While Extell’s One57, located on West 57th Streets between Sixth and Seventh avenues, caters to 1 percent purchasers who can afford, say, a $54 million full-floor unit, the developer will go farther west to develop a 725,000-square-foot rental property — one-fifth of which will be reserved for low-income tenants, the Wall Street Journal reported. Extell has filed plans for a 600-unit property earlier this month to be located at West 41st Street and 10th Avenue.
Tony Mannarino, an Extell executive vice president, told the Journal that project financing is now in the works and that ground is slated to break this spring. As The Real Deal reported, Extell purchased roughly 140,000 square feet in air rights at the site this summer.
“Rents have been going up in the area over time,” Mannarino told the Journal. “The whole area has been improving.”