The Real Deal New York

Edison Properties eyes large residential construction south of Penn Station

April 28, 2011 12:40PM

Edison Properties has made it known why it was leading the city’s drive to land a new zoning designation for the old Fur District just south of Penn Station. The developer plans to build a 407-unit residential tower at 249 West 28th Street, according to the Observer. As The Real Deal previously reported, City Planning Commissioner Amanda Burden wants to create a new designation and apply it to the area to encourage growth and development around the neighborhood’s Class B and C office space. The designation would preserve the current office stock to attract emerging industries into the cheaper spaces, while promoting more retail business and permanent residencies. As the Observer noted, Edison’s proposal could help attract more retail businesses. [NYO]