Construction has reached the halfway point on 131-141 East 47th Street, a 34-story residential skyscraper in Midtown East. Designed by Ismael Leyva Architects and developed by Silverback Development, the 500-foot-tall structure will yield 200 apartments ranging from studios to two-bedroom units as well as 5,000 square feet of ground-floor retail space with frontage along West 47th Street. Silverback was brought onto the project by Hopson Development Holdings, which purchased the rectangular parcel for $115 million in December 2019 from the original developers, New Empire Real Estate. Structure Tech New York and Cauldwell Wingate are in charge of building the project, which is located between Lexington and Third Avenues.
Foundation work is nearly complete for the Fashion Institute of Technology‘s New Academic Building, a ten-story building in the Garment District of Chelsea. Designed by SHoP Architects, the structure will yield 110,000 square feet. EE Cruz & Company Inc. is the general contractor for the project, which is located between Seventh and Eighth Avenues, within walking distance of Penn Station, Madison Square Garden, and Moynihan Train Hall. The developer is aiming for LEED Gold certification.
Construction teams at TSX Broadway, a mixed-use hotel tower at 1568 Broadway in Times Square, have begun work on the lifting of the Palace Theatre. The historic venue is being hoisted 30 feet above street level to make way for ground-floor retail space.
Demolition is ramping up at 258-278 Eighth Avenue, the site of a 12-story mixed-use building in Chelsea, Manhattan. Developed by Alchemy-ABR Investment Partners and Chelsea 23rd Realty Corporation, an LLC affiliated with JJ Operating, which acquired the 40,000-square-foot parcel in 2017, the new building will yield multiple levels of retail space and 190 rental apartments. Breeze is the general contractor and Square Mile Capital and Pacific Western Bank provided $183 million in construction financing for the project, which is located along Eighth Avenue between West 23rd and West 24th Streets. The architect is still unknown.
Construction is getting closer to completion on the Chelsea Aloft Hotel, a 32-story tower at 132 West 28th Street. Designed by Peter Poon Architects and developed by Frank Ng, the 326-foot-tall reinforced concrete structure will yield 203 guest rooms. Milestone Construction Corporation is the general contractor for the Midtown, Manhattan project, which is located in the Flower District between Sixth and Seventh Avenues.