Sedesco seeks floor area bonus for new Billionaires’ Row skyscraper

Authorization would facilitate mass transit improvements, pushing the tower above 400K sq ft

New York /
Jun.June 17, 2021 03:00 PM
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)

Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)

Apparently 400,000 square feet on Billionaires’ Row isn’t quite enough space for one builder’s ambitious vision.

New York-based developer Sedesco is seeking a zoning authorization that would increase the floor area for its proposed 63-story mixed-use development at 41-47 West 57th Street, PincusCo reported.

A floor area bonus of 52,075 zoning square feet would give the developer more room for mass transit station improvements, the publication reported. Sedesco has also proposed improvements to the F train’s 57th Street station in exchange for the bonus.

With 119 residential units and 158 hotel rooms, the 1,100-foot-tall building would contain about 237,110 square feet of residential space and 205,976 square feet of commercial space, the publication reported, as well as a 10,212 square foot restaurant.

The developer filed demolition plans at the site two years ago, Crain’s reported at the time.
https://www.crainsnewyork.com/real-estate/demolition-permits-filed-yet-another-billionaires-row-project

Sedesco has spent years amassing its Billionaires’ Row assemblage, having purchased 41 West 57th Street for $80 million in 2018 and 50 West 58th Street for $71.5 million in 2012.

Absent the authorization, however, the developer has a backup plan: the construction of a 385,706-square-foot-mixed use building made up of 205,904-square-feet of residential space and 179,802-square-feet of commercial space, the publication reported.

[PincusCo] — Cordilia James





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