450 Park Avenue

450 Park Avenue (also known as Franklin National Bank Building) is an office building on Park Avenue in Midtown Manhattan in New York City. The building has 33 floors and is 119 metres (390.4 feet) tall.

450 Park Avenue
450 Park Avenue in 2012
Former namesFranklin National Bank Building
General information
StatusOpened
TypeOffice
Location450 Park Avenue, Midtown Manhattan, New York, 10022
Coordinates40°45′41.27″N 73°58′16.65″W
Completed1972
Cost$545 million
OwnerOxford Properties
Height
Architectural119 m (390.4 ft)
Technical details
Floor count33
Floor area31,000 m2 (333,681.2 sq ft)
Design and construction
ArchitectEmery Roth & Sons
DeveloperPeter Sharp

450 Park Avenue has a steel skeleton with concrete floors. The exterior is dominated by black granite and glass. The building was designed by Emery Roth & Sons and developed by Peter Sharp. Adjacent to the building is a public plaza, a privately owned public space, with benches.[1]

History

In June 2002, 450 Park Avenue was purchased by Taconic Investment Partners. That company spent around $ 13 million on renovating the lobby, replacing the elevators, and redesigning public areas.[2]

Five years later, in June 2007, Somerset Partners bought 450 Park Avenue for $ 509 million, which meant a price of $ 1,566 per square foot. This made it the highest price per square foot paid for an office building at the time in the United States.[3] To pay for the building, Somerset Partners signed a $ 175 million loan. In the summer of 2008, Somerset Partners also moved its head office to the building.

On 30 October 2010, a brand of the Phillips de Pury auction house opened on the first three floors of 450 Park Avenue. The first auction was held on 8 November of that year. The auction house covers an area of almost 31,000 m2 (333,681.2 sq ft).[4]

In February 2014, 450 Park Avenue was sold to Crown Acquisitions and Oxford Properties for $545 million.[5]

Location

450 Park Avenue is located in Midtown Manhattan on Park Avenue between East 56th Street and East 57th Street. There are four New York City Subway stations in the immediate vicinity of the tower: 57th Street (F and <F>​ trains), Fifth Avenue–59th Street (N, ​R, and ​W trains), Fifth Avenue/53rd Street (E and ​M trains). and Lexington Avenue–59th Street (4, ​5, ​6, <6>​, N, ​R, and ​W trains).[6]

450 Park Avenue borders two buildings, including 432 Park Avenue to the southwest and a branch of Turbull & Asser to the west. On the other side of East 57th Street is the Davies Building and on the other side of Park Avenue is 445 Park Avenue. Other striking buildings in the immediate vicinity of 450 Park Avenue are Trump Tower, Four Seasons Hotel New York, Sony Tower, and the General Motors Building.[7]

References
  1. "Privately Owned Public Space: 450 Park Avenue". April 19, 2015.
  2. "Taconic Investment Partners LLC - 450 Park Avenue". July 15, 2014.
  3. David M. Levitt (October 30, 2007). "450 Park Ave. Sells for Record Price". The New York Sun.
  4. "Phillips - Introducing 450 Park Avenue". July 15, 2014.
  5. Adam Pincus (May 21, 2014). ""Crown, Oxford finalizing $545M purchase of 450 Park Avenue"". The Real Deal.
  6. "Subway Map" (PDF). Metropolitan Transportation Authority. October 21, 2019. Retrieved January 18, 2018.
  7. "NYCityMap". NYC.gov. New York City Department of Information Technology and Telecommunications. Retrieved March 20, 2020.
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