After more than a decade in the works, a Christian de Portzamparc-designed tower at 400 Park Avenue South will be built by the site’s new owners, Toll Brothers and Equity Residential, which purchased the development lot in December, the New York Observer reported.
Toll and Equity Residential decided to retain the plans laid out by the previous developer, who fell victim to the recession, because it would streamline the process of getting construction off the ground, since the design was already approved by the city. The plans call for a 40-story condominium and rental apartment tower.
“If we wanted to abandon that design, we could have actually built something much taller, but it was a sort of pencil building going straight up,” said David Von Spreckelsen, senior vice president at Toll. “At the end of the day, it was too inefficient, because too much of it would have been taken up by the core. You weren’t going to have the living space on the floors.”
In what was the most expensive development site deal of 2011, the partners reportedly paid $134 million for the large development site.
“It’s obviously really going to change the way Park Avenue South looks,” Von Spreckelsen said. “I know that it’s one of Christian’s favorite buildings he’s ever designed, and I know the city administration loves it, so I think it’s going to be great for everyone.” [NYO]