NEW YORK | 308 West 43rd Street | 401 FT | 33 FLOORS

[chris08876]

Taconic and partner to raise $250 million Times Square apartment tower

A partnership of investors has reached a deal to take control of a large Times Square property and erect a rental apartment tower on the site.

A venture between Taconic Investment Partners and National Real Estate Advisors is ground-leasing a parking lot and an adjacent building across the street from the Port Authority Bus Terminal.

The group plans to complete a 99-year lease this week for the parking lot at 311 West 42nd St. and the office building at 310 West 43rd St. from the owner of both properties, 1199SEIU, a union that represents health care workers.

The roughly 100,000-square-foot office property on West 43rd Street is occupied by 1199SEIU Healthcare Workers East, a branch of the union that represents nurses, pharmacy and hospital workers. The union reached a deal last year to relocate from that space to a new office on Seventh Avenue.

Chris Balestra, the chief investment officer at Taconic, said his firm, which is managing the development of the property, will demolish the office building and a raise a roughly 35-story rental apartment building on both lots. He estimated the total project cost would be around $250 million.

Balestra said the ground-lease structure of the deal allowed for a rental rather than a condo project to be built because instead of paying a massive sum for the land, the partnership will instead make monthly rental payments to 1199SEIU. Huge land costs are difficult to manage for rental developers because the dribble of income from rents often takes too long to pay back the large project costs.

"It's extremely difficult to find rental residential sites in Manhattan," Balestra said. "This is the type of deal we're always on the lookout for."

Taconic recently finished another rental property nearby at 525 West 52nd St., a roughly 400-unit project that is over 70% leased, Balestra said.

"We're aiming to build something of similar quality to that luxury project," Balestra said. "We feel there is a premium to being in this location, however, because of the strong transportation access."

The health care workers union will vacate the office space in two years, giving Taconic and its partner time to plan the project, including hiring an architect and designing the building. The property will also have about 60,000 square feet of retail space on the ground floor and basement and portions of the second level.

"This is an area that has tremendous foot traffic," Balestra said, noting the retail will face West 42nd Street while the residential entrance will be located on West 43rd Street. "We think that a variety of retail tenants will be interested in the space."

With plans to break ground in two years, the project will likely be finished sometime in 2022.

Cushman & Wakefield brokers Adam Spies, Kevin Donner and Jonathan Serko arranged the dea

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http://www.crainsnewyork.com/article/201...250-million-times-square-apartment-tower

[antinimby]

That’s very good news. Hated that eyesore parking lot and waited for so long to see it redeveloped but why not just build on the lot instead of tearing down the fairly large building too?

Next up, the one story Duane Reade corner building.

[Crawford]

That whole block needs to be redeveloped.

This is a good start, but the 42nd St. frontage also needs to go. There appear to be at least two other tower assemblages on this block.

[NYguy]

Chris Balestra, the chief investment officer at Taconic, said his firm, which is managing the development of the property, will demolish the office building and a raise a roughly 35-story rental apartment building on both lots.

I would prefer hotel rather than residential at that location. But at least it's getting developed.

[yankeesfan1000]

Originally Posted by Crawford

...There appear to be at least two other tower assemblages on this block.

Care to elaborate?

Side note, even though this is only 35 stories, the lot is pretty enormous, including the office building. This is going to have a lot of units.

[JMKeynes]

Originally Posted by Crawford

That whole block needs to be redeveloped.

This is a good start, but the 42nd St. frontage also needs to go. There appear to be at least two other tower assemblages on this block.

I agree. That Duane Reade and the adjacent porn shops look like crap.

[NYguy]

https://zap.planning.nyc.gov/projects/2019M0352

Private Application for a Special Permit to increase height for a through-lot along 42nd Street in the Special Clinton District.

Addresses: 311 WEST 42 STREET , 305 WEST 42 STREET

[chris08876]

Permits Filed For 308 West 43rd Street In Midtown West, Manhattan

Permits have been filed for a 32-story mixed-use building at 308 West 43rd Street in Midtown West, Manhattan. Located between Eighth Avenue and Ninth Avenue, the through lot is around the corner from the 42 Street-Port Authority subway station, serviced by the A, C, and E trains. Taconic Partners under the 311 West 42nd Street Associates is listed as the owner behind the applications.

The proposed 401-foot-tall development will yield 373,133 square feet, with 269,559 square feet designated for residential space and 25,202 square feet for commercial space. The building will have 321 residences, most likely rentals based on the average unit scope of 839 square feet. The concrete-based structure will also have a cellar and sub-cellar.

Handel Architects is listed as the architect of record.

Demolition permits have not been filed yet. An estimated completion date has not been announced.

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NYY

[NYguy]

https://zap.planning.nyc.gov/projects/2019M0352

314 West 43rd Street Clinton Special Permit

A private application for a Special Permit pursuant to ZR 96-104 to increase maximum height for a mixed-use development located at 314 W 43rd Street in the Special Clinton District in Community District 4, Manhattan.

[Crawford]

Good. Hopefully this will be significantly taller, given the prominent location right off 42nd St., just west of Times Square.

[NYguy]

[chris08876]

I think I read via zoomed in 428'.

What was the reference for those schematics? Can barely make out the data. Was it in the DOB bin?

This one in particular.

[JMKeynes]

I'm glad that the crappy lot on The Deuce is finally getting developed.

[NYguy]

Originally Posted by chris08876

I think I read via zoomed in 428'.

What was the reference for those schematics? Can barely make out the data. Was it in the DOB bin?

Closer view...

https://www1.nyc.gov/assets/planning/download/pdf/applicants/env-review/eas/20dcp091m-eas.pdf

[Crawford]

So the bulkhead is 399, and the height to mechanical top is 428, I guess.

This block is so dumpy given the prime location. I'm glad this lot is finally being redeveloped, and I hope the sites to the immediate east and west are both redeveloped in the coming years.

I believe there's an assemblage to the east, encompassing the lowrise Duane Reade store, and there's a second site to the west, encompassing that row of tenements. So hopefully three new towers in the next few years.

[chris08876]

Renderings Reveal 33-Story Mixed-Use Building At 314 West 43rd Street In Midtown, Manhattan

A new Environmental Assessment Study submitted to the Department of City Planning contains the first architectural renderings of a 33-story mixed-use building in Midtown, Manhattan. The proposed development is located at 314 West 43rd Street between Eighth and Ninth Avenues and would contain a mix of retail and residential area.

The proposed building comprises two connected volumes – one along 42nd Street and the other along 43rd Street. Because the tallest portion of the development will top out around 399 feet above ground and the project’s location in Manhattan’s “Special Clinton District,” the project team must pursue special zoning permits before the project can break ground.

To make room for the 375,000-square-foot development, the project team intends to demolish an existing low-rise office building, an attached parking facility, and the Martin Luther King Jr. Labor Center. While the City Planning Commission predicts no significant adverse impacts to the surrounding area, the Commission also points out that the Martin Luther King Jr. Union Building has been determined by Landmarks Preservation Commission as eligible for the State National Register of Historic Places. To date, the building has not yet achieved that designation and the developers intend to move forward with demolition.

The volume along 42nd Street will comprise 284,616 gross square feet and top out at 33 stories. The portion of the building along 43rd Street is significantly smaller and will comprise 89,808 square feet with a final height of seven stories. In total, the residential component accounts for 319,631 gross square feet and yield up to 309 apartment units. The development will also comprise 54,793 gross square feet of retail with frontage along both 42nd and 43rd Streets.

The roof of the structure will be activated by an open-air roof deck with planters, seating, and unspecified recreational area. The development will not include a parking structure or surface-level lot.

If approved, construction is expected to be completed in a single phase over the course of 36 months. The project team anticipates full completion as early as 2024.

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NYY

[GertElim]

https://newyorkyimby.com/2022/01/excavat...st-43rd-street-in-midtown-manhattan.html

Excavation Progresses At 308 West 43rd Street In Midtown, Manhattan

Excavation is progressing at 308 West 43rd Street, the site of a two-building residential development in Midtown, Manhattan.
Designed by Handel Architects and developed by Taconic Partners under the 311 West 42nd Street Associates LLC, the 373,133-square-foot development will yield 321 apartments averaging 839 square feet apiece as well as 25,202 square feet of retail space.
Triton Construction is serving as the general contractor for the property, which is located between West 42nd and 43rd Streets and Eighth and Ninth Avenues, directly north of the Port Authority Bus Terminal.

A lot has changed at the site since our last update at the end of spring. Demolition of the office structure has been completed, along with the removal of an open-air parking lot, and now excavation has progressed deep below street level.
Numerous excavators are on site digging and lifting large chunks of rocks and earth.
YIMBY expects the reinforced concrete foundations to begin in the upcoming months.

The taller 33-story tower will stand along West 42nd Street and rise around 399 feet tall, yielding 284,616 square feet in the “Special Clinton District.”
A full rendering of the structure hasn’t been released, although the one below gives us an idea of the appearance of the edifice, which will be clad in brick and feature a staggered, irregular window grid.
Our last article indicated that the roof will accommodate an open-air deck with planters, seating, and an unspecified recreational area.

The shorter building lining West 43rd Street will span 89,808 square feet and top out at just seven stories.
These two structures will be joined by a podium with frontage along both West 42nd and West 43rd Streets.

https://newyorkyimby.com/wp-content/uploads/2021/12/image00046-4-scaled.jpeg

Looking north at the site of 308 West 43rd Street from the Port Authority Bus Terminal. Photo by Michael Young

https://newyorkyimby.com/wp-content/uploads/2021/12/image00045-1-scaled.jpeg

[chris08876]

Credit: Michael Young via NYY

[chris08876]

Credit: Waymond_Womano

[chris08876]

Credit: Waymond_Womano