Midtown

Rendering of 426-432 East 58th Street by Foster + Partners.

New Owner Acquires Development Site at 428-432 East 58th Street, Midtown East

6:30 am on December 14, 2016 By Reid Wilson

Gamma Real Estate has acquired, through a foreclosure auction for $98 million, the development site at 428-432 East 58th Street, located in the Sutton Place section of Midtown East. Gamma paid $86 million for the property and another $12 million for air rights, The Real Deal reported. Bauhouse Group assembled the site in 2015, with a $130 million acquisition loan from Gamma, and planned to develop a 900-foot-tall condominium tower at the site. The developer later defaulted on the property, which ultimately concluded in the bankruptcy auction held yesterday. It has not been revealed what the new property owner intends to do with the site, which boasts over 260,000 square feet of development rights. Demolition permits are on file for the site’s three five-story townhouses.

Renovation Planned for Six-Story, 200,000-Square-Foot Office Building at 159 East 53rd Street, Midtown East

6:30 am on December 8, 2016 By Reid Wilson

Boston Properties is conducting a $150 million renovation on the six-story, 200,000-square-foot commercial building at 159 East 53rd Street, in Midtown East. The structure, known as the base component of the 59-story former Citigroup Center at 601 Lexington Avenue, will receive a redesigned façade with larger windows and a new private lobby and entrance. The ground-floor and below-grade retail spaces will also see renovations, as well as the installation of a food hall and dining area, Crain’s reported. A renovation to the public plaza beneath 601 Lexington is also in store. Since the complex was designated an individual landmark on Tuesday, the Landmarks Preservation Commission must approve any exterior alterations. The building is currently vacant.

The former Citicorp Center (aka Citigroup Center) at 601 Lexington Avenue as seen in December 2015. Photo by Evan Bindelglass.

Former Citicorp Center at 601 Lexington Avenue Designated a City Landmark

8:00 am on December 7, 2016 By Evan Bindelglass

Two weeks ago, the Landmarks Preservation Commission designated 11 of its 12 calendared properties in Midtown East as city landmarks, part of its Greater East Midtown Initiative. On Tuesday, the twelfth site received its designation, as the LPC declared the former Citicorp Center, now known as 601 Lexington Avenue, a city landmark.

The Crown Building. photo via Wikimedia Commons

Shvo Files Plans to Convert Crown Building to Condominiums and Hotel at 730 Fifth Avenue

7:30 am on December 7, 2016 By Rebecca Baird-Remba

Last year, Michael Shvo and Russian billionaire Vladislav Doronin agreed to pay $500 million for 20 floors of the Crown Building at 730 Fifth Avenue, on the corner of 57th Street. Now Shvo has filed plans to convert most of the 26-story office building into condominiums and a hotel.

62-Story, 426-Unit Mixed-Use Tower Rises to 12th Floor at 242 West 53rd Street, Midtown

6:30 am on December 2, 2016 By Reid Wilson

Construction is now 12 stories up on the 62-story, 426-unit mixed-use tower under development at 242 West 53rd Street, in Midtown’s Theater District. The progress on construction, first reported by Curbed NY, can be seen thanks to photos posted to the YIMBY Forums by Tectonic. Building permits indicate the project will eventually encompass 542,276 square feet, rising 674 feet to its main roof, not including the bulkhead. There will be 16,514 square feet of retail space across the ground floors, followed by 426 residential units on the fourth through 59th floors. The apartments, which are confirmed to be rentals, should average 1,024 square feet apiece. Algin Management is the developer and CetraRuddy is the architect. Completion is anticipated for 2018.

239 Tenth Avenue Gets Glassy in Chelsea

4:00 pm on November 30, 2016 By Rebecca Baird-Remba

Michael Shvo and Victor Group knocked down a gas station at 239 10th Avenue in Chelsea last year to make way for a glassy condo building. Now workers are installing facade panels on the building, which is under construction at the corner of West 24th Street.

Air Rights Acquired for 10-Story, 61-Unit Mixed-Use Project Planned at 517 West 29th Street, West Chelsea

6:30 am on November 30, 2016 By Reid Wilson

Developer Six Sigma has acquired, for $3.92 million, 4,900 square feet of High Line Transfer Corridor air rights for its planned 10-story, 61-unit condominium project at 517 West 29th Street, in West Chelsea. The development rights will be used to build larger and taller, the New York Post reported. Not including the recently-acquired air rights, the 9,875-square-foot site can accommodate up to 74,260 square feet of residential space, plus an additional 24,490 square feet of commercial or community space. Plans have not been filed with the Buildings Department, although demolition permits were filed in August for the existing six-story warehouse. A construction timeline has not been disclosed.

Façade Installation Underway on 26-Story, 249-Key Crowne Plaza Hotel at 320 West 36th Street, Garment District

8:00 am on November 29, 2016 By Reid Wilson

Façade installation is now in the final stages on the 26-story, 249-key Crowne Plaza hotel under construction at 320 West 36th Street, in the Garment District section of Midtown. Progress on the structure can be seen thanks to photos posted to the YIMBY Forums. The latest building permits indicate the hotel measures 119,039 square feet and stands 246 feet to its roof, not including the bulkhead. A restaurant will be located on the ground and cellar levels, while hotel rooms will be located on the second through 26th floors. Raber Enterprises is the developer and Stonehill & Taylor Architects and Planners is behind the design. Opening can probably be expected next year.

11-Story, 36-Unit Mixed-Use Project Rises Above Street Level at 528 West 28th Street, West Chelsea

6:00 am on November 29, 2016 By Reid Wilson

Construction is now five stories above street level on the northern portion of the 11-story, 36-unit mixed-use complex under development at 528 West 28th Street, in West Chelsea. Progress on construction can be seen thanks to a photo posted to the YIMBY Forums. The 96,162-square-foot project, dubbed Jardim, will boast 11-story components along both the West 27th and West 28th street fronts. The tower portions will connect via a single-story base, which will include 6,490 square feet of retail space. The residential units, beginning on the second floor, will be condominiums and should average 2,489 square feet apiece. Centaur Properties and Greyscale Development Group are the developers. Sao Paulo, Brazil-based Isay Weinfeld is the design architect, while Hell’s Kitchen-based SBLM Architects is the executive architect. Completion is expected in 2017.

Single-Story, 15,100-Square-Foot Retail Project Planned at 505-511 West 27th Street, Chelsea

6:00 am on November 28, 2016 By Reid Wilson

Related Companies has filed applications for two single-story retail buildings at 505-511 West 27th Street, in West Chelsea. The building at 505 West 27th Street would be built under the elevated High Line park and measure 9,875 square feet, spanning through to West 28th Street. The other building, at 511 West 27th Street, would be adjacent to the park and measure 5,204 square feet. Kevin Byrne’s Bronx-based architecture firm is the architect of record. Two three-story commercial buildings must first be demolished at 509-511 West 27th Street. Demolition permits were filed in earlier this year.

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Midtown

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