The government of the United Arab Emirates is planning a 27-story mixed-use tower at 315 East 46th Street, a long-stalled construction site between First and Second Avenues in Midtown East.
YIMBY last reported on Extell Development’s 52-story, 600-unit mixed-use building at 551 Tenth Avenue, in Midtown West, back in October of 2014, and now Curbed has the latest photos of the project, courtesy of Tectonic. The structure has risen significantly since last fall, and glass is now wrapping around on all sides. Twenty percent of the rental units will be leased at below-market rates, and a 300-bed dormitory will be housed in the building’s base. SLCE Architects is designing, and completion is expected in the summer of 2016.
Lalezarian Properties has acquired a warehouse at 606 West 30th Street, in West Chelsea, for $36 million. The site currently has roughly 30,000 square feet of development rights, and is zoned for retail or light manufacturing, but the developer is likely waiting on a rezoning that would allow for residential use. The site is located across from the High Line and Related’s multi-skyscraper Hudson Yards development. [The Real Deal]
After Chetrit Group landed a $60 million acquisition and pre-development loan for their development site spanning 541-545 West 37th Street, in Midtown West, the developer is planning to move forward with their plans, which YIMBY reported on nearly a year ago. The site boasts 373,000 square feet of building potential, and conceptualized as a 50-story mixed-use tower featuring 100 residential units and 350 hotel rooms. Two three-story buildings must first be demolished.
Vornado Realty Trust has purchased the seven-story Otis Elevator Building at 260 11th Avenue, in West Chelsea, for roughly $80 million in stock units, according to Bloomberg Business, and is leasing the land under the building for 99 years. Vornado is planning to convert the building into office space; an expansion is also possible as the building has available development rights.
