UPDATED, 10:42 a.m., Sept. 22: The Port Authority of New York and New Jersey filed a permit application to construct a nine-story, 24-unit residential building at 431 West 33rd street, between 10th and 11th avenues.
The bistate agency is close to finalizing approval for a developer to take the lead on the project.
“Subject to final board approval, the Port Authority is working to finalize a project with a private real estate developer who will invest private capital to develop the site,” according to a spokesperson for the agency. “The Port Authority will not be developing the site itself and any revenues it received will help it further its core transportation mission and needs.”
The building will have just over 40,000 square feet of residential space. That’s roughly 1,667 square feet per unit, suggesting the project will hold condominiums rather rentals, New York YIMBY reported.
A retail space encompassing 5,400 square feet will occupy the first floor.
The Hudson Yards rezoning of 2005 granted the 7,400-square-foot site an FAR of 10, meaning the Authority chose to not exercise its rights for the remaining 30,000 square feet of air rights.
The Dermot Company had planned to buy the site in late 2014, and build a near-500,000-square-foot residential tower, but the dveloper backed out over higher-than-expected costs. [NY YIMBY] – Ariel Stulberg