A new office tower at 350 Park Avenue will reshape the NYC skyline
After nearly half a decade of COVID stagnation, morale will be boosted as fresh, high-tech developments that will reshape NYC’s skyline are closer to reality. They’re adding sorely needed housing and new trophy commercial office space.
“It is a major financial investment to convert in this market,” said Shannon. “We’ve probably looked at easily 15 and I don’t think there is an owner that hasn’t looked. Some pencil out, and some don’t.” In another potential conversion, embattled developer Charles Cohen wants to create 172 units within the 27 upper floors at 623 Fifth Ave., which rises above and is connected to Saks Fifth Avenue. Cohen’s family-owned firm is also planning to demolish a squat, nine-story office building at 3-15 E. 54th St. and likely rebuild as condominiums.
With the new “City of Yes” rezoning, investors and converters are focused on Midtown South where many are empty and no longer attract office users. Further downtown, Brookfield and Silverstein Properties will also develop a new 5 World Trade Center mixed-use building with housing. And if his prayers are answered, Larry Silverstein could start on the office building at 2 World Trade Center with American Express as its anchor tenant.
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