From the High Line to Midtown, the far west side is abuzz with construction activity, and we can soon add another project to the list: TF Cornerstone’s 606 West 57th Street.
Demolition has just begun for the existing structures – a Lexus dealership and four-story building used as a garage, among others – and construction is set to begin this winter, with completion targeted for the spring of 2017.
In November, the Mortgage Observer reported that TF Cornerstone landed a $384 million construction loan for the project, to be financed by Wells Fargo, M&T Bank, and German Helaba.
606 West 57th Street
The tower is designed by Miami powerhouse Arquitectonica, with SLCE acting as the architect of record. The building will total about 1 million square feet of usable floor space, including more than 950,000 square feet of residential space spread over 1,028 apartments, and 40,000 square feet of retail. It will rise 42 stories and 440 feet, and will be the second-large building by unit count in the city. Unusual for a rental project in New York City, TF Cornerstone is building the tower without PTAC units – instead, tenants will have the luxury of central air (at least, a luxury by New York standards – in the rest of America, central air is par for the course for all new rental buildings).
606 West 57th Street
Of its apartments, 20 percent will be let at below-market rates, for which the developer will receive state bond financing.
The new structure will wrap around the existing five-story brick building on the corner of 11th Avenue and West 57th Street, seen in the far left side of the demolition shot, which was taken by YIMBY reader Tectonic.
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