Foundation work is now underway on the 21-story, 71-unit mixed-use building under development at 145 Madison Avenue, located between East 31st and 32nd streets in Midtown South. This update comes thanks to a photo posted to the YIMBY Forums. The latest building permits indicate the project will encompass 69,268 square feet and rise 210 feet to its roof, not including the bulkhead.
There will be 2,779 square feet of commercial-retail space on the ground floor, followed by residential units on the second through 21st floors. The apartments should average 793 square feet apiece, which means rentals are likely in the works. Thirty percent of them, or 21 units, will rent at below-market rates through the housing lottery. Kahen Properties is the developer and the Stephen B. Jacobs Group is the architect. Completion in 2017 seems reasonable.