Silverstein plans huge Far West Side residential-retail tower

New York /
May.May 29, 2012 11:30 AM

Developer Larry Silverstein’s Silverstein Properties is roughing out designs for an approximately 60-story residential and retail tower on Manhattan’s West Side a block from his Silver Towers.

The new project at 514 11th Avenue, between 40th and 41st streets, is in the early stages and has not been formally announced, a source familiar with the development said. While the overall size of the building has not been laid out, the retail portion of the project is expected to be between 150,000 and 250,000 square feet, a source familiar with the developer’s discussions said.

A spokesperson for Silverstein declined to comment.

Silverstein has developed two large residential projects on the West Side with more than 2,000 units combined in Silver Towers, the twin-towered rental buildings at 600 West 42nd Street, and the 41-story tower at 1 River Place. The development firm is currently building the 72-story 4 World Trade Center, the retail base of 3 World Trade Center and 2 World Trade Center to street level.

The new Silverstein building would be part of a residential construction boom on the West Side. Brookfield Office Properties has even changed plans at its Manhattan West project at Ninth Avenue and 33rd Street and is now considering adding as many as 900 residential units to a formerly entirely office project.

Silverstein will partner with Mercedes-Benz of Manhattan, which owns the land. The site is the former showroom for the luxury automaker, which relocated to 555 West 53rd Street last year.

Robert K. Futterman & Associates is representing Silverstein to find a tenant for the retail space. The blended asking rent (for ground-floor and upper-level space) is about $75 per foot, Robert Futterman, company CEO, said.

He said the neighborhood with its booming residential population was in need of a large grocery store.

“It’s pretty unique because where else do you have over 200,000 square feet of retail with parking in New York,” he said. His firm won the leasing assignment in late 2011, over a few competing firms.

Futterman recently landed a Russian restaurant company for the long-vacant retail site at 11 Times Square, at 42nd Street and Eighth Avenue.


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