One of the greatest single engineering challenges currently under construction in New York City has risen above ground. That project is the supertall mixed-use residential tower 111 West 57th Street, located just west of Sixth Avenue in Midtown, and we can see the construction progress on the Billionaires’ Row building thanks to several photos posted by YIMBY Forums users.
In early 2015, Wharton Properties and General Growth Properties (GGP) acquired, for $1.75 billion, the Crown Building – a 25-story, 385,600-square-foot multi-use commercial building – at 730 Fifth Avenue, located on the corner of West 57th Street in Midtown. Now, it’s been disclosed that developer Michael Shvo and Russian investor Vladislav Doronin are planning to acquire a large portion of the building for a mixed-use conversion project, the New York Post reported. The duo want to convert the upper floors of the current office building into an Aman hotel and 23 ultra-luxury condominium units. Wharton and GGP recently bought out the last remaining office tenant. The current owners plan to lease the remainder of the property that isn’t sold to Doronin and Shvo as retail. The retail space is currently being newly renovated and is expected to take up at least the first four above grade levels. Late last year, it was reported that Bulgari signed a 15-year lease on the ground floor.
Back in September of 2014, YIMBY brought you an update on the development site at 16 West 57th Street, along Midtown’s Billionaires’ Row, when the property was acquired for $95 million by a Brazilian investor. Last week, developer Sheldon Solow acquired the property, a five-story, 24,000-square-foot commercial building, for $128 million, The Real Deal reported. The developer also owns the adjacent properties at 10 West 57th Street, 20 West 57th Street, and 19 West 56th Street. The site assemblage now boasts 213,000 square feet of residential development rights, plus additional rights that can be put towards a commercial component. The new owner has yet to disclose plans for the site. Demolition permits were filed last year to raze 16 West 57th Street as well as the six-story office building at 19 West 56th Street.
YIMBY has covered the evolution of 281 Fifth Avenue extensively, first posting concept renderings that surfaced all the way back in 2014. Now, the full design has been posted to the site, as per the YIMBY Forums. The building is being developed by the Victor Group in joint venture with Lendlease, and it’s being designed by Rafael Vinoly. DOB records indicate it will rise 52 floors and 708 feet to its highest occupied floor, with the roof topping-out 728 feet above street level. There will be 7,927 square feet of commercial space at the base, topped by 209,417 square feet of residential space, to be divided amongst 141 condominiums. Completion is tentatively anticipated for 2018, and while the site’s old occupants have been demolished, there is currently a stop-work order in effect.
Property owners Beacon Capital Partners and MetLife (the insurance company) are planning to execute a $25 million renovate on their 35-story, 533,695-square-foot multi-use commercial building at 575 Fifth Avenue, located on the corner of East 47th Street in Midtown. Planned is a redesigned lobby, new exterior and interior elements such as a building canopy, signage/advertising, and lighting, and new amenities such as a 6,000-square-foot conference center and a lounge, Real Estate Weekly reports. The 360,000-square-foot office portion already connects to the building’s three stories of retail and restaurants via an atrium. Barneys New York recently signed on to 72,000 square feet at the tower, and Westpac Banking Corporation and Northwood Investors each have leased 15,000 square feet. The building was developed in 1983.