From left: David Picket, president of the Gotham Organization, a rendering of Gotham’s rental project on West 45th Street, Joseph Moinan and a rendering of 605 West 42nd Street

The Gotham Organization broke ground today on the largest new construction project in Manhattan, a $520 million development encompassing nearly the entire city block on Manhattan’s Far West Side at 550 West 45th Street between 10th and 11th avenues. The residential portion of the project, which is slated to be completed in 2014, will create 1,238 new rental apartments with 600 of those units expected to be affordable to low-, moderate- and middle-income New Yorkers.

“The groundbreaking for this development is the latest sign that the Far West Side will soon be Manhattan’s next great neighborhood,” Deputy Mayor Robert Steel, who attended the groundbreaking ceremony, told the crowd. And he’s not the only one with that vision. [more]

The Atelier and actor Mekhi Pfifter

Former “E.R.” and “8 Mile” star Mekhi Pfifer has temporarily returned to the East Coast and is renting at the Atelier at 635 West 42nd Street while starring on Broadway, a source with knowledge of the move told The Real Deal.

The actor and Harlem native is currently in rehearsals for “Stick Fly,” a play by American writer Lydia Diamond, set to begin previews Nov. 18 at the Cort Theatre at 138 West 48th Street. The show is being produced by Alicia Keys, who is also composing an original score for the production.

Dan Neiditch, president of River 2 River Realty, the firm handling rentals and sales for the building, would not confirm that Pfifer was renting at the building, but said the Atelier is often a top choice for Hollywood stars temporarily in town while treading the boards on Broadway. [more]

From left: the Atelier at 635 West 42nd Street, Lindsay Lohan, Dane Cook, Dania Ramirez and Brendan Fraser

When new Manhattan condo the Atelier debuted in 2007, actress Lindsay Lohan was offered an apartment there (reportedly for free) to help give West 42nd Street building some star power. Though the ploy was widely reported as a publicity stunt, it seems to have helped get other celebrities’ attention. Sources say comedian Dane Cook recently checked out apartments in the Far West Side building. The funnyman will appear in Neil LaBute’s “Fat Pig” on Broadway this spring. Meanwhile, “Entourage” hottie Dania Ramirez has been renting an apartment at the Atelier for the past six months.  Brendan Fraser also scoped out the building this fall, when he did a short stint on Broadway in “Elling.” [more]

The Atelier rents out its roof deck for $5,000 to $10,000. The extra income has helped it reduce common charges.

From the March issue: It might be the real estate equivalent of coupon clipping or small-time political fundraising: Many condo and co-op boards in New York are keeping a sharp eye out for creative ways to trim their common charges and bring in extra revenue for their buildings.

The strategies run the gamut from hosting photo shoots to scaling back on electrical usage, but the goal of improving the building’s finances is always the same.

For example, the Atelier, a 478-unit condo at 635 West 42nd Street, is renting out its Sky Lounge roof deck year-round for private parties. Hillary Clinton and Lindsay Lohan have each already rented out the space, according to Dan Neiditch, the president of the building’s condo board.

The building makes the space available once a week at rates of $5,000 to $10,000 and rents the space out a few times a month, Neiditch said. The revenue has helped the building lower its common charges by 10 percent, said Neiditch, who is also the president of River 2 River Realty. [more]

  
From left: 1600 Broadway, Cipriani Club Residences and 555 West 23rd Street

From the March issue:One in every 13 homes is in pre-foreclosure. Half are listed for rent or sale. This predicament isn’t taking place in the outer boroughs. It’s happening in Manhattan at a luxury condo. The building is one of dozens in Manhattan where multiple owners have fallen behind on their mortgages. This month, The Real Deal put together a top 10 list of buildings in Manhattan with the most units that received a pre-foreclosure filing in the last year. [more]

[more]

Park construction approved after 36 years: The Roosevelt Island
Operating Corp. granted approval for the first phase of construction of
the Franklin D. Roosevelt Four Freedoms Park. The park is being
designed by Louis Kahn for the south point of the island. Construction
is expected to begin in the summer. The design of the park was
commissioned by New York Governor Nelson Rockefeller in 1973. Two years
ago, the city and state recommitted to build the park. TRD [more]