In early 2015, Wharton Properties and General Growth Properties (GGP) acquired, for $1.75 billion, the Crown Building – a 25-story, 385,600-square-foot multi-use commercial building – at 730 Fifth Avenue, located on the corner of West 57th Street in Midtown. Now, it’s been disclosed that developer Michael Shvo and Russian investor Vladislav Doronin are planning to acquire a large portion of the building for a mixed-use conversion project, the New York Post reported. The duo want to convert the upper floors of the current office building into an Aman hotel and 23 ultra-luxury condominium units. Wharton and GGP recently bought out the last remaining office tenant. The current owners plan to lease the remainder of the property that isn’t sold to Doronin and Shvo as retail. The retail space is currently being newly renovated and is expected to take up at least the first four above grade levels. Late last year, it was reported that Bulgari signed a 15-year lease on the ground floor.
The Port Authority has been struggling for years to develop two awkward lots next to the Lincoln Tunnel approach on the far West Side. The agency filed plans for a nine-story building at 431 West 33rd Street last fall, and now they’ve posted a rendering on the fence at the site between Ninth and 10th avenues.
It’s been nearly a year since we checked in on Related’s rental development at 261 Hudson Street, and a lot has happened since then. Thanks to photos from our friend Tectonic, we can see that façade work on the 12-story project is nearly complete.
Construction of the 14-story supportive housing building at 257 West 29th Street in Chelsea is in its final stretch. Cladding is in progress underneath the black netting that shrouds the building. The 143-foot-high, 37-unit building is developed by Arker Companies. Aufgang Architects are responsible for architectural design and construction administration. Chateau GC LLC serves as the general contractor.
Brooklyn-based CS Real Estate Group has filed applications for three four-story, six-unit residential buildings at 113-123 Clifton Place, in western Bedford-Stuyvesant, located around the block from the Classon Avenue stop on the G train. The development will likely read like townhouses, as each building will actually be split into two 20-foot-wide sections, with three units in each “townhouse.” All of the townhouse sections will have similar configurations, with one unit located on the ground and cellar levels, another unit located on the second floor and part of the third floor, and the final unit hosted on the rest of the third floor and the entire fourth floor. The residential space varies between each building, but an average unit across the whole development should cover 1,027 square feet, indicative of condominiums. Karl Fischer is the architect of record. The 120-foot-wide lot is currently occupied by a two-story commercial building and a low-slung warehouse. Permits were field last year to demolish the structures.