Silverstein pays $100M for Far West Side development site

Firm entered contract on the property, a former Mercedes-Benz dealership, in 2011

From left: Larry Silverstein and a potential rendering for 514 11th Avenue
From left: Larry Silverstein and a potential rendering for 514 11th Avenue

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.

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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