The boom is back on the Far West Side. In addition to the Related Companies Hudson Yards project and Brookfield Properties Manhattan West complex, Larry Silverstein is moving forward with a new 60-story residential tower at 514 Eleventh Avenue. Silverstein is roughing out designs for the new tower that will rise across the street from his twin Silver Towers, which also rise to 60 stories, and will make for an interesting trio on the skyline.
Silverstein Properties has developed two large residential projects on the West Side with more than 2,000 units combined in Silver Towers, the twin-towered rental buildings at 600 West 42nd Street, and the 41-story tower at 1 River Place. The development firm is currently building the 72-story 4 World Trade Center, the retail base of 3 World Trade Center and 2 World Trade Center to street level.
The new Silverstein building would be part of a residential construction boom on the West Side. Brookfield Office Properties has even changed plans at its Manhattan West project at Ninth Avenue and 33rd Street and is now considering adding as many as 900 residential units to a formerly entirely office project.
Extell Development owns the adjacent parcel at 502 West 41st Street, and The Atelier II – a 61-story condominium at 605 West 42nd Street - has just begun construction right around the corner. Piece by piece, a new community is finally coming together.
The project is also down the block from the 62-story MiMA, meaning things sure are getting crowded by the river. The retail portion of the project is expected to be between 150,000 and 250,000 square feet, the developer’s said.
The ground floor is important to driving development, apparently, because Mr. Silverstein is also eager to get his old friends at the Port Authority to take space in another neighboring tower project, where he hopes they would park their buses, and presumably provide some money to help get the project of the ground and persuade banks in making the necessary construction loans.
Silverstein will partner with Mercedes-Benz of Manhattan, which owns the land. The site is the former showroom for the luxury automaker, which relocated to 555 West 53rd Street last year.
Now, if only they could open that extra 7-Train stop at 42nd Street...
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