L&L Holding files plans for $72M multi-floor build-out at 425 Park Avenue

L&L Holding Company, on June 1, filed two permit applications totaling $72.1 million for construction on multiple floors of the under-construction office building at 425 Park Avenue in Plaza District.

The plans call for construction on floors four through 17 and 40, of the 892-foot tall, 47-story, building.

The first project is described in the filings as: general construction on the fourth to ninth floors as well as the 40th floor (9-15th and 46th floor marketing) as plans filed herewith. No change in use, egress, or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $39,197,259.

The second project is described in the filings as: general construction from the 10th floor to the 17th floor (16-23 floor marketing) as plans filed herewith. No change in use, egress, or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $32,927,375.

L&L filed plans to construct 425 Park Avenue in 2013. The project is fully permitted but has not yet been given or filed for its initial temporary certificate of occupancy.

Ken Griffin’s Citadel Enterprises expanded its footprint at 425 Park Avenue by 124,000-square-feet in January of 2019. The deal brought the $30 billion hedge fund’s total leased space to over 330,000-square-feet on 16 floors. At least some of the floors mentioned in L&L’s June 1 filings, such as the “diagrid” floor and mezzanine, which spans floors 12-14, are included in Citadel’s lease. They also occupy the top two floors of the building, which were leased for a record breaking $300 per square foot.

Direct link to Acris document.LINK

Direct links to DOB document.LINK LINK