Park Avenue Plaza Arcade Set for Revamp

reprints


Fisher Brothers plans to redesign and renovate the 13,000-square-foot public-access arcade at its Park Avenue Plaza property, The Commercial Observer has learned. The $35 million project is expected to commence in early summer and will take approximately one year to complete.

SEE ALSO: Lender Varagon Capital Inks 28K-SF Deal to Relocate Within Midtown

“We are proactive and constantly looking at our properties,” said Ken Fisher, partner. “The arcade is public—it’s not just for the tenants—and we want to show from a civic point of view that we are also being proactive.”

684649490356 Park Avenue Plaza Arcade Set for Revamp
A rendering of the redesigned arcade at Park Avenue Plaza

The new design was created by Janson Goldstein LLP and will include light-infused, double-height space with enhancements aimed at improving pedestrian traffic flow. The plans were presented to the local Community Board last night.

Specific elements of the redesign include 30-foot tall glass columns and a glass façade with flat glass panels with vertical glass crystals. Additionally, the project will add to eight-foot to 10-foot tall green walls of vertical vines flanking a newly added water feature. A art installation near the water feature and two art walls will also be added.

The arcade’s two existing retail kiosks will be combined into one to improve through-block visibility and traffic flow.

Built in 1981, the 1.1 million-square-foot Park Avenue Plaza is owned by Fisher Brothers and Sungate Asset Management. The building’s tenant roster includes BlackRock, McKinsey & Co., Evercore Partners, Intercontinental Exchange and others.

“Park Avenue Plaza is one of our premier properties,” Mr. Fisher added in a prepared statement. “This project represents our strong belief in the future of the Midtown Manhattan market and we are confident our investment will pay dividends.