Related Companies has received approval from the City Planning Commission to develop a multi-tower, 430,000-square-foot mixed-use complex at 511 West 18th Street, in West Chelsea. The project will rise on either side of the High Line on a site located along Tenth Avenue, between West 18th and 19th streets.
Back at the end of 2014, YIMBY reported on the first permits for Ceruzzi Properties’ new tower at 520 Fifth Avenue, on the corner of West 43rd Street. The building will rise 71 floors and 920 feet to its roof, with a design by Handel Architects that YIMBY can now reveal thanks to eagle-eyed Forum user YIM_Hudson.
Condo developers have radically reshaped 23rd Street in Chelsea over the last couple years. The newest arrival will be a 15-story project at 128 West 23rd Street, next to Anbau’s Citizen condos between Sixth and Seventh avenues.
A rendering has been revealed of the two-story, 30,000-square-foot commercial redevelopment in the works at 210 West 31st Street, located across the street from Madison Square Garden in Chelsea. KBS Capital, which is affiliated with California-based KBS Strategic Opportunity REIT II, and Onyx Equities are developing the project. It will include two floors of restaurant and retail space, in addition to a roof deck, Real Estate Weekly reported. The redevelopment consists of the West 31st Street section of the Church of St. John the Baptist, which Onyx is ground-leasing from the congregation. Demolition of that 23,110-square-foot section is anticipated in 2017, with completion of the new building in 2018.
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.
