On the far West Side, size matters. That’s especially true of the Moinian Group’s Atelier, the latest large-scale residential development amongst a growing canyon of condos along the western reaches of the 42nd Street corridor.
Like other recently completed or planned projects, the Atelier’s emphasis seems to be on bulk: hundreds of units on dozens of floors.
The project, at 11th Avenue, follows in the footsteps of the Orion, a 61-story condo high-rise at 42nd Street two blocks east at Ninth Avenue, which began sales earlier this year. It’s far from the last in the area.
Developer Larry Silverstein recently began construction work on River Place II just across the street from the Atelier. At 53 stories, it will be even taller than the 900-unit rental River Place I Silverstein completed four years ago, when the area was considered a residential outpost rather than a destination for developers.
Moinian’s partner in the Atelier project will be MacFarlane Partners, who are big believers in the area. MacFarlane is already partnered with the Related Companies to build a 60-story, 800-unit residential tower at 10th Avenue, just one block east of the Atelier.
The Atelier will rise 46 stories and include 478 studio, one-bedroom and two-bedroom condos ranging from 550 to 1,200 square feet. Costas Kondylis designed the building, and sales will start in January. Amenities will include a children’s playroom, full basketball court, fitness center, sky lounge, and a roof deck.
Initially owned by JD Carlisle Development Corporation, Moinian bought the Atelier over the summer for an undisclosed amount. The 500,000-square- foot tower is only a beginning Moinian and MacFarlane plan to build more than 1.5 million square feet at the site over the next four years, including rental apartments.
The Atelier’s condos should sell at around $1,000 a square foot, according to brokers involved in sales in the neighborhood. That price is comparable to other nearby large residential projects.
“This new condo will attract many first-time buyers and young people who have made money in the financial industry,” said Victoria Mok, a broker with Fenwick Keats who says she expects to be selling at the Atelier.
While the apartment market might be cooling, Moinian and others clearly feel that now is the right time to build and build as much as possible.
Related is currently seeking to maximize the building it is planning at 440 West 42nd Street (like the Silverstein project, whether it will be condos, rentals or a mix hasn’t yet been disclosed), bringing in Cirque du Soleil to take advantage of a “theater bonus” that allows it to build taller. The developer has been targeted by critics who say the bonus is meant to help struggling and smaller-budget Off Broadway theater companies, not the profitable circus.
Meanwhile, Silverstein’s project at 600 West 42nd Street is currently laying its groundwork right on the spot where a $1.4 billion plan by the state to expand the Jacob K. Javits Convention Center calls for a hotel.
But the state reportedly never even approached Silverstein about buying the land, according to the New York Observer. State officials recently told the Observer that the site is just one possible location for a hotel.
Regardless, many new condos and rentals appear headed for the area. If the success of the Orion is any indication the project reportedly sold 400 of its 550 condo units in the first three months on the market the upcoming condo projects should find buyers.
“From Eighth Avenue to the West End, there are many high-end rentals, but, until now, not many luxury condominiums,” said Gabriel Bedoya, a broker for the Corcoran Group who says she will be selling in the Atelier. “There is a large demand by residents already living in the area to buy.”