Giant MoMA Tower Close to Ground Breaking?

For a time, it looked as though the MoMA Tower would be the tallest apartment building in the city, when the 1,250-foot tower was proposed three years ago. Having been cut down to 1,050 feet by the city, and with the revelation that Extell Development is building a 1,550-foot tower at Broadway and 57th Street–to its 1,005-foot One57, and surpass the 1420-foot tower at 432 Park Avenue–it appears Torre Verre, the official name, will simply be a very tall apartment building. Very, very tall.

That, and architect Jean Nouvel’s pedigree, have the construction industry watching the project’s every move. This week, pile-driving equipment had been assembled on the site next to the Museum of Modern Art - a sign of the project’s imminent commencement.

According to architect Jean Nouvel, "The design features a faceted exterior that tapers to a set of three distinct asymmetrical crystalline peaks at the apex of the tower – each peak varying in height and shape."

Inside, there will be 100 hotel rooms, 480,000 square feet of residential space, and 60,000 square feet of expansion to the Museum of Modern Art. [see ElectricWeb | Blogger, Oct 5, 2011]

Hines Development is still working on financing for the giant tower project at 53 West 53rd Street. That has been the key piece hampering this project for the past year, ever since new plans were filed with the city. Nevertheless, so too have other towers suffered from a lack of financing, such as the B2-tower at Atlantic Yards.

Now that those buildings, as well as those like 432 Park Avenue are rising - and people are paying insane rates for Manhattan condominium units , it won't be long before bank financing for the project is secured.

Until they do, nothing is happening on the site, according to a Hines spokesperson. "Machinery is on site and ready to commence building construction, but we're not breaking ground."

Not just yet.