From left: Joseph Moinian and a rendering of 605 West 42nd StreetMoinian Group head Joseph Moinian is putting a 1.1 million-square-foot development site in Midtown West on the market, the New York Post reported.
The developer wants to find financing for a $750 million, 65-story rental apartment tower designed by Costas Kondylis on the site, located at 605 West 42nd Street near 11th Avenue. However, Moinian admitted that while he’d prefer to find financing and develop the tower himself, he is leaving the options open for a sale.
“When you market something, you have to leave the door open for anything that could be beneficial to the project, including selling it,” he said.
As a result, he’s commissioned a Jones Lang LaSalle team team of Ron Cohen, Richard Baxter, Jon Caplan, Scot Latham and Stephen Shapiro to market the property as a sales opportunity. The site is shovel-ready, has Department of Buildings permits, is registered as an 80-20 project eligible for tax abatement, and has a foundation that’s 65 percent complete.
Public records show that Moinian bought the site from Verizon for $120 million in 2005. Just last month, Moinian boasted at a real estate panel that he was prepared to move forward with developing the site. [Post, 1st item]