Silverstein Properties is now considering developing a two-towered mixed-use project 514 Eleventh Avenue, located on the block between West 40th and 41st streets in Midtown West. The latest plans, which the developer has not committed to at this time, would include a 600,000-square-foot residential condominium tower, followed by a separate one-million-square-foot commercial tower. These plans are consistent with current zoning laws and would not require a rezoning, Crain’s reported. CetraRuddy would be responsible for the design.
514 Eleventh Avenue
Over the summer, Silverstein Properties began demolishing the low-rise commercial building at 520 West 41st Street/514 Eleventh Avenue, in Midtown West, to make way for a 1,400-unit mixed-use development. Now, the developer has tasked CBRE to market and sell the property, which could potentially be worth close to $500 million, according to Crain’s. The project is currently being processed through ULURP, as a rezoning is required, and Silverstein eventually agreed to allot 375,000 square feet for affordable housing. YIMBY revealed the original proposal in July of 2014.
Earlier this year, Silverstein Properties paid roughy $100 million for a car dealership at 520 West 41st Street, aka 514 Eleventh Avenue, in Midtown West. Last summer, YIMBY revealed plans for an 106-story, 1,400-unit mixed-use tower at the site (currently traversing ULURP). Although the proposed 1.685 million square-foot building has yet to be approved, Curbed reports demolition of the existing low-rise commercial building has begun.
520 West 41st Street [Crain’s Business]: Also known as 514 11th Avenue, Silverstein Properties has closed on the block-long parcel at 520 West 41st Street, on the Far West Side, for “more than $100 million.” Plans, currently being processed…
Preliminary renderings are up for Silverstein’s 520 West 41st Street via the project’s draft Environmental Impact Statement, which affirm the building’s status as one of the largest in Manhattan, given it will stand 1,100 feet tall….