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.
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.
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.
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 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.
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