Rounding out our Turkey Week rundown of stalled and on-hold projects in New York City is 118-124 Tenth Avenue, a planned ten-story commercial building in Chelsea, Manhattan. Initially developed by Real Estate Equities Corporation (REEC), which acquired the adjacent properties at 118 and 124 Tenth Avenue for $21 million in 2017, the project was expected to yield 100,000 square feet of office and ground-floor retail space. REEC completed demolition of the former low-rise occupants of the parcel, but progress stalled shortly thereafter. Signs posted on site indicate that GDSNY has taken over as developer and the building’s scope has been expanded to 155,000 square feet. The signs also list Triton Construction as the general contractor for the project, which is located along Tenth Avenue between West 17th and West 18th Streets, across from the High Line.
Construction is complete on 1245 Broadway, a 23-story commercial building in NoMad. Designed by Skidmore Owings & Merrill and developed by GDSNY and Corem, the 318-foot-tall reinforced concrete structure yields 200,000 square feet of office space with marketing and leasing handled by CBRE. StructureTech NY and Triton Construction led construction on the property, which is located at the corner of West 31st Street and Broadway, a short walk from Koreatown, Herald Square, and Madison Square Park.
Excavation is set to begin at 417 Park Avenue, site of a 220,000-square-foot office tower in Midtown East. The project is being developed by GDS Development (GDSNY) and Klövern AB, which acquired the property for $184 million and are also building on an adjacent plot to the south at 409 Park Avenue. The plot is located at the corner of Park Avenue and East 55th Street and will rise with a floor area ratio of 25 under the Midtown East Rezoning regulations.
Demolition has concluded at 417 Park Avenue, the site of a 220,000-square-foot office tower in Midtown East. Developed by GDS Development (GDSNY) and Klövern AB, which paid $184 million for the property, the building will rise from the corner of Park Avenue and East 55th Street with a floor area ratio of 25 under Midtown East Rezoning regulations.
GDS Development Management and Klövern recently celebrated the completion and opening of 28&7, a new office building in Chelsea. The 12-story building is located at the corner of 28th Street and Seventh Avenue and comprises more than 90,000 square feet.