Fisher Brothers announced its plans for a full redesign and renovation of the ground level of Park Avenue Plaza, a 13,000 s/f public-access through-block arcade, located at 55 East 52nd Street in Midtown Manhattan.
The approximately $35 million renovation is expected to begin in early summer 2014 and take approximately one year.
“Park Avenue Plaza is one of our premier properties — and unique because the arcade is a public amenity and open to everyone in New York,” said Ken Fisher, partner at Fisher Brothers.
“This project represents our strong belief in the future of the Midtown Manhattan market and we are confident our investment will pay dividends. We are incredibly excited to embark on this project, which will redefine the Fisher elegance for a new generation.”
The new design, created by Janson Goldstein LLP, will feature a light-infused, double-height space with enhancements that seek to improve pedestrian traffic flow while providing an oasis in Midtown.
Key elements will include 30-foot tall and 3’4” x 5” glass columns. The grey stone east wall will be replaced with a glass façade containing flat glass panels articulated with vertical glass crystals. LED lights will channel their focus directly through the vertical crystals, and their tone will adjust to time of day and level of daylight.
A redesigned water feature on the east wall, replacing the current black metal cladding with natural stone, which will enhance acoustics and provide a more contemporary aesthetic and tranquil experience;
Adding two 8’ to 10’ tall green walls of vertical vines flanking the water feature. These green walls will each measure 75’6” in length, for a total of some 1,208 sf of new greenery;
Combining two existing retails kiosks into one, improving through-block visibility and traffic flow;
Upgrading and increasing seating, including award-winning Bertoia side chairs with matching tables. An additional 24 linear feet of seating will be provided through moveable benches located near the refurbished planters, and another 14 linear feet located on a planter ledge in the southeast corner, adjacent to the retail kiosk;
The addition of an art installation near the water feature and two large art walls along the west wall;
Removing 1,920 sf of cantilevered mezzanine space to improve visual access to the retail spaces below and substantially increase the functional size and volume of the Arcade.
Park Avenue Plaza is a 1.1 million sq. ft. commercial building built in 1981 and owned by Fisher Brothers and Sungate Asset Management. Current tenants include BlackRock, McKinsey & Co., Inc., Evercore Partners and others.
