[NYguy]

A slice of the long delayed Con Ed development on the east side coming back to life.


http://ny.curbed.com/archives/2013/0...ue_mud_pit.php

800-Unit Apartment Complex To Rise In First Avenue Mud Pit





February 13, 2013, by Jessica Dailey

For years, developer Sheldon Solow owned a 9.2-acre mud pit on First Avenue between 35th and 36th Streets, where he had planned to build two apartment towers. Last year, Solow finally sold the property, a former ConEd site, to JDS Development. Crain's reports that deal recently closed for $172 million, and JDS managing partner Michael Stern said that he'll be moving forward with Solow's previously approved plans. For those that don't remember, this means two big buildings: a 37-story tower and a 47-story tower that will hold a total of 800 apartments.

Most of the units will be rentals, but Stern may plop some condos at the top. An architect will be chosen within the next couple of weeks, and construction should start this summer. The project is fully financed and ready to go, since all approvals were obtained years ago by Solow. The only design detail revealed in the Crain's story is that there will be more than an acre of green space at the base, and Stern is working with the EDC to ensure a connection to the riverfront. The FDR Drive separates the site from the water, so this could mean a pedestrian bridge or deck would be built. In the meantime, we will be not-so-patiently awaiting the renderings.

http://www.crainsnewyork.com/article...TATE/130219963

$172M sale of prime East River site closes
Developer JDS Development Group expects to begin construction of two towers with 800 apartments this summer, with completion scheduled for 2016.

updated February 13, 2013

One of New York City's busiest developers has officially added another high-profile development project to his growing portfolio. Last week, 33-year-old Michael Stern, managing partner of JDS Development Group, closed on the acquisition of a two-acre parcel that was owned by Sheldon Solow on the former Con Edison site along the East River in Kips Bay. JDS paid Solow Building Company $172 million.

"What's so appealing about this is that the property has everything you'd want in New York," Mr. Stern said. "It's got river views, city skyline views and sort-of open-space park views."

JDS is developing the parcel on First Avenue between East 35th and 36th streets, along with minority partners Largo Investments. The development team will stick largely to plans Mr. Solow had won city approval for back in 2008, when the entire 9.2-acre property was rezoned for residential use. Mr. Solow bought the property from Con Ed in 2005 for $630 million.

JDS will build two towers— one 37 stories and the other 47 stories—with total of about 800 apartments. Most of those will be rentals, but Mr. Stern said he might add some condo units depending on market conditions when the project is finished, tentatively in 2016.

He said he was currently interviewing architects to design the towers, and expects to pick one in coming weeks. Construction is expected to begin this summer. The site is already vacant.

There will also be more than an acre of open space at the base of the towers, and Mr. Stern said he is working with the Department of City Planning to ensure a strong connection to the waterfront. The FDR Drive stands between the property and the river, but Mr. Stern said he and the city are working on a solution to this problem, which could result in a pedestrian bridge or deck of some kind.

"There really hasn't been a large-scale, great building like this built in the neighborhood in a generation," Mr. Stern said.

Mr. Stern said that with more than a million square feet in his project, he is not waiting around for the neighborhood to grow up around him. "We are self-contained and ready to go," he said. The entire JDS project is expected to cost $600 million and is fully financed, according to Mr. Stern. "To have the opportunity to build to this scale in a prime Midtown location— it's one of the largest, if not the largest piece of prime real estate in Midtown— is pretty exciting," Mr. Stern said.