TF Cornerstone is planning a 45-story, 1,189-unit residential tower at 606 West 57th Street, a site formerly eyed by AvalonBay Communities, the New York Observer reported.
The project, if approved, would be comprised of a total 1.2 million square feet, including 42,000-square feet of commercial space and a 550-space underground parking garage. More than 200 of the building’s units would be set aside for affordable housing under the city’s 80/20 program.
TF Cornerstone inked a 99-year ground lease at the site last year. AvalonBay had planned to build a 44-story, 700-unit rental building at the site but a prospective lease deal between the company and fee owner Four Plus Corp. was nixed after the financial crisis.
TF Cornerstone is seeking to rezone the parcels making up the site for residential use. The company will have to go through a private rezoning process and have the project approved by the city council. [NYO] – Katherine Clarke