The Norman Foster-designed office building across from 432 Park Avenue is on the rise, a new construction site photo by NyConstructionPhoto has revealed. Eventually this building, located at 425 Park Avenue, will stand nearly 900 feet tall, and will be the first full-block office development on Park Avenue in nearly five decades, according to the developers on the project.
L&L Holding, the central developer on the project, demolished most of the former 30-story building at the site, in order to make way for this new office tower. The developer decided to retain 25 percent of the original building in order to build a taller tower, YIMBY explains. The zoning for this area would have prevented the developers from building a tall tower if they had demolished the entire original structure, so they decided to incorporate it into the new one.
Back in May, demolition work had been completed on the original structure, and the new building had reached the 16th floor. Eventually, this building will stand 47 stories tall.
From what we know so far, global financial firm Citadel has leased 200,000 square feet of space at the office tower, and Daniel Humm and Will Guidara of Eleven Park Madison fame are planning to open a restaurant at this building as well.
The office tower has been in the works since 2012, and four starchitects competed to win the bid to design the new tower. Foster + Partners emerged victorious, but the project didn’t actually get off the ground until a few years later. Construction on the project is set to wrap sometime in 2019.