Silverstein pays $100M for Far West Side development site

Firm entered contract on the property, a former Mercedes-Benz dealership, in 2011
January 29, 2015 02:59PM

Larry Silverstein’s Silverstein Properties bought a former Mercedes-Benz dealership on the Far West Side for more than $100 million.

The developer is planning to build an ultra-tall residential tower at 514 11th Avenue, according to Crain’s. Silverstein entered contract on the parcel in 2011.

Mercedes has since relocated to a space at the base of Two Trees’ luxury rental development, Mercedes House, on 11th Avenue between 53rd and 54th streets.

Silverstein is looking to change the zoning on the location to allow for the residential tower. The development could include a spire with a large ground-floor retail component. The building will take up the entire block between 40th and 41st streets, and between 11th Avenue and a mid-block on-ramp to the Lincoln Tunnel. A source told Crain’s the tower could rise more than 1,000 feet.

The proposed development is located close to Silverstein’s Silver Towers, which hold more than 1,300 residential units. [Crain’s] — Claire Moses