The Howard Hughes Corporation has proposed two new high-rise towers in Manhattan’s financial district at 250 Water Street. The Landmarks Preservation Commission is currently looking over the proposals, including an expansion of the South Street Seaport, located in the Financial District. The lead architect on the project will be Skidmore, Owings, & Merrill (SOM), with consultation from historic preservation experts Higgins Quasebarth & Partners and supportive design services from JHPA.

What Are the Specifics of the High-Rise Plans?

Currently, the lot at 250 Water Street is undeveloped and has been for many years. It is situated on the edge of the South Street Seaport Historic District and is the size of one city block. The towers and expansion proposals will encompass the entire block and plot, with two 38-story towers and a low-rise podium. If all plans are approved, the overall height of the building could be as tall as 757,400 buildable square feet. Because the towers’ height may be a bit jarring compared to the landscape within the existing South Street Seaport Historic District, the towers will sit on a five-story podium and will be set back from the street.

What Is the Purpose of the Project?

These new high-rise towers will be multi-purpose and will be residences, community spaces, office buildings, and associated spaces. Residential spaces are the main focus of the project and will occupy the 11th through 34th floors, with residential amenities located on the 8th floor. This project is also heralded as the first affordable housing project built in Manhattan Community Board 1, accomplished through the Mandatory Inclusionary Housing program. There will be 360 total residential units, with 25 percent of those deemed “affordable” to families earning less than the median income. 

The project is also expected to bring 2,500 permanent jobs to the city and 2,000 construction jobs to complete the building. Mary Ann Tighe, member of HHC’s Board of Directors, and Chief Executive Officer of the New York Tri-State Region for CBRE, said, “We believe visionary projects like this will help propel the city’s economic recovery.” Also, the South Street Seaport Museum itself will also be renovated, after years of setback and loss. 

What Are the Specifics of the Museum Expansion?

The South Street Seaport Museum is adjacent to the Water Street vacant lot and located at 12 Fulton Street. If the expansion is approved, the museum will extend through the now-vacant lots located at John and South Streets. According to the new proposals, the facade of the Museum would be changed to a punched copper, and it would be renovated to a six-story building with an outdoor roof deck that opens above John and South Streets. 

The developer has also offered a $50 million contribution to the South Street Seaport Museum if the project is approved. However, a meeting was held on January 5, 2021. A group of residents called the Seaport Coalition are fighting against this development and instead want an NYPD tow pound moved to 250 Water Street instead. 

Construction recently topped out at a new high-rise, 22-story building that hopes to improve the Washington Avenue landscape. Located at 2420 Amsterdam Avenue, this vibrant and colorful building first broke ground in 2018. The building has eight separate and distinct boxy shapes, each with a specific purpose (and distinctive color). The building is designed by MVRDV, with executive architect Stonehill & Taylor. MVRDV describes it as “a colorful welcome sign to upper Manhattan.”

2420 Amsterdam Avenue, Meant to Be Welcoming

The developers Youngwoo & Associates, as well as MVRDV, want the building to have an overall welcoming feeling. They want to break the mold that high-rise buildings overwhelm the street and the neighborhood. This is why this high-rise is separated into different parts, with only part of the building being part of the tower. Winy Maas from MVRDV says that this building shows that high rises don’t have to be “disconnected from their neighborhoods” and “they can be a good neighbor, a friendly neighbor, instead.”

What Are the Specifics of this Vibrant High-Rise?

It will be a mixed-use building, and upon completion, will offer 100,000 square feet of office space. Some features include:

• The ground floor will occupy a mix of retail space and office space
• Upper levels will be a combination hotel and restaurant, offering guests a large outdoor terrace as well as an outdoor pool deck
• The restaurant will occupy the 19th floor, and there will be an event space on the tenth floor in the form of an L-shape
• The outdoor terrace will also be on the tenth floor
• There will be 212 guest rooms in the hotel

In addition to the 100,000 square feet of office space, there will be 93,000 square feet of hospitality space and 8,000 square feet of retail space.

There are also plans for the hospitality space to accommodate visitors that are in the area visiting Yeshiva University as well as New York-Presbyterian Hospital. 

The project is expected to complete in 2021, with the hotel functional and occupancy by the end of the year. 

While many large conglomerates may be temporarily pausing projects due to the pandemic, Manhattan’s largest office realty group, SL Green, recently closed on a $1.25 billion dollar construction loan for One Madison Avenue, a square right in the heart of the Flatiron District. Chairman and CEO of SL Green shook off any worries about starting construction on this billion-dollar project, saying, “Our commitment and belief in New York City is unwavering…we remain focused on boosting the New York City economy by creating thousands of construction jobs and bringing a new, best-in-class office tower to the highly sought-after Flatiron/Midtown South submarket.”

SL Green is also partnering with the National Pension Service of Korea and Hines, and as of November 27, 2020, construction has already commenced on the $2.3 billion redevelopment project. SL Green and Hines are working with the architectural firm of Kohn Pederson Fox (KPF), with plans to convert the current 13-story building into a 27-story class A office building with more modern features. 

What Changes Will Be Made to the Current One Madison Avenue Building? 

Both SL Green and KPF agree that they want to preserve the building’s original integrity while providing upgrades not only to improve aesthetics, but to improve cleanliness and air quality, which is extremely important in a post-COVID world. The existing structure will be demolished, but only to the ninth floor; 18 floors will be built above it.

Above the redeveloped podium, 530,000 square feet will be added to the structure with 32 35,000-sq. Ft floor plates, which are designed to improve internal flexibility within the building. Additionally, new HVAC and circulation systems will be installed, to seek both LEED-Gold and WELL certification. These new systems should improve air quality within the redeveloped building.

What Is the History Between SL Green and KPF?

SL Green and the architectural firm Kohn Pederson Fox (KPF) have worked together before on other projects within the city and are excited to be working with one another again. KPF and SL Green worked together on One Vanderbilt, the tallest office tower in Midtown Manhattan, and has now become a staple in New York City’s skyline.

What Is One Madison Avenue?

One Madison Avenue is the east wing of a skyscraper that comprises a complete block in New York City’s Flatiron District. It is known as the Metropolitan Life Insurance Company Tower (or simply the Met Life Tower), and has two distinct sections: the North Building and the South Building. The Met Life Tower is listed on the National Register of Historic Places and is quite famous for its clock tower. 

Like many early skyscrapers, it has different wings (of which One Madison Avenue is one), and many additions have been built onto it throughout the years. Construction first began on the Met Life Tower in 1890 but updates were needed from time to time; it was completely renovated in 1957. 

The SL Green and KPF renovation project is supposed to be completed sometime between 2022 and 2024.