Jahn’s rendering of 50 West Street and developer Francis Greenburger
Developer Francis Greenburger’s Time Equities is putting the kibosh on speculation that a revival of its planned, Helmut Jahn-designed 50 West Street tower is imminent.
Yesterday, the developer was reported to have paid $1.5 million to obtain new permits for its $600 million, 65-story hotel and condominium project, which has been shelved since 2008, causing several publications to infer that this signaled the rebirth of one of Lower Manhattan’s largest stalled developments. But contrary to those reports, Time Equities said today that such conclusions are “premature.”
Time Equities did obtain new permits at the site, but only because it changed the contractor of record to Skanska after its previous contractor, HRH, decided to pursue a Chapter 7 bankruptcy liquidation in April, the company said. According to the statement, “this was an administrative change and required only normal filing fees… 50 West is currently in pre-development and Time Equities looks forward to ultimately completing a successful project at the site.”
If and when the tower does go up, Time Equities’ plans call for a 139-room hotel on floors four through 13 of the building, with 301 condos on floors 14 through 63 and a two-story lounge on the top two floors. — Sarabeth Sanders