Isaac Chetrit and Ray Yadidi are in contract to acquire 235,000 square feet of air rights from the five-story former bank building at 1352-1362 Broadway, between West 36th and 37th Streets in Midtown. The price the investors are paying has not yet been disclosed. On the same block, they own the vacant lot – acquired this past fall – at 993 Sixth Avenue and the adjacent 21-story, 96,000 square-foot office building at 989-991 Sixth Avenue. Their assemblage amounts to a site with roughly 375,000 square feet of development rights, according to The Real Deal.
Earlier this year, YIMBY reported on applications for a 29-story commercial building at 560 Seventh Avenue, between West 40th and 41st Streets near Times Square, and over the summer, the developer finished assembling the air rights. The Real Deal has the first glimpse of the planned Dream Hotel, which will include 167 units, per the latest filings. Retail space will total 15,463 square feet in the 118,508 square-foot building. Stonehill & Taylor Architects is designing and UAP North America is crafting a metal screen attachment for part of the three-story podium. Soho Properties, MHP Real Estate Services, and Hampshire Hotels Group are developing, and completion is expected in early 2018.
Back in January of 2014, YIMBY brought you a construction update on the 20-story, 75,000 square-foot office building planned at 34 East 51st Street, in Midtown, and later that month, we brought you a rendering. Today, the building is structurally complete and preparing for a January 2016 opening date, according to Crain’s. The boutique office property’s floors range from 2,700 to 5,000 square feet, and it also has club-like amenities, with the overall setup geared towards smaller office tenants. Istanbul-based developer Sedesco is behind the Skidmore, Owings & Merrill-designed project.
Back in 2013, Chetrit Group acquired the 37-story, 855,000 square-foot office building at 550 Madison Avenue, between East 55th and 56th Streets in Midtown, for $1.1 billion. Now the developer has released a partial rendering and details of the planned conversion of the building known as Sony Tower and previously the AT&T Building, per Curbed. Floors 21 through 43 will be converted into 113 condominiums and the lower portion of the building will contain a 170-key hotel, featuring 60 suites and a slew of amenities. Robert A.M. Stern Architects is designing, and completion is expected in early 2018. The Philip Johnson-designed tower originally opened in 1984.
Last week, YIMBY brought you news that an entire Broadway theater – the Palace – will be raised up 29 feet. Well, it’s not the only theater that’s getting some work done. Two days before Thanksgiving, the Landmarks Preservation Commission also approved a renovation of the Helen Hayes Theater, located at 240 West 44th Street, between Seventh and Eighth Avenues, and an expansion of its annex. While the changes aren’t as dramatic as moving an entire theater, they will be somewhat more apparent to those walking by.