Thursday, May 15, 2014

30-Story Apartment Building Announced for West 38th Street

A 225-unit rental building will begin rising later this year at 509 West 38th Street west of 10th Avenue, one of dozens of developments that are planned in the Hudson Yards district over the next several years. Plans for the residential tower were revealed last night at a Community Board 4 meeting. Iliad Development hopes to break ground in the fourth quarter on the building on 38th Street, which will have 225 rental apartments, mostly studios and one-bedrooms.

Of the 225 apartments, 46 will be affordable—15 studios, 25 one-bedrooms, and two-bedrooms. Theses homes will be affordable to families make no more than 60 percent of the Area Median Income, which means the studio units will start at $800, and the one-bedrooms at $1,000

Floors three to five of the building will be held as community facilities, providing 29,000 square feet of space. The developer has signed on the Fencers Club, a NYC non-profit established in 1883, to occupy 20,000 square feet.

The 30-story building will also include an outdoor roof garden, a screening room, a party room and a gym.  Ismael Leyva Architects designed the fa├žade which will be built of brick, steel, and glass to "reflect the nature of the Hudson Yards area" and provide some relief from the ubiquitous, super reflective glass buildings that seems more at home in Miami.

The site, which was previously occupied by a four-story industrial building, is located in the Hudson Yards Special Zoning District. Iliad Development contributed to a district improvement fund and designated 29,000 square feet of its plan to community facilities, to ensure maximum height and additional air rights.

The 2005 rezoning allows developers to pay into a district improvement fund in exchange for additional air rights for a “community facility,” like a performance space or museum. Buying the air rights raises the overall height of the building and pushes skyward the apartments that sit atop the space, allowing for better views and potentially higher rents.

The zoning also requires 6,000 square feet of retail space. The site also has a valuable billboard that faces out to the Lincoln Tunnel entrance, which will be available to a tenant.

With the No. 7 subway extension on schedule to open, the third section of the High Line moving ahead and residential and commercial development within the Hudson Yards themselves advancing, the neighborhood’s transformation is starting to come into focus after a city rezoning to residential and commercial from manufacturing.

Since the main rezoning of the area from 28th to 43rd Streets and west of Eighth Avenue in 2005, more than 5,000 apartments have been built and more than $5 billion in private development has poured into the area, according to the Hudson Yards Development Corporation, a city entity overseeing the area’s redevelopment.

Pre-construction work at the site has been ongoing since 2012.

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