The Real Deal New York

GID to bring 160 condos to Riverside Center

Boston-based firm is building 595-unit rental-condo building at 30 Riverside Blvd.

June 08, 2016 05:23PM
By E.B. Solomont

Rendering of 30 Riverside Boulevard (credit: Goldstein Hill & West Architects) and James Linsley

Rendering of 30 Riverside Boulevard (credit: Goldstein Hill & West Architects) and James Linsley

GID Development Group is bringing condominiums to at least one of its three planned towers at Riverside Center, a five-tower complex on Manhattan’s Far West Side.

The Boston-based developer filed plans for 160 condo units at 30 Riverside Boulevard, a site on the northeast corner of Riverside and West 61st Street, according to filings with the New York state Attorney General’s office.

The firm did not disclose a target sellout price for the project, which will also house five commercial units.

GID, in partnership with the Abu Dhabi Investment Authority, picked up with the site last year for $410.9 million from Extell Development and the Carlyle Group. The long-stalled Riverside Center complex spans eight acres from West 59th Street to 61st Street. It is set to include thousands of residential units, 140,000 square feet of retail, an elementary school, a public plaza and a 250-room hotel.

Filings with the city show 30 Riverside will be a single building comprised of a 38-story and 25-story building, one of which will be reserved for rentals and the other for condos. In all, the 876,645-square-foot building will have 595 units, filings show. Amenities – some shared at the base of the building – will include multiple lounges, a catering area, indoor playground, game room, gym and two pools.

GID Development, headed by James Linsley and formed in 2008, currently has $8 billion in development projects nationwide.

After picking up the 30 Riverside site last year for $410.9 million, the firm later shelled out $265 million for three additional sites at Riverside Center, which comprise a combined 1.1 million buildable square feet. GID paid nearly $210 million for 20 Riverside Boulevard and another $55 million for two vacant lots along West End Avenue and Riverside Boulevard.

Last year, GID was reportedly in talks with several lenders, trying to secure a $1 billion loan for three towers. The planned towers include 30 Riverside as well as 20 Riverside, which will have 288 residential units, and 639 West 59th Street, which is slated to house 244 units, according to filings with the city.

Although a newcomer to New York, GID has been bullish on the area around Riverside Center.

In 2013, the firm and the California Public Employees’ Retirement System, also known as CalPERS, bought two Upper West Side condos from the Carlyle Group. GID and CalPERS reportedly paid about $400 million for the Aldyn, with 136 units, at 60 Riverside Boulevard, and the Ashley, with 209 units, at 400 West 63rd Street.

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