The new tower will have at least 900 residential units with 300,000 square feet of retail below. In addition, the tower will contain 175 units of corporate housing.The building will take up the whole block between 40th and 41st streets, and between 11th Avenue and an on-ramp to the Lincoln Tunnel.
The entire project is expected to be completed by 2020.
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 completed the 72-story 4 World Trade Center, and the retail base of 3 World Trade Center as well as recently opened 2 World Trade Center.
The new building is just part of a tidal wave of residential construction getting underway on Manhattan's Far West Side.
Last year, Brookfield Properties 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 largest residential tower under construction in Manhattan recently topped out at 605 West 42nd Street. The 60-story tower, formerly known as Atelier II, will house 1,174 apartments.
Extell Development's 52-story rental tower at 551 Tenth Avenue is quickly rising just a block away.
The project is also down the street from the 62-story MiMA tower, which means things are getting crowded by the river -- all residential byproducts of the Hudson Yards mega-project.
Larry Silverstein bought the former Mercedes-Benz dealership on the Far West Side for more than $100 million. The site was formerly a 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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