December 6, 2016

Shorter, sleeker design for new space on old Federal Reserve Bank

Image by Perkins + Will [enlarge]

Martin Selig has changed the exterior design for what would now be a seven-story addition to the building at 1015 Second Ave.

Martin Selig Real Estate's design for an addition to the old Federal Reserve Bank building, empty since 2008, is firming up.

The landmarked four-story building at 1015 Second Ave. is now projected to get seven additional stories of office space instead of eight.

Most of the lobby level in the 1950 building will be preserved, and new office space would be created on floors two through 11.

The total project size will be about 223,000 square feet, including the lobby, basement and bank vault (with two landmarked doors), and 18 parking spaces to be preserved.

There will be about 156,000 square feet of new and renovated office space available for lease.

“We're working with the engineering,” said Martin Selig during a recent project update. There won't be any excavation on the site. The challenge is to add new stories to the old structure — as the original architect NBBJ had intended.

Selig said he wants to put surface-level light wells along Second Avenue, Madison and Spring streets to illuminate the basement.

He hopes to keep the public art he installed last year (Fernando Botero's statue “Adam” and George Rickey's sculpture “Ls — One Up One Down Excentric”) for the enjoyment of future tenants.

Two potential tenants have expressed an interest in leasing the whole building, he said.

Selig said he hopes to start construction next year, on a speculative basis, and finish in about 15 months.

The exterior design has also changed. Extruded facade elements — with possible video art displays — that were shown earlier have been eliminated. The proposed seven-story addition now more closely matches the original building's footprint, with insets and terraces above the fourth and 10th floors.

Overall square footage has been increased by expanding the new floorplates west toward the alley. That alley is 18 feet wide, separating the project from the Madison Tower hotel and condominium, and two smaller, older buildings.

Selig had previously considered a 48-story mixed-use tower for the site, with apartments above office space, and much more parking.

He bought the property at a federal auction in April of 2015 for $16 million.

Selig's architects are Perkins + Will, Bill Bain and atelierjones. Lease Crutcher Lewis is general contractor. KPFF Consulting Engineers is structural engineer.

Selig will present the latest plans at a design review meeting tonight at 7 p.m. City Hall, 601 Fifth Ave.