This colossal rental apartment tower, which is known as River Place, has 921 units and anchors the western end of 42nd Street overlooking the Hudson River.

The multi-angled, 41-story tower, which has the address of 500 12th Avenue, was developed by Larry Silverstein of Silverstein Properties and designed by Costas Kondylis.

It opened in 2000 and is the first phase of the development of the full block between 11th and 12th Avenues and 42nd and 41st Streets. Construction of the second phase at the eastern end of the large block was scheduled to be completed in 2009.

The spectacular cathedral lobby is attended with both 24 hour doorman and a concierge. The recreational facilities include year round Olympic pool, 34,000 square foot fitness facility, tennis courts, basketball courts, golf practice green, billiards room and an landscaped park with cafe. The 32nd floor has a sundeck. The bicycle room gives you access to the Hudson River bike paths.

Mr. Silverstein who bought the World Trade Center shortly before it was demolished in the terrorist attacks of September 11, 2001, has included valet parking, a 34,000-square-foot fitness center, two outdoor tennis courts, an indoor basketball court, a special events room, a laundry room on every floor and three sun decks at 1 River Place.

According to a May 12, 2000 article in The New York Times by Rachelle Garbarine, Mr. Silverstein "first envisioned the project in 1984," adding that "Mr. Silverstein always anticipated that the redevelopment of Times Square, now awash with millions of square feet of new and proposed office space, would ignite the need for housing nearby."

"The site's proximity to the river and to the planned office space three blocks east propelled this development. Little did I know it would take until 1999 to get started," Mr. Silverstein told Ms. Garbarine.

"In the intervening years," the article continued, "the developer waited out a rezoning of the site from industrial use, an unsuccessful lawsuit concerning the change, the recession and the political debate over proposals to use the site for expansion of the Jacob K. Javits Convention Center. The waiting ended last July when the developer, using financing from a consortium of lenders led by the Bank of New York as well as his own equity, started building the first tower, 1 River Place. Because the developer is receiving a 20-year tax abatement from the city under its 421a tax abatement program, 20 percent of the units will be for tenants with maximum annual incomes of $25,545 to $47,770, depending on family size."

In October, 2007, Mr. Silverstein began construction of the project s second phase, which is known as "Silver Towers at River Place" and consists of two 60-story residential towers connected by a six-story base. An "80-20" rental project, like its sister building, the 1,359-unit development is the city's largest rental complex currently in development and includes a mix of market rate apartments, corporate housing and moderate and low income units.

"We hope and expect that Silver Towers at River Place will serve as a model for the future of 'balanced' residential communities in New York City," said Mr. Silverstein, adding that "It is exciting when you consider that we are able to create 317 high-quality and affordable apartments in the heart of one of Midtown Manhattan's most sought-after residential neighborhoods."

Like I River Place, the second River Place development was designed by Costas Kondylis and Partners. It includes a mix of studio, one- and two-bedroom apartments and first-class amenities - a fitness center with an Olympic size swimming pool, spa, lounge, and tenant breakfast facilities, a library, parking for 194 cars, and more than 20,000 square feet of retail.

"In all aspects of this building, we uphold the highest standards of design, comfort and value," said Lisa Silverstein, Project Developer for Silver Towers at River Place. "From spacious, elegant lobbies to state-of-the-art kitchens and appliances and designer bathrooms in each apartment, Silver Towers at River Place will provide tenants with a luxurious lifestyle generally reserved for condominium dwellers."

As an "80-20 project", 80 percent of the apartments (935 units) will be rented at market rates and 20 percent (234 units) will be rented as subsidized housing for eligible New Yorkers. The program - sponsored by the Housing Finance Agency (HFA), NYC Housing Development Corporation (HDC) and NYC Department of Housing Preservation and Development (HPD) - provides tax-exempt financing through housing bonds. On the southeast portion of the site is an adjacent 12-story building with 83 units for moderate-income tenants earning approximately 80 percent of median income. Known as Inclusionary Housing, the program is designed to preserve and promote a mixture of tenants, particularly in areas experiencing increases in market values.

The second through seventh floors in the north tower is designated for corporate tenants. One-hundred and seven units will be rented to corporate users who will have access to all amenities, including daily shuttle bus service to numerous locations in Manhattan as well as hotel-like services.

The dual tower approach Costas Kondylis and Partners created for Silver Towers at River Place is distinctly contemporary, yet recalls classic New York high-rise architecture with its elegant appeal.

Entering from 42nd Street, residents will pass through portals on 41st and 42nd Streets into a private courtyard, designed in collaboration with James Carpenter Design Associates to provide a tranquil urban environment for building residents and visitors. The light-filled courtyard will provide residents with a welcoming meeting place animated by the incorporation of prominent art pieces. The interiors of Silver Towers at River Place are designed by Kondylis Design.

Also planned for the site is a landscaped public park, approximately 25,000 square feet in size and designed by Thomas Balsley & Associates that will separate the two towers. The park features an open lawn area with ample public seating, garden beds and Birch trees as well as an interactive mist fountain for children and a dog park along 41st Street.