Joe Moinian’s 605 West 42nd Street rises

Construction is now moving along swiftly at Joseph Moinian’s 605 West 42nd Street. The long-stalled residential development, previously known as Atelier 2, switched from condominiums to rentals earlier this year, as The Real Deal reported.

Representatives for the Moinian Group told Curbed that tower will now have 1,174 rental units, up from the previously-released figure of 1,100, and would rise 60 stories.

The tower is slated to be completed by the third quarter of 2015.

Moinian paid Verizon $120 million for the building in 2005. The foundation was more than half completed when the financial crisis brought the project, which first broke ground in 2005, to a grinding halt. [Curbed]  – Hiten Samtani