Work is progressing at 215 West 42nd Street, where the historic Times Square Theater is in the process of a retail conversion and expansion. Designed by Beyer Blinder Belle and developed by NYC Economic Development Corporation and Stillman Development International, the $100 million project calls for extensive interior renovations and a vertical extension that will double the structure’s height, bringing it to 138 feet tall and six stories above ground, as well as the addition of a cellar level. The property is located in the heart of Times Square between Seventh and Eighth Avenues, and will yield 52,521 square feet with 34,313 square feet designated for commercial space.
Taking the top spot in our construction countdown for the third year is the Central Park Tower, the tallest building by roof height in the Western Hemisphere and the tallest residential skyscraper in the world. Designed by Adrian Smith + Gordon Gill and developed by Extell, the 1,550-foot supertall stands nearly complete at 217 West 57th Street on Billionaires’ Row in Midtown. Developers are expecting a $4 billion sellout for its 179 residences, which are being marketed by Corcoran Sunshine.
L+M Development Partners, Type A Projects, BronxWorks, and the City of New York have closed on $349 million financing package to complete phase one of Bronx Point, a new mixed-use affordable housing complex in the South Bronx. As a public-private partnership, the financing entities include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, Empire State Development, Wells Fargo, and additional private funding sources.
Exterior work is getting closer to completion on 111 West 57th Street, a 1,428-foot-tall residential supertall on Billionaires’ Row and number two on our countdown of the tallest projects under construction in the city. Designed by SHoP Architects and developed by JDS Development, Property Markets Group, and Spruce Capital Partners, the 60-unit Midtown skyscraper stands as the world’s most slender structure with a height-to-width ratio of 24:1.
The Landmarks Preservation Commission (LPC) has approved the residential redevelopment of a historic mixed-use building at 315 Broadway in Tribeca. The landmarked structure was originally constructed around 1861 and currently contains a small retail component on the ground floor and four loft spaces above.