Larry Silverstein downsizes condo plans on Far West Side

Initial plans called for 1,300 luxury units at 520 West 41st St.

TRD NEW YORK /
Aug.August 09, 2017 02:40 PM

Larry Silverstein and a previous rendering of 520 West 41st Street

Silverstein Properties TRData LogoTINY appears to have scrapped plans for a 1,000-foot condominium-and-retail tower on the Far West Side.

The firm, led by Larry Silverstein, has filed a permit application for a 723-foot building at 520 West 41st Street, part of a block-wide development site between 10th and 11th avenues. The building will house 499 units across 547,718 square feet of residential space, with another 63,000 square feet of commercial space, the filing said.

Silverstein picked up the site, which formerly housed a Mercedes-Benz dealership, for $115 million in 2015.
Initial plans called for a 1.8 million-square-foot tower with the address 514 11th Avenue. The tower was to house 1,400 luxury apartments with 300,000 square feet of retail space. In 2015, Silverstein struck a deal with the city to reserve 30 percent of units as affordable. But at one point later that year, the developer put the entire site on the market.

In January, Silverstein was considering a two-stage development at the site, similar to its approach at Silver Towers, a 1,300-unit complex at 620 West 42nd Street. At the 41st Street property, the developer said it could start with a 600,000-square-foot condo and then follow it with a 1 million-square-foot office tower.

Representatives for Silverstein didn’t immediately comment.


Related Articles

arrow_forward_ios
Silverstein Properties CEO Marty Burger and a microscopic view of Covid-19 (Credit: Ilya S. Savenok/Getty Images, CDC)

“We can’t be everybody’s bank”: Marty Burger on April rent collection and his Covid-19 recovery

Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

(Illustration by Daniel Castro Maia)

Why real estate is still tangled up with the mob

Paul Massey’s B6 Real Estate hit with layoffs

Paul Massey’s B6 Real Estate hit with layoffs

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

arrow_forward_ios
Loading...