The Vanderbilt corridor may be getting a new tower on a site no one expected to be redeveloped so fast.
Shrewd Howard Milstein is now focusing on designing and developing a completely new modern tower at 335 Madison Ave. that would take advantage of the new Vanderbilt corridor zoning boost, The Post has learned.
To those of you who can’t make heads or tails out of taking down a 1.1 million square-foot tower from 1984 for a slightly larger one, think again.
Some sources have indicated that Milstein, harkening back to its location and history, would like to include a “high end” hotel as part of the new plans.
The 1984 tower was actually a stealthy redevelopment of the 1913-era Biltmore Hotel that the Milstein family started razing before preservationists could react.
The hotel had Turkish baths in its basement, its own corridor from Grand Central to the meet-up spot known as the “Kissing Room,” winter skating on its gardened roof and plenty of notable restaurants like the Palm and the Cascades, along with glamorous public areas that attracted celebrities and politicians.
Designed by Warren & Wetmore, its steel “bones” were reused by the Milsteins to support the shiny new granite walls — essentially putting lipstick on an old sow.
My Post colleague, Steve Cuozzo, claims “the worst insult was that Milstein installed the famous Biltmore lobby clock in the sterile office building lobby, where it looks like a captured artifact of a vanquished race.”
The building was reworked prior to the 1992 rezoning that allowed the entirely new nearby 383 Madison with a Floor Area Ratio (FAR) of 21.6.
The Vanderbilt corridor proposal that is nearly through the city planning process, would allow a building of 30 FAR with various bonuses.
Its poster child is One Vanderbilt where SL Green Realty Corp. plans a 1.8 million-square-foot tower, which equals 1,299,390 zoning-square-feet.
To make his dream development happen, Milstein may try to tie up most, if not all, of the 1,224,109 million square feet of transferable development rights (TDRs) held by Andrew Penson through his ownership of Grand Central Terminal.
Penson did not return a request for comment but is known to be seething that the city allowed SL Green to use both its own TDRs and buy or create public amenities to get the other 540,000 feet “dirt cheap.”
CBRE’s uber broker, Steve Siegel, who was unaware of Milstein’s plans, said, “It’s a great site and next to SL Green’s building and will only get more valuable. It’s an incredible address.”
While there are leases currently in place, there is roughly 500,000 square feet already vacant and any new tower would take several years to plan and develop.
Milstein did not return a request to comment. Stay tuned, as that clock may end up back in its rightful spot.
A company that forecasts fashion trends, WGSN, has leased a pre-built 27,000 square feet at the trendy 229 W. 43rd St. near Times Square.
WGSN will share the 7th floor with PubMatic.
Matt McBride of CBRE represented the tenant, which will consolidate from several locations.
The building has filled with tech TAMI tenants including Yahoo. Brian Waterman, Lance Korman, Brent Ozarowski and Jonathan Tootell of Newmark Grubb Knight Frank represent the Equity Office ownership that has just 30,000 square feet left to fill.
Wyndham Vacation Ownership has leased a new city office at 733 Third Ave. The deal for the 16,681 square feet on the 2nd floor was negotiated by David Simson and Kyle Ciminelli of Newmark Grubb Knight Frank.
Ashlea Aaron, David Neil and Tom Bow of the Durst Organization represented the building, which had asking rents in the mid-$50s but is now 100 percent occupied.
The office building at the southeast corner of E. 46th Street actually backs up to the Wyndham Midtown 45 hotel.
The trendy men’s Internet retailer, Bonobos, just doubled its office and showroom space at 45 W. 25th St. near Madison Square Park.
The click and sorta bricks company just leased the 2nd and 3rd floors to bring its total to 40,000 feet. It currently occupies the 4th floor while its 5th floor contains its “Guideshop.” Here folks can come and try on items for size before buying them online – hence ‘sorta bricks.’
“This is shopping made simple for the tech crowd,” said Jeffrey Peck of Savills Studley, who repped the company joined by Jason Perla and Christopher Foerch . The brand first leased a small space on the 4th floor in 2010, and soon after, signed a long-term expansion to the 5th floor. The new lease now co-terminates with that transaction.
Alan Locker, President of Bonafide Estates represented the building in-house where asking rents are in the $50s per foot.
Bonobos also has a Guideshop at 35 Crosby St. in Soho and will open downtown at some point at a Brookfield Place location that will have its grand opening celebration on March 26.
Nike has been swooshing around Midtown South seeking about 100,000 square feet to move from Google’s building at 111 Eighth Ave.
We hear it is having conversations about the Durst Organization’s new mixed-use project rising at 855 Sixth Ave. Google had offered to buy it out earlier, but is now counting down the days until the lease runs out.
Nike is represented by Howard Nottingham and Allyson Bowen of Savills Studley. The brokers declined comment, while a Durst spokesman said it is speaking with several tenants. Of course.
