Aug 21, 2011
Overview
45 Park is a new condo being created in the former space of the Sheraton Russell hotel on 37th street and Park Avenue. It follows in the steps of other conveniently located hotels which turned little or no profit and were better suited as condominiums. These projects are always controversial but in the end the economics explain themselves. The hotel was gone about a year ago and the photo shows the current status of the building. It is near completion and should be ready for occupancy within a few months.
What I like about 45 Park is that it’s a 21-story, 105-unit project. It’ll still have that boutique-like feel that the Sheraton had. However, the updates should be very impressive. The building is being designed by Costas Kondylis & Partners This global architecture firm also worked on the Trump World Tower, the “W” condo in South Beach, the Trump/Extell projects on Riverside Drive, 1 Morton Square, and a host of other great works.
Interiors
The lobby of 45 Park will have a double-height glass atrium, marble floors, and wood walls. The lobby design should carefully compliment the apartment features. The actual floorplans are nice, but not terribly unique. You’ll get a standard 1-bedroom apartment with beautiful kitchen, bath, and common spaces.
Kitchen/Bathrooms
45 Park has really nice bathrooms, even for condo standards. The floors are Cedar-Marble. The vanities compliment the floors and are a beautiful wood topped with marble.
The kitchens are more condo-standard, but still ultra-luxurious. Granite counters, Viking range, Sub-Zero fridge, etc. The rendering are actually very well done.
Interesting Facts
As a born and raised New Yorker, I can’t help but notice the non-stop traffic which builds up on 37th street, an exit-street for the Queens Midtown Tunnel, and 36th street, an entrace-street for the QMT. Park Avenue is a few blocks West of the Tunnel, and some of the traffic does drop off on 3rd and Lex, but it’s still a minor traffic hub. The entrance will actually be situated between 36th and 37th streets on Park Avenue.
Investment Potential
I think the building has very strong potential. Lower Park Avenue is under-rated, and critics who associate the building with Murray Hill are joking thmselves. The partying Long-Island kids usually stay on 3rd avenue and don’t stray to the better neighborhood on 37th & Park. At about the building is Pricey but fair. I’d say its only going up from here–especially considering how close to Grand Central and Midtown East the building is.
