A & R Kalimian has decided to sell its development project on the southwest corner of Park Avenue South and 28th Street where it had gotten approval from the City Planning Commission for a dramatic and rakish high-rise tower designed by Christian de Portzamparc, according to an article in today's edition of The New York Post by Steve Cuozzo.
The developers had assembled the now-vacant 20,000-square-foot lot at 400 Park Avenue South, which can support a 420,000-square-foot project as-of-right. The commission's approval was for design features "outside zoning rules" and, according to the article, the project "was said to be a favorite of planning chief Amanda Burden."
The article said that "the Kalimians have now decided to sell via the Studley team of Woody Heller, Will Silverman and Eric Negrin," adding that Heller noted that "the appeal of a shovel-ready site is very strong" in a market "reflecting increasing ebullience," but wouldn't say how much the offering might fetch.
One industry source estimated it would draw "well into the $400s per square foot," pointing out that the project could incorporate retail and offer virtually any combination of residential, hotel and office use, the article continued.
The developers had assembled the now-vacant 20,000-square-foot lot at 400 Park Avenue South, which can support a 420,000-square-foot project as-of-right. The commission's approval was for design features "outside zoning rules" and, according to the article, the project "was said to be a favorite of planning chief Amanda Burden."
The article said that "the Kalimians have now decided to sell via the Studley team of Woody Heller, Will Silverman and Eric Negrin," adding that Heller noted that "the appeal of a shovel-ready site is very strong" in a market "reflecting increasing ebullience," but wouldn't say how much the offering might fetch.
One industry source estimated it would draw "well into the $400s per square foot," pointing out that the project could incorporate retail and offer virtually any combination of residential, hotel and office use, the article continued.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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