The office building at 460 Park Avenue, located at the corner of East 57th Street, is undergoing a $200 million redevelopment by its owner, the Korea International Trade Association (KITA). The project aims to modernize the 22-story, midcentury property and deliver approximately 350,000 square feet of new office space to the market.
The redevelopment, scheduled for completion in 2028, comes as the Park Avenue corridor between East 40th and East 59th streets experiences high demand. Direct vacancy rates in this area are reportedly as low as 2.2%, the lowest in Midtown, with neighboring buildings like 425 Park Avenue fully leased and commanding rents up to $300 per square foot.
KITA has purchased out the lease of a Citibank branch previously occupying a portion of the building to facilitate the renovations. The project is supported by a 20-year tax incentive from the city’s Manhattan Commercial Revitalization Program (M-CORE).
SOM has been tapped to design the building's new facade, which will feature floor-to-ceiling windows, replacing the current exterior. The structure's original steel frame will be retained, with upgrades including a new double-height lobby, updated elevators, increased ceiling heights, and advanced air-handling systems. Amenities for office tenants will include a multi-floor suite and outdoor terraces.
JLL is handling the marketing of the office space, with a team including Dave Kleiner, Frank Doyle, Peter Riguardi, Cynthia Wasserberger, and Michael Pallas. Kleiner noted the project presents a rare opportunity to secure large blocks of high-quality space in the increasingly scarce Plaza District. Misc. unrelated images and text were excluded.