Friday, May 8, 2015

Gigantic $550M West Side Project About to Begin Construction

TF Cornerstone has landed a $384 million construction loan for its massive 1.2 million-square-foot development at 606 West 57th Street in Hell's Kitchen. The  $550-million rental building will contain 1,028 rental units, with 206 of those set aside for residents earning 60 percent of the area’s median income. The property will also house 38,000 square feet of ground-floor retail space, parking for 400 vehicles, and a public pre-kindergarten school.

Standing just 42-stories, height is not the focus here... the structure is about sheer density.

606 West 57th Street will be composed of two 28-story structures with a 14-story cube cantilevered on top; it seems that even when overhangs aren’t necessary, they are becoming a common feature to new construction these days.

The stacking of multiple boxes will help to create a building that isn’t completely overbearing, allowing light and air through the structure itself.

The committee vote came after reaching a deal with the developer that adds an additional 10,000 square feet of “affordable housing” that would be affordable only to the top end of middle-income families, earning roughly $150,000 a year.

Those 15 new units would bring the total amount of affordable housing to 206 units.

The council members were focused on the neighborhood surrounding the West 57th Street development, where they feel there is a need for moderate-income housing that could go to people who presently live in the community.

Extell Development’s massive Riverside Center South on the Hudson River, between West 59th and 72nd streets, already includes hundreds of such, so-called, "affordable" units.

The developer agreed to a smaller garage with fewer parking spaces, to build a public pre-Kindergarten school, and to employ only union builders and staff the complex with 32BJ employees. The project will include 38,000 square feet of ground-floor retail and underground parking for up to 400 cars.

The site is currently occupied by several low-slung buildings, and plans are moving forward for demolition.

TF Cornerstone anticipates construction will begin later this spring and will take two years to complete.

Across the street, another transformative residential project – The Pyramid – is moving forward. Most of the attention 57th Street receives is focused between Broadway and Park Avenue, but the street’s largest developments are, in fact, on the Hudson River.

Demolition on an existing garage structure and shuttered car dealership is still underway. TF Cornerstone will begin construction this spring and expects the rental building to be completed in the spring of 2017.

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