Friday, February 24, 2012

After Ten Years, 400 Park Avenue South Moves Forward

Christian de Portzamparc's 42-story residential tower project on Park Avenue South has been in development for ten years, and it looks like shovels finally are nearing the ground with the help of Toll Brothers and Equity Residential. The two firms are building a $190 million, 42-story, combination condo-rental building.

Toll Brothers and Equity Residential are partnering for a new building at 400 Park Avenue South, on the spot once slated for another Christian de Portzamparc-designed tower, by the previous developer Roy Kalimian. 

Like that tower, the Toll/Equity project—the two companies just closed on the lot for $134 million—will have 42 stories, except this one will be a mix of condos and rentals. Equity will control the bottom 22 floors, with 285 luxury rentals and the building's retail space, with Toll Brothers adding 151 super-luxury condominium units on the upper floors. 

This will be the fourth major project in Manhattan by Pritzker Prize winning architect Christian de Portzamparc, who designed  the jagged 19 East 57th Street; the skyline-redefining and outrageously priced One57, now rising a few blocks to the west; and a daring complex of five towers at Riverside South, abutting the Hudson River.

The new tower will include street-level retail space and feature a dramatic new subway entrance to the 28th Street station on the Lexington Avenue line.