linear, street-facing plazas at LaGuardia Place and Bleecker Street.

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