In the late 1970s, HJ Kalikow relocated its offices to 90 Park Avenue, diagonally across from 101 Park Avenue. Part of the reason Kalikow decided to relocate was because the rent cost about half as much around that particular location. Crime was high in New York City, and Midtown was, as Kalikow puts it, “a terrible area.” Therefore, most business owners were not eager to relocate to Midtown. According to Peter Kalikow, a new office building had not been constructed in the vicinity in nearly a decade.

The property at the 101 Park site, which Chase Manhattan Bank owned, consisted of five buildings: three with twelve stories and two with six stories, along with a parking lot. Kalikow, seeing the dated buildings every day from his office across the street, envisioned their potential as well as the future of Midtown.

Once Edward I. Koch was elected as mayor of New York City in 1978, Kalikow was hopeful that Koch’s leadership would improve living conditions and lower crime rates.

Another critical factor that influenced Kalikow’s interest in the site was its proximity to Grand Central Terminal. According to Peter, when his grandfather Joseph began construction on a site, Joseph’s wife, Anna, would visit and her first question was, “Where’s the subway station?” followed by “Where are the schools and shopping?” These questions stayed with Peter over the years, inspiring him to build near transit hubs.

Kalikow, looking to expand into commercial properties, purchased the site in 1978 for $13 million using the profits he was earning from the rent of 1001 Fifth Avenue. He quickly got to work conceptualizing a plan for the future office building.

Although office buildings are generally associated with more risk, there is usually “more potential,” said Kalikow. “Offices are market-driven, and when you hit it right, the benefit is substantial,” he explained.

Since the 101 Park Avenue property did not appeal to other big-name development companies then, acquiring the site was easy. Starting development was another, more complicated issue.

Kalikow now had to figure out how to construct the building to combat the property’s adverse conditions, including the low rent in the surrounding area. Eventually, he had an epiphany, realizing there was only one way to make it successful.

“If we make this building the best of its kind, the absolute best building in the entire area, then the rest will follow,” said Kalikow, knowing they needed to build a one-of-a-kind building to attract tenants.

To do this, he first had to get a world-renowned architect. Due to HJ Kalikow’s lack of experience developing commercial real estate, the project struggled to appeal to prominent architects.

After going to Philip Johnson, with whom Kalikow had previously worked on 1001 Fifth Avenue, Kalikow was disappointed again. Johnson had just gotten the contract to design the iconic AT&T Building at 550 Madison Avenue (also known as the Sony Tower) and could not work with Peter.

However, Eli Attia, an architect at Philip Johnson’s firm, asked Kalikow to let him try to design the new building at 101 Park Avenue. Attia had also worked on the 1001 Fifth Avenue building, contributing significantly to the design. Given that he knew the skillful quality of Attia’s work firsthand, a fraught Kalikow finally gave Attia the contract.

One step closer to realizing his vision, Kalikow now had to focus on securing a mortgage to finance the construction of the building. Just as things were looking up for Peter, the United States entered a recession in 1980. The banks went into crisis as the number of failed banks surged, and a credit squeeze took hold, significantly reducing the availability of loans.

After the demolition of the old site, a major development firm, Olympia & York, offered Kalikow $60 million for the property.

While contemplating the offer, the Kalikow’s banker, Conrad Stevenson, who would later play a significant role in facilitating the mortgage agreement, told Harold, “I’m a banker, but in my heart, I’m a builder, and this is a once-in-a-lifetime opportunity.”

These words assuaged Harold’s fears, prompting him to decline the offer.

Although the future remained uncertain, Peter Kalikow knew he had to take the risk and had his father’s full support behind him.

Instead of abandoning the project and taking a profit, Kalikow was determined to find a way to get the loans and defy the odds. With the help of Daniel Cremins, Kalikow secured financing from Chase Manhattan Bank and Manufacturers Hanover Trust Company.

Chase Bank initially told Kalikow they would only grant him the loan only if Manufacturers Hanover was in too. Taking a bit of a gamble, Kalikow then went and told Manufacturers Hanover that Chase had already agreed, prompting Hanover to also agree to the loan. He returned to Chase Bank with the news, and Chase finalized the contracts.

With the architect and financing in place, Kalikow could move forward with the development.

Eli Attia was joined on the project by two architects from his firm, Brian Principe and William Leggio. Leggio took charge of project management, while Principe oversaw the intricate design aspects. Their efforts on 101 Park Avenue left a strong impression on Peter Kalikow, who has since maintained a lasting professional and personal relationship with both architects as they pursued individual success. Kalikow has continued collaborating with Principe and Leggio on numerous projects, and remains a business partner and close friend.

Another noted feature of 101 Park Avenue was its advanced elevator system, the Otis Elevonic 101. The Elevonic 101 was the first elevator system that was fully microprocessor-controlled with silicon-controlled rectifier motor drives. This efficient system, introduced by Otis in 1977, sent empty cars to requested floors, and occupied cars bypassed those floors. 101 Park Avenue has continued to update its elevators since then; as of 2016, all elevator mechanical systems have been fully modernized, with an Otis elevator technician still on-site during business hours.

In 1982, Kalikow received the Award for Excellence from the Building Owners and Managers Association of Greater New York for developing 101 Park Avenue. He had previously been awarded the Young Master Builder Award (1980) and the Golden Circle Award (1981) for his excellence in luxury real estate development. HJ Kalikow still owns and manages the flagship building where the company is headquartered.

Demolition took place in 1979 over the course of four months. Construction officially started on April 1, 1980. By November 1980, HJ Kalikow had leased almost all 1,200,000 square feet of office space. Occupancy didn’t begin until April 1, 1982, but tenants were immediately sold by the building’s promising location, quality, and distinctive design.

The skyscraper stood out for its innovative shape (two chiseled corners of the would-be rectangular tower floors creating eight corner offices per floor rather than four) and reflective glass. New Yorkers referred to Peter Kalikow and architect Eli Attia’s design as an architectural masterpiece.

Looking back, Kalikow proudly recalls the many challenges and doubts he and the company had to overcome to build 101 Park Avenue. On top of his own unrelenting belief in the vision that was 101 Park Avenue, it was the unconditional support from his parents, along with the help of everyone else involved in the project, that allowed Kalikow to make his dream building a reality: a building that more than four decades later remains an iconic hallmark of New York City development and culture.