Tuesday, December 31, 2013

Long-Delayed Tower at 50 West Street Resurrected

After 30 years of waiting, work on a new 63-story condominium tower will soon be getting under way at 50 West Street in Lower Manhattan.  Developer Time Equities has secured $400 million in construction financing to build the 725-foot-tall building, which will include retail space, a restaurant, health club, one floor of office space, plus the usual luxury amenities. The project also calls for a public plaza to be built, along with a pedestrian walkway that will connect West and Washington streets. 

In what has become a typical tale for the New York City market over the course of the financial crisis, a hotel and condominium project in Manhattan that froze in 2009 due to economy, has now found a lender willing to make it become a reality.

Time Equities has owned land at 50 West Street since 1983, and has held on to plans for the site through economic turmoil that took down many other developers.

Now, the developer’s patience is about to be rewarded.

For years, the plan had been for a 65-story hotel-condo tower that will overlook Battery Park and the Hudson River.  Now the project has changed in favor of a 63-story luxury condominium, minus the proposed hotel. 

The 487,000-SF residential high-rise will include 194 condominiums and is expected to receive LEED Gold certification. The sixth floor will house the building's mechanical elements, tucked safely away from potential storm surges in the wake of superstorm Sandy.

Construction is set to begin in this spring, and will become part of the skyline by 2016.

The project is just one of many new residential buildings springing up in the Financial District. In May, developer Larry Silverstein received a $660 million loan to start building the 82-story Four Seasons Hotel and Residences at 30 Park Place. 

The 926-foot tower, which is set to be the tallest residential building downtown, was initially planned years ago. Like 50 West Street, construction was put on hold when the economy tanked. 

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