Larry Silverstein downsizes condo plans on Far West Side

Silverstein Properties [TRDataCustom] 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.