Fisher Brothers Holds “Night on Park Avenue” Event at 299 Park Avenue

Total Page:16

File Type:pdf, Size:1020Kb

Fisher Brothers Holds “Night on Park Avenue” Event at 299 Park Avenue FISHER BROTHERS HOLDS “NIGHT ON PARK AVENUE” EVENT AT 299 PARK AVENUE New York, NY (October 4, 2017) –– Fisher Brothers hosted more than 300 of New York City’s top brokers for its Night on Park Avenue event at 299 Park Avenue on September 13. The event showcased the iconic 42-story Plaza District tower, which is set to undergo a renovation starting in early 2018. During his remarks, Fisher Brothers Partner Winston Fisher noted that the firm’s work on 299 Park Avenue will be the final piece of an ambitious $165 million program to reimagine and modernize its entire 5.5 million square foot Manhattan office portfolio. “Each of our buildings has undergone or is currently undergoing an extensive renovation that goes much deeper than a standard refresh,” said Mr. Fisher. “We’ve worked with top designers and architecture firms to totally transform the aesthetic of our buildings with updated entrances, more welcoming lobbies, and enlivened outdoor spaces.” Mr. Fisher told those in attendance that the 299 Park Avenue project will include a reimagined lobby with a high-end design and more open feel; a transformation of the entrance that will allow natural light to fill the lobby; and an illuminated plaza backed by a new exterior lighting system. “Working with David Rockwell and his team, we are reinventing the building with a sleek, stylish design that truly reflects its prestigious Park Avenue address,” said Mr. Fisher. Fisher Brothers has appointed Newmark Knight Frank as the exclusive leasing agent for 299 Park Avenue. In conjunction with the Fisher Brothers leasing team, Newmark Knight Frank is currently marketing over 341,000 rentable square feet of office space across four contiguous floors at the building. Designed by Emery Roth & Sons and built by Fisher Brothers, 299 Park Avenue is a 42- story, 1.2 million square foot office tower which opened in 1967. The building is currently 90 percent leased by a range of world-class companies, including Capital One and UBS. Occupying the full block front between 48th and 49th Streets, 299 Park is situated along one of the world’s most iconic boulevards and counts such prestigious neighbors as the Waldorf-Astoria and Grand Central Terminal. Originally built over primary tracks serving the New Haven Railroad, it was considered a marvel of modern engineering at the time of its construction. The long-time corporate headquarters for the Fisher Brothers organization, 299 Park Avenue is widely regarded as one of the top Class A office buildings in New York City. About Fisher Brothers For more than a century, Fisher Brothers has epitomized excellence in commercial and residential real estate development, ownership and management. Fisher Brothers built and continues to own and operate a sterling commercial real estate portfolio encompassing seven million square feet of Class A office space located in such iconic towers as Park Avenue Plaza, 299 Park Avenue, 1345 Avenue of the Americas and 605 Third Avenue in Manhattan, as well as Station Place, which is Washington, DC’s largest private office complex. Fisher Brothers also has returned to its roots as a residential builder with nearly 1.5 million square feet in recent and ongoing development. In early 2015, Fisher Brothers celebrated the completion of Station House, a luxury rental development in Washington’s historic Capitol Hill District. In Manhattan, Fisher Brothers has recently completed development of House 39, an amenity-rich building at 225 East 39th Street and is developing 111 Murray, an ultra-luxury, high-rise condominium tower in Tribeca. ### Justina Lombardo Associate Vice President 825 Eighth Avenue, New York, NY 10019 Ph: 212 843 8343 / Fax: 212 843 9200 [email protected] .
Recommended publications
  • Development News Highlights MANHATTAN - MID-2ND QUARTER 2019 PLUS an OUTER BOROUGH SNAPSHOT
    Development News Highlights MANHATTAN - MID-2ND QUARTER 2019 PLUS AN OUTER BOROUGH SNAPSHOT Pictured: 315 Meserole Street Looking Ahead U.S. Treasury Releases Additional Opportunity Zones Guidelines On April 17th the U.S. Department of the Treasury issued a highly anticipated second set of proposed regulations related to the new Opportunity Zone (OZ) tax incentive. Created by the 2017 Tax Cuts and Jobs Act, the tax benefi t is designed to drive economic development and create jobs by encouraging long-term investments in economically distressed communities nationwide according to the Treasury department’s press release. The latest 169-page release reportedly delivered guidance in a broader range of areas than many expected, hoping to provide investors who have been on the fence with the clarity needed to begin developing projects in distressed areas nationwide. Some government offi cials anticipate the program could spur $100 billion in new investment into the more than 8,762 zones nationwide, of which 306 are located in New York City; however there exist some concerns among critics that the program will incentivize gentrifi cation, or provide added benefi t to developers for projects they would have been pursued anyway. According to the press release by the Internal Revenue Service (IRS), a key part of the newly released guidance clarifi es the “substantially all” requirements for the holding period and use of the tangible business property: • For use of the property, at least 70% of the property must be used in a qualifi ed OZ. • For the holding period of the property, tangible property must be qualifi ed opportunity zone business property for at least 90% of the Qualifi ed Opportunity Fund’s (QOF) or qualifi ed OZ business’s holding period.
    [Show full text]
  • Q1 2016 New York Office Outlook
    Office Outlook New York | Q1 2016 Vacancy moves higher as large blocks are added to the market • The Manhattan office market showed signs of caution in the first quarter of 2016 as vacancy moved higher and renewal activity increased. • While there have been concerns about slower expansion in the tech sector—as a result of a potential pullback in venture capital—the TAMI sector remained strong in Midtown South. • Investment sales activity slowed in the first quarter of the year after a strong 2015 with 120 sales totaling $12.3 billion, down nearly 20 percent year-over-year. JLL • Office Outlook • New York • Q1 2016 2 New York overview The Manhattan office market showed signs of caution in the first comprised the majority of leasing activity. McGraw Hill Financial Inc. quarter of 2016 as vacancy moved higher and renewal activity—rather renewed at 55 Water Street in Lower Manhattan for 900,027 square feet than relocations and expansions—captured the bulk of top in the largest lease of the quarter. Salesforce.com subleased 202,678 transactions. Manhattan Class A vacancy rose as several large blocks square feet at 1095 Avenue of the Americas in a transaction that were returned to the market. The vacancy rate for Midtown Class A included a provision to replace MetLife’s name atop the building with its space increased to 11.6 percent, up from 10.4 percent at year-end own, in full view of highly-trafficked Bryant Park. In Midtown South, 2015. Average asking rents were also higher as a result of newer and Facebook continued its massive expansion in a 200,668-square-foot higher quality product becoming available.
    [Show full text]
  • Sonny Bazbaz (MBA ’04) Enjoys the Views at Real Estate Giant Fisher Brothers
    FALL/WINTER 2005 the Alumni Magazine of NYU Stern STERNbusiness HIGH RISE Sonny Bazbaz (MBA ’04) enjoys the views at real estate giant Fisher Brothers Jack Welch Headlines Stellar CEO Lineup ■ Stern Entrepreneurs Make Business Plans Pay ■ Is Your 401(k) OK? ■ Why Soap Costs $1.99 Digital Rights and Wrongs ■ Hollywood’s Boffo Foreign Box Office a letter fro m the dean Welcome to the new and companies to manage digital rights? Why does a six- improved STERNbusiness. pack of cola priced at $3.99 strike consumers as being For many years, the maga- a lot cheaper than a $4.00 six-pack? zine has functioned as a As you read through the magazine, it will be clear highly effective – and visu- that Stern regards New York City as not just its home, ally appealing – showcase but as a classroom and laboratory. Because of our for the prodigious and var- location, our students and faculty have the rare abili- ied research of our faculty. ty to see and experience things first-hand, to learn With this issue, the maga- directly from practitioners at the highest levels in cru- zine has been redesigned and re-imagined. Its vision, cial fields. In an “only in New York” story (p. 10), scope, and circulation have all been expanded. Sonny Bazbaz (MBA ’04), within two years of arriving Why change a good thing? in the city, became a teaching assistant and then a col- NYU Stern may be a group of buildings in league to Richard Fisher of the real estate firm Fisher Greenwich Village.
    [Show full text]
  • Arnold Fisher Senior Partner, Fisher Brothers Honorary Chairman, Intrepid Fallen Heroes Fund
    Arnold Fisher Senior Partner, Fisher Brothers Honorary Chairman, Intrepid Fallen Heroes Fund Arnold Fisher is a Senior Partner at Fisher Brothers, one of the city’s largest and most respected real estate firms. Among his contributions to the New York City skyline have been such signature buildings as 299 Park Avenue, 605 Third Avenue, 1345 Avenue of the Americas, Park Avenue Plaza, Imperial House and 50 Sutton Place South. Arnold became Chairman of the Board of the Intrepid Air, Sea and Space Museum Foundation in May 2003 and served through December 2006. Centered around the historic aircraft carrier Intrepid, the Foundation educates 700,000 annual visitors about sea, air and space history and technology. The Foundation serves as a monument for all who have served in our nation’s defense. He also spearheaded the efforts of the Intrepid Fallen Heroes Fund (IFHF), which provided financial support for spouses and children of fallen U.S. service members. The Fund changed direction and constructed The Center for the Intrepid, a state-of-the-art physical rehabilitation center at Brooke Army Medical Center in San Antonio, Texas, which opened in January, 2007. Arnold also led the construction of the National Intrepid Center of Excellence, in Bethesda, Maryland, which opened in June, 2010. NICoE is a 72,000 square foot, two-story facility located on the Navy campus in Bethesda, Maryland, adjacent to the new Walter Reed National Military Medical Center. NICoE is designed to provide the most advanced diagnostics, initial treatment plan and family education, introduction to therapeutic modalities, referral and reintegration support for military personnel and veterans with traumatic brain injury (TBI), post-traumatic stress (PTS) and complex psychological health issues.
    [Show full text]
  • This “Amendment”
    FIRST AMENDMENT TO CONDOMINIUM OFFERING PLAN FOR THE CORINTHIAN OFFICE CONDOMINIUMS This First Amendment (this “Amendment”) modifies and supplements the terms of the Condominium Offering Plan for the premises known as The Corinthian Office Condominiums, 345 East 37th Street (a/k/a 330 East 38th Street), New York, New York 10016, first accepted for filing on August 18, 2016 (as amended, the “Plan”) and is incorporated into and should be read in conjunction with the Plan. The terms of this Amendment are as follows: 1. Purpose of Amendment The purpose of this Amendment is to update the Section of the Plan entitled “Identity of Parties” with respect to the principals of 345 East 37th Street Property Owner, L.L.C. (“Sponsor”). 2. Principals of Sponsor The section of the Plan entitled “Identity of Parties”, as it pertains to Sponsor is hereby amended to add Jason Hart as an additional principal of Sponsor. In accordance with this update, the entire subsection is hereby deleted and replaced with the following: “Sponsor is 345 East 37th Street Property Owner, L.L.C., a Delaware limited liability company with an office at c/o 60 Guilders, LLC, 370 7th Avenue, Suite 1400, New York, New York 10001. 345 East 37th Venture, LLC (the “Venture”), a Delaware limited liability company, is the sole member of Sponsor. 60G Member 345 E 37th St, LLC (the “Operating Member”), a Delaware limited liability company, is the Operating Member of the Venture and is authorized to take actions and decisions to cause Sponsor to develop the project. Kevin Chisholm and Bastien Broda are the individual principals of the Operating Member.
    [Show full text]
  • Chapter 5: Shadows
    Chapter 5: Shadows A. INTRODUCTION This chapter presents the detailed shadow study that was conducted to determine whether the proposed One Vanderbilt development would cast any new shadows on sunlight-sensitive resources. Sunlight-sensitive resources can include parks, playgrounds, residential or office plazas, and other publicly accessible open spaces; sunlight-dependent features of historic resources; and important natural features such as water bodies. Since the preparation of the shadow analysis in the Draft Environmental Impact Statement (DEIS), the height of the proposed One Vanderbilt development was increased. The shadow analysis in this Final Environmental Impact Statement (FEIS) has been revised to reflect this change including Figures 5-1 to 5-22 and 5-27. PRINCIPAL CONCLUSIONS This analysis compared shadows that would be cast by the proposed One Vanderbilt development, which would be built to a floor area ratio (FAR) of 30, with those that would be cast by the 15 FAR building that would be developed absent the proposed actions (the 15 FAR No-Action building). As described below, the analysis concluded that the proposed 30 FAR One Vanderbilt development would cast new shadows on Bryant Park, the west windows of Grand Central Terminal’s main concourse and several other sunlight-sensitive resources. However, the new shadows would be limited in extent, duration and effects and would not result in any significant adverse shadow impacts, as demonstrated in detail below. B. DEFINITIONS AND METHODOLOGY This analysis has been prepared in accordance with CEQR procedures and follows the guidelines of the 2014 City Environmental Quality Review (CEQR) Technical Manual. DEFINITIONS Incremental shadow is the additional, or new, shadow that a structure resulting from a project would cast on a sunlight-sensitive resource.
    [Show full text]
  • 277 Park Ave-Marketing Booklet-FINAL.Indd
    277 PARK AVENUE Where Excellence Connects With Modern Elegance 50 49 48 300,000 SF Available Spring 2021 47 CONTIGUOUS 46 73,252 RSF 45 Located between 47th and 48th Street, this Emery Roth + Sons designed building has been re-mastered by 24,580 RSF 44 award winning architect Bohlin Cywinski Jackson (“BCJ”). Owner occupied and under management of the 24,338 RSF 43 24,334 RSF 42 Stahl Organization, 277 Park Avenue is the corporate address to some of the world’s most successful companies CONTIGUOUS 41 including JPMorgan Chase, Sumitomo Mitsui Banking Corp, Visa, ANZ Bank and Agricultural Bank of China. 73,051 RSF 40 24,329 RSF 39 The building’s proximity to landmarks and transportation hubs such as Grand Central and Rockefeller Center 24,329 RSF 38 makes 277 Park Avenue optimally located for organizational success. 24,393 RSF 37 36 35 34 Under the guidance of Bohlin Cywinski Jackson, 277 Park Avenue is undergoing a +$100M Capital Improvement CONTIGUOUS 69,541 RSF 33 Program transforming Park Avenue: 23,235 RSF 32 23,158 RSF 31 » New expanded Park Avenue entry and lobby with 30’ ceilings heights 23,148 RSF 30 29 » New Park Avenue plaza with green space 28 » New ground level façade and entrance canopies 27 » 26 New destination dispatch elevators (including mechanical systems and cabs) CONTIGUOUS MECHANICAL 69,496 RSF 25 23,162 RSF 24 23,167 RSF 23 23,167 RSF 22 21 17 20 16 CONTIGUOUS 46,652 RSF 19 15 14 23,509 RSF 18 23,143 RSF 13 12 11 10 9 8 7 6 5 4 3 2 MECHANICAL Newly expanded Park Avenue entry and lobby with 30’ ceiling heights Re-mastered
    [Show full text]
  • Chapter 2: Land Use, Zoning, and Public Policy
    Chapter 2: Land Use, Zoning, and Public Policy A. INTRODUCTION This chapter examines the potential effects of the proposed 53 West 53rd Street project (the proposed project) on land use and development trends, its compatibility with surrounding land uses, and its consistency with zoning and relevant public policies. The project site is located in Midtown Manhattan on the block bounded by West 53rd and 54th Streets and Fifth and Sixth Avenues. The project site consists of a combined zoning lot comprising the development site (Lots 5, 6, 7, 8, 66, 69, 165, and a portion of Lot 58 on Block 1269) the American Folk Art Museum (Lot 9), the Museum of Modern Art (MoMA) (Lots 11, 12, 13, 20, 58), a residential high-rise building (Lot 7501), and St. Thomas Church (Lot 30). The development site is vacant. The proposed project would develop these seven vacant lots with a mixed-use building including museum, restaurant, hotel, and residential components. To construct the proposed building, the applicant is seeking a special permit to allow the transfer of development rights from the University Club at 1 West 54th Street to the development site and an additional special permit to modify certain bulk and other zoning requirements in connection with the use of excess development rights from St. Thomas Church. This chapter provides an assessment of the existing and future conditions with and without the proposed project within the ¼-mile land use study area surrounding the combined zoning lot. As described below, this analysis concludes that the proposed project would be consistent with the mixture of land uses found in the surrounding area.
    [Show full text]
  • Improving Air Induction System Performance to Avoid the Carbon Footprint Fine
    IMPROVING AIR INDUCTION SYSTEM PERFORMANCE TO AVOID THE CARBON FOOTPRINT FINE New INDUCTION AIR VALVE™ control valve converts constant air volume to VAV inside existing perimeter induction units April 2020 Author: John Griffin, Director, Advanced Concept Energy Solutions (ACES) Phone: 917-539-6769 | Email: [email protected] New York City has more than 300 commercial buildings that use perimeter induction systems for heating and cooling. These constant volume air systems, which have not been substantially updated for a half century, are typically the highest energy users of BTUs per square foot. Operating 3,000 hours a year, these units provide more than 50% of total cooling and ventilation and 90% of heating (which costs three times more than cooling). As if energy inefficiency, high costs and problematic zoning weren’t enough, building owners now face an impending carbon footprint fine that can add hundreds of thousands of dollars of additional cost. CONVERT YOUR CONSTANT VOLUME AIR INDUCTION SYSTEM TO VAV There is a solution. Advanced Concept Energy Solutions™ (ACES) new Induction Air Valve™ (IAV) control valves quietly convert constant volume perimeter air systems to variable air volume. Using VAV reduces fan horsepower and the amount of outside air needed for heating and cooling. It wasn’t long after ACES principals John Griffin and Jon Darcy finished a partial replacement of 1,600 induction units for the Seagram Building at 375 Park Avenue that the pair perfected the IAV valve. “The Seagram project proved that replacing aging constant air perimeter induction units with modern units did draw less outside air, improve air circulation and significantly cut energy usage, in this case saving $960,000 in energy costs the first year,” said Griffin.
    [Show full text]
  • To Download a PDF of an Interview with Kenneth
    NEWYORKCITY A Family Culture An Interview with Kenneth Fisher, Partner, Fisher Brothers Two views of Fisher Brothers’ property at 299 Park Avenue EDITORS’ NOTE Kenneth Fisher is owners with buildings that are 55 cycles and how quickly things get absorbed, and responsible for managing, mar- years old or older, which is more than price point will dictate how quickly that happens. keting, and leasing a portfolio of half the market, to go back and look Whether it is sustainable or not, New more than six million square feet at their assets and what is needed to York is never going anywhere – New York of Fisher Brothers owned Class A compete with the new inventory. will always be vibrant and important and real estate in Midtown Manhattan. In examining how best to update relevant. Meanwhile, the market tells us what He is co-Chairman of the Intrepid our buildings to compete, we began we should and shouldn’t be doing in terms Museum Foundation and a mem- introducing technology into the overall of timing. ber of the Real Estate Board of designs, and we have been successful at For Fisher Brothers, is a key differen- New York’s Board of Governors it. Our upgrades to 605 3rd Avenue tiator the family culture? Executive Committee. Fisher also have been completed, 1345 Avenue For tenants in our buildings, the ability sits on the board of The Association of the Americas and 299 Park Avenue to pick up the phone and call a Fisher family for the Help of Retarded Children, Kenneth Fisher upgrades will be completed next year.
    [Show full text]
  • Manhattan Office Market
    Manhattan Offi ce Market 1 ST QUARTER 2016 REPORT A NEWS RECAP AND MARKET SNAPSHOT Pictured: 915 Broadway Looking Ahead Finance Department’s Tentative Assessment Roll Takes High Retail Rents into Account Consumers are not the only ones attracted by the luxury offerings along the city’s prime 5th Avenue retail corridor between 48th and 59th Streets where activity has raised retail rents. The city’s Department of Finance is getting in on the action, prompting the agency to increase tax assessments on some of the high-profi le properties. A tentative tax roll released last month for the 2016-2017 tax year brings the total market value of New York City’s real estate to over $1 trillion — reportedly for the fi rst time. The overall taxable assessed values for the city would increase 8.10%. Brooklyn’s assessed values accounted for the sharpest rise of 9.83% from FY 2015/2016, followed by Manhattan’s 8.47% increase. Although some properties along the 5th Avenue corridor had a reduction in valuations the properties were primarily offi ce, not retail according to a reported analysis of the tentative tax roll details. Building owners have the opportunity to appeal the increase; but an unexpected rise in market value — and hence real estate taxes, will negatively impact the building’s bottom line and value. Typically tenants incur the burden of most of the tax increases from the time the lease is signed, and the landlord pays the taxes that existed before the signing; but in some cases the tenant increase in capped, leaving the burden of the additional expense on the landlord.
    [Show full text]
  • 7. Urban Design and Visual Resources
    East Midtown Rezoning and Related Actions FEIS 7. Urban Design and Visual Resources 7.1 INTRODUCTION This chapter assesses the Proposed Action’s potential effects on urban design and visual resources. As described in Chapter 1, “Project Description,” the Proposed Action involves zoning map and zoning text amendments that would affect an approximately 70-block area in the East Midtown area of Manhattan for the purpose of protecting and strengthening the area as a premier office district, as well as improving the area’s pedestrian and built environment. The Proposed Action is intended to encourage limited and targeted as-of-right commercial development in appropriate locations by establishing an East Midtown Subdistrict within the Special Midtown District. The East Midtown Subdistrict would supersede and subsume the existing Grand Central Subdistrict, focusing new commercial development with the greatest as-of-right densities on large sites with full block frontage on avenues around Grand Central Terminal, with slightly lower densities allowed along the Park Avenue corridor and elsewhere. The zoning text amendment would also streamline the system for landmark transfers within the Grand Central Subarea of the East Midtown Subdistrict and generate funding for area-wide pedestrian network improvements. The zoning map amendments would replace the existing C5-2 designation in the midblock area between East 42nd and East 43rd Streets, from Second Avenue to Third Avenue, with C5-3 and C5-2.5 designations, which would be mapped within the Special Midtown District and East Midtown Subdistrict. Subject to further analysis and public consultation, the Proposed Action may also amend the City Map to reflect a “Public Place” designation over portions of Vanderbilt Avenue to allow for the permanent development of a partially pedestrianized street.
    [Show full text]