L+M Development Partners is forging ahead with the construction of a 54-story mixed-use condo tower at 25 Park Row in the Financial District. As the company's largest Manhattan project to date, permits filed earlier this year show that the skyscraper will encompass roughly 213,000 square feet of residential space and soar more than 700 feet high. The broad midblock site is situated across from City Hall Park and held several low-rise buildings owned and occupied by J&R Music and Computer World. J&R retains a stake in the project, and as per Winick’s retail leasing page, 25 Park Row will be part of a massive retail overhaul spanning nearly 350 feet of frontage along Park Row.
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New York-based COOKFOX, designers of Midtown’s Bank of America Tower and the St. John's Terminal redevelopment, are listed as the architects. As per the approved permits, the slab-shaped skyscraper will be programmed with 108 residences and 52,600 square feet of retail space along its four lower levels. A small rendering of the building's exterior emerged last year, depicting a staid light masonry and glass curtain wall with strong vertical lines. Zoning diagrams show the tower will feature a staggered massing and a distinctive crown bearing a touch of Art Deco flare. Newer renderings published on the leasing agents’ page provide a closer look at the tower’s base - showing elegant storefronts accented by metal spandrels, and set-in multipane windows for the residential entrance and above.
The building's mid-level terraces will be adorned by trellises, and balconies along the north and south elevations will offer stunning, front and center views of the Woolworth building, the Manhattan skyline, and the Hudson and East rivers. Amenities will include several common terraces, a children's playroom, fitness center, lounge and on-site parking.
L+M’s / J&R’s Park Row redevelopment will surf the wave of development that is transforming the area around City Hall Park into a more vibrant 24-hour residential and business community. In the mid-19th century, this stretch of Park Row became one of the city’s most coveted locations due to its location across from City Hall. Becoming the hub of the city’s newspaper and printing industry, the Times, Tribune, and World erected iconic skyscrapers that were once the tallest buildings on earth. Since then, the publication industry has dispersed and much of “Newspaper Row’s” real estate cache and architectural grandeur has greatly diminished. Terrorism concerns further lessened the thoroughfare’s importance when the decision was made to close the street’s vehicular connection to Chinatown.
The entire development will encompass nearly the entire triangular block between Ann and Beekman Streets. In addition to the condos coming to 25 Park Row, the rentals withing the historic Park Row Building at 15 Park Row will be upgrades and its retail base will be restored. The small retail building at 1 Park Row will eventually give way to a new mixed-use retail and condominium tower.
Site excavation at 25 Park Row is now well underway. The tower will rise directly south of Urban Muse's under-construction condominium named One Beekman, and across street from the Beekman Hotel and Residences across from cinematic Theatre Alley. Average asking prices for condos at the Beekman Residences have hovered just above the $2,000 per square foot mark. A 50th floor penthouse in the soon-to-be-finished building sold in June for $11.995 million or $3,375 per square foot.
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