The Zeckendorfs and Atlas Capital have laid out the plan for the luxury tower they were expected to build on a Far West Side property they bought early this year.
Andrew Cohen, principal at Atlas, filed permits Friday for a 170,000 square-foot mixed use building at 570 Washington Street.
Atlas and Zeckendorf Development bought the 1.3-acre site in February for $340 million with plans to build a 36-story condo tower on the empty lot, the New York Post reported. However, their filing says it will be only 19 stories.
The firms outbid real estate giants Gary Barnett, Steven Roth and Miki Naftali for the property.
Read more
Commercial
New York
Zeckendorfs, Atlas nab $322M from Blackstone for West Side condo tower
Development
New York
Zeckendorfs, Atlas Capital to build $1B luxury condo tower
Residential
New York
Zeckendorfs, LA Angels owner play hardball at 520 Park Avenue
The Baupost Group joined in on the project before the group received a $322 million loan from Blackstone for the site in July.
The full-block project, expected to cost around $1 billion, aims to bring record-high apartment prices to the neighborhood: around $5,000 per square foot.
The Zeckendorfs — brothers Arthur and William Lie co-chair the family firm — are continuing their streak of building ever-more-luxurious condos and testing the limits of what the ultra-wealthy will spend in various corners of the city. Their latest project is said to be modeled after their highly successful 15 Central Park West.
At one time, industry observers were skeptical that they would get $1,000 per square foot for their ambitious 515 Park Avenue condo, but units fetched three times that amount a year before it was even completed in late 1999, according to Adam Piore’s “The New Kings of New York.”