Park Avenue Plaza

Park Avenue Plaza is an office building in the New York City borough of Manhattan, occupying the block bounded by 52nd Street, 53rd Street, Park Avenue and Madison Avenue, adjacent to the Racquet and Tennis Club building. Park Avenue Plaza was designed by the architecture firm of Skidmore, Owings & Merrill, and was constructed from 1979 to 1981.[2] The building stands at 574 feet (175 m), with 44 floors above ground, and has over one million square feet of space available.[2] As of 2018, ownership of the building is divided between Fisher Brothers and Chinese real estate magnate Zhang Xin's SOHO China.

Park Avenue Plaza
Park Avenue Plaza viewed from Park Avenue, rising behind the Racquet and Tennis Club.
General information
StatusOpen
Location55 East 52nd Street
New York, New York
Coordinates
Completed1981
Height574 feet (175 m)[1]
Design and construction
Architecture firmSkidmore, Owings & Merrill

Architecture

The building shares a zoning lot with the Racquet and Tennis Club, and although that building technically sits between the Plaza and Park Avenue, under the city's zoning rules, the Plaza is on Park Avenue.[3] Architecturally, the building has been described as "[a] bulky glass prism".[4] Unlike neighboring buildings that feature a large open plaza, Park Avenue Plaza "eschews the open plaza in favor of a large indoor public atrium space",[2] featuring "a subtle waterfall" and restaurant space.[4] Thus, it has been noted, Park Avenue Plaza is actually "not located on Park Avenue" and also "has no plaza".[3] The atrium was "mandated by the zoning concessions obtained" to permit the construction of the building,[4] and is described as "an elegant, two-story glass-enclosed space".[3]

Usage and tenants

In 2011, Chinese real estate magnate Zhang Xin acquired a $600 million stake in Park Avenue Plaza.[5] As of 2015, Zhang Xin's SOHO China owned a 49% stake in the building, with the balance being owned by Fisher Brothers.[6]

The atrium is "heavily used by an unusually wide spectrum of New Yorkers".[3] The building also contains a retail shopping arcade that is "not legally part of the public space" which the building is required to maintain, but which is still open to the public.[3] The largest tenants in the building have included investment management corporation BlackRock, consulting firm McKinsey & Company, and insurance firm Swiss Re.[6] In 2018, two of the largest tenants moved out of the building, but another large tenant, investment bank Evercore, entered into an agreement to renew and expand its lease.[7]

In March 2018, Fisher Brothers hosted a design competition in the atrium, where entrants proposed fanciful new uses for underutilized spaces along Park Avenue.[8]

References
  1. "Park Avenue Plaza". The Skyscraper Center.
  2. Francis Morrone, Architectural Guidebook to New York City (2009), p. 167.
  3. Jerold S. Kayden, Privately Owned Public Space: The New York City Experience (2000), p. 156.
  4. White, Norval; Willensky, Elliot & Leadon, Fran (2010). AIA Guide to New York City (5th ed.). New York: Oxford University Press. p. 319. ISBN 978-0-19538-386-7.
  5. "Zhang Xin: The woman who built Beijing". CNBC. Retrieved 16 May 2018.
  6. Samtani, Hiten (February 24, 2015). "BlackRock expands at Park Avenue Plaza". The Real Deal.
  7. Geiger, Daniel (June 20, 2018). "Financial firm re-ups on Park Avenue". Crain's New York Business.
  8. "Fisher Brothers shows off winning design for new-look Park Avenue". Real Estate Weekly. March 14, 2018.
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