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One Vanderbilt May Get a Massive New Neighbor

New York

Developer Howard Milstein is thinking of getting the most out of the new Vanderbilt corridor zoning boost by replacing the 1.1M SF tower at 335 Madison Ave with a newer, taller, and slightly larger modern tower, reports the New York Post. Sources hint that the new building, next to SL Green’s planned 1.8M SF One Vanderbilt, could include a high-end hotel. Before the Milstein family built the current structure, the site was home to a 1913-era Biltmore Hotel with Turkish baths, a rooftop ice skating rink in winter, and restaurants like the Palm and the Cascades. The famous Biltmore lobby clock remains in the lobby of the office building today. Some suspect Milstein could try to get most or all of the 1.2M SF of transferable development rights from Grand Central owner Andrew Penson, to make this a reality. [NYP]