Excavation work is beginning at 249 East 50th Street in Midtown East for a ground-up, 151-foot-tall residential project standing 15 stories high. The site is located between Second Avenue and Third Avenue, and was once home to three townhouses and a ground-floor French restaurant called Lutèce. In 2016 YIMBY last reported that China-based developer Tun Kyaw is behind the property and previously purchased the land for $17 million. Isaac Stern will be the designer of the new structure.
The first reflective glass panels have begun going up on the southern façade of 77 Greenwich Street in the Financial District. These will eventually cover the entire 350-foot-tall residential section that sits above a 150-foot retail and grade school podium. The 42-story mixed-use skyscraper is being designed by FXCollaborative. Trinity Place Holdings is the developer, while Deborah Berke Partners is in charge of the interior design. Sales have also launched for the 90 condominium units, which will range from one- to four-bedroom homes. Pricing begins at $1.78 million for a one-bedroom residence.
Excavation work is underway at 50 Trinity Place in the Financial District, where a ground-up, 28-story Aloft Hotel will soon rise. The upcoming reinforced concrete building will yield 173 rooms and 77,310 square feet of newly built space. Plans also call for a ground-floor restaurant adjacent to the lobby, as well as a fitness center on the second floor and seven to eight rooms per floor up to the last occupiable level. Peter Poon Architects is the designer of the tower while FIT Investment Corporation is the developer. The site was previously purchased for $15 million from Sam Chang in 2012.
Black shrouds and scaffolding have gone up over 1568 Broadway’s lower floors as crews begin the process of removing its Times Square-facing billboards and marquees. Meanwhile, workers are beginning to gut the interiors of the 470-foot-tall tower ahead of its imminent demolition. Built in 1990, the current DoubleTree hotel will eventually make way for a new 46-story DoubleTree Suites by Hilton. The proposed 550,000-square-foot development, which will be called TSX Broadway, will preserve of the 106-year-old Palace Theatre by raising it three stories up from the ground floor, making way for retail space. The $2.5 billion project is being developed by L&L Holding Company, Maefield Development, and Fortress Investment Group. The site was previously purchased for $450 million.
Construction is getting very close to topping out at 45 Park Place, one of the newest towers to rise along the border of Tribeca and the Financial District. The upcoming 667-foot-tall residential skyscraper is being designed by SOMA Architects, with Ismael Leyva Architects serving as the executive and residential architect. Sharif el-Gamal of Soho Properties is the developer of the reinforced concrete structure, which will stand 43 stories high. Sales of the units, which feature interiors designed by Piero Lissoni, are being handled by Corcoran Sunshine.