The Real Deal reported
earlier this week that Silverstein Properties has secured a $153 million loan from SL Green Realty to refinance a full block site they own at 520 West 41st Street (514 Eleventh Avenue). Silverstein closed on the lot, formerly occupied by a Mercedes-Benz dealership, for $100 million in early 2015. A year earlier, Silverstein submitted an application to the Department of City Planning asking for more residential floor area than allowed by as-of-right zoning which mainly encourages commercial uses.
Per the pre-application, Silverstein sought to build a 1.8 million-square-foot mixed-use complex with 1.14 million square feet of residential space, 175,000 square feet set aside for corporate apartments, 75,000 square feet of offices and a podium filled with 300,000 square feet of retail and 200 parking spaces.
In this article:
Sectons; via DCP
Axometrics of program distribution; via NYC DCP
Submitted drawings show the 1,400-unit tower would have had 103-floors and soar 1,100 feet in height.
Renzo Piano Building Workshop served as the design architects with GHWA (now Hill West) as the executive architects. According to text drafted on the schematic design, the tower’s monolithic massing is intended to “express lightness in its pure geometric form.” The podium is designed to provide natural light and seasonal direct sun penetration from the south towards an outdoor piazza along 41st Street.
Reportedly swamped with $10 billion worth of construction underway, Silverstein shelved the tower and placed the site up for sale. While excavation of the site has ceased, the site’s signage and the refinanced loan hint that there’s a chance Silverstein may still proceed with the development. Construction on the tower was slated to begin in 2017 and finish by 2020. The site is six blocks north of Related/Oxford’s Hudson Yards, one block west of Extell’s new rental, 555TEN, and near Mr. Silverstein’s twinned Silver Towers
Google Earth aerial with 520 West 41st Stree in center; CityRealty
Current site condtion; CityRealty
CityRealty
CityRealty
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