Wednesday, February 26, 2014

Silverstein's Plans for 60-Story Foursome on West Side

Construction on the Far West Side is really booming. In addition to the Hudson Yards and the Manhattan West complex, Larry Silverstein is now moving forward with a new 1,600,000 square foot development adjacent to the entrance of the Lincoln Tunnel at 514 Eleventh Avenue. The 770 foot tall project will be comprised of two 60-story luxury high-rises atop five story retail and parking base, directly across the street from his twin Silver Towers, which also rise to 60 stories. 
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The new towers will have 1,350 residential units with 180,000 square feet of retail below. In addition, one tower will contain 175 units of corporate housing.

Silverstein Properties has already 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 just completed the 72-story 4 World Trade Center, and the retail base of 3 World Trade Center and 2 World Trade Center to street level.

The new buildings are just part of a tidal wave of residential construction getting underway on Manhattan's Far West Side.

Brookfield Properties has changed plans for its Manhattan West project at Ninth Avenue and 33rd Street and is adding as many as 900 residential units to a formerly entirely office project.

Nearby, The Atelier II -a 61-story condominium at 605 West 42nd Street, is under construction right around the corner, and Extell Development's 52-story rental at 547 Tenth Avenue is in the works.

The project is also down the block from the 62-story MiMA tower, which means things are getting crowded by the river -- all residential byproducts of the Hudson Yards mega-project.

Silverstein is partnering 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.

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 finance his projects and persuade banks in making the necessary construction loans.

Now, if only they could open that extra 7-Train stop at 42nd Street...

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