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SJP Residential Properties of Parsippany, N.J., plans to demolish the former Sheraton Russell Hotel at 45 Park Avenue on the southeast corner at 37th Street to erect a residential condominium building.

The handsome, 9-story, 146-room, hotel property was acquired for about $40 million last December from Starwood Hotels & Resorts Worldwide.

According to Ed Rubin, the chairman of the land-use committee of Community Board 4, a presentation of the project was made to his committee last week. He said the project is "as-of-right," that is, it does not require any public reviews or approvals and will be built within existing building and zoning regulations.

Mr. Rubin said that the new building has been designed by Costas Kondylis & Partners. It is planned to contain 105 apartments on 15 floors and will have a 21-car garage. The re-brick building will have a limestone base and a double-height lobby with a glass front.

Demolition is expected to begin at the end of the year or the beginning of 2006 and take two to three months and construction of the new building will take 14 to 16 months.

Mr. Rubin told CityRealty.Com today that Paul Selver of Kramer Levin and David West of Costas Kondylis & Partners told the committee that the developer and the previous owner, Starwood, had looked at preserving the building and/or its facade, and did not find it economically feasible.
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.