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If you thought that Manhattan's skyline was already too full to accommodate for new towers, you'd be wrong: we'll soon be getting another massive building in midtown that is going to dwarf all the structures around it.
This week, Mayor Eric Adams unveiled renderings for a “once-in-a-generation,” 1.8 million square-foot, 62-story Park Avenue office building that is set to be completed by 2032.
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According to the Mayor, the building, which will be located on 350 Park Avenue, will add more than 6,000 jobs to the city's roster and massively contribute to the town's post-COVID economic recovery.
Designed by architectural firm Foster + Partners, the tower will have floor-to-ceiling glass windows and landscaped terraces, boasting a style reminiscent of a staircase (one ascending to the sky) that will look completely different from much of what currently dominates the midtown officescape.
The building's anchor tenants will be Citadel and Citadel Securities, which are hedge funds with more than 2,100 employees each. The building’s ground level will house a 12,500-foot public concourse with seating, green space and art displays for the public to enjoy.
First Deputy Mayor Sheena Wright framed the project as an example of “private sectors working together to invest in communities,” since developers purchased the excess rights from the neighboring St. Patrick’s Cathedral and Saint Bartholomew’s Church, a transaction that will contribute $150 million to the historic buildings.
The entire project feels pretty bold: Since COVID began, Manhattan has struggled to get its workers back into office buildings at pre-pandemic rates. Since thousands of folks now work remotely or opt for a hybrid model, more than 95 million square feet of NYC office space—the equivalent of 35 Empire State Buildings—remains unoccupied, per CBS News.
The Mayor is framing this skyscraper as part of an effort to revitalize Fifth Avenue as a place that is more appealing to residents, workers and visitors.
“Today, we are doubling down on our efforts to build a ‘new’ New York with a project that will help supercharge our economy and expand New York City’s iconic skyline,” said Mayor Adams during a power breakfast this week where he also revealed the building’s renderings. “This project will build on our continued efforts to energize midtown Manhattan as the world’s most important business address and an economic engine for working-class New Yorkers.”
Only time will tell if the efforts are a success.