The Real Deal New York

L+M plans 54-story Park Row resi-and-retail tower

Developer demolished three buildings at the FiDi site earlier this year

April 15, 2016 11:26AM
By Ariel Stulberg

L+M's Ron Moelis and 23 Park Row in the Financial District before it was demolished

L+M’s Ron Moelis and 23 Park Row in the Financial District before it was demolished

UPDATED: April 18 1:45 p.m.: The developer filed a permit application to build a 59-story, 266,000-square-foot tower at 23 Park Row in the Financial District.

Plans call for 108 apartments in 213,000 square feet of residential space, as well as 52,600 square feet of retail between the cellar level and the lower four floors.

There will be five apartments each of the sixth through 11th floors, four on the 12th through 14th floors, three on the 15th through 21st floors, two on the 24th through 43rd floors, and full-floor penthouse units on the 44th through 48th floors of the building, the filing shows.

The tower will have a rooftop terrace and a lounge, as well as a fitness room, according to the application.

It’s unknown whether the apartments will be condominiums or rentals, and if the building will have an affordable component. A representative of L+M wasn’t immediately available to comment.

L+M formed a partnership with Joe and Rachelle Friedman, the founders of J&R Music and Computer World, in 2014, to redevelop 23 and 31 Park Row. The Friedmans contributed the two properties to the partnership, valuing them at $15.5 million and $36.2 million respectively. The developer paid $21 million to investor Philip Hymowitz for 29 Park Row in May 2015.

The developer demolished those three buildings earlier this year.

Correction: A previous version of this story stated that L+M bought 23 and 31 Park Row from the Friedmans. The two parties actually formed a joint venture. 

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