YIMBY’s last report on 441 Ninth Avenue was back when The Cove Property Group and hedge fund Baupost Group purchased the site. The two companies have now released a rendering, and information about plans that triple the floor count. Rentable square footage will balloon to 700,000 square feet, and 17 stories will be added atop the existing eight-story building, which will be gutted and redesigned.
The rendering reveals an attempt at joining two different eras. The lower eight floors were built in 1962, a period when the design world was enamored by bold, clean strokes. The façade’s darkness projects an intimidating personality.
The upper section demonstrates the ethos of modern design, with thinly framed glass that effortlessly reaches for the sky. The two periods ultimately work nicely for each other, and their union will greatly improve upon what had previously been a hum-drum building. It works especially well in conversation with the nearby Hudson Yards towers.
According to The Real Deal, Cove has received a $479 million construction loan, which the Commercial Observer reports as coming from the private equity firm Apollo Global Management.
Work will start in January 2018, with the project ready for tenants by summer of 2019. Cove is expecting to start leasing for the building’s lower eight stories before the end of 2018.