Manhattan's New Luxury Tower Reaches Construction Milestone
Vertical construction on the 1.16-million-sq-ft 605 West 42nd Street luxury residential tower is completed with remaining work set to finish some time next year, including enclosing and fitting out the building, say developer The Moinian Group and construction manager Tishman Construction.
The 1,174-unit rental building, the largest residential rental project under construction in Manhattan, is designed by Goldstein Hill & West Architects LLC.
It will feature studios and one and two-bedroom residences to accommodate 939 market rate apartments, including 235 permanently affordable units and ultra-luxury penthouse units on the top floors. The project will also include 20,000 sq ft of retail space on the ground floor, as well as a large below-grade retail space with 200 ft of frontage on 11th Avenue; parking garage spaces; a motor court drive; a grand lobby; lounges; public spaces; a restaurant featuring outdoor dining; a 70,000-sq-ft fitness club; and approximately 20,000 sq ft of terrace and deck space designed in collaboration with the Rockwell Group and Thomas Balsley Associates.
Earlier this year, the developer secured a $539-million loan with the New York State Housing Finance Agency for the project. The Bank of China and Ullico, the investment arm of the building trades-owned insurer, provided credit enhancement to the union-built project, with SL Green also participating as an investor, says The Moinian Group.
“Our development will satisfy the high demand for luxury housing in this area which will continue to increase as the development in Hudson Yards District nears completion in the coming years,” said Natasha Vardi, the company’s senior vice president of residential properties.
Additionally, The Moinian Group will begin construction on 3 Hudson Boulevard, a 1.8-million-sq-ft LEED Platinum tower, also in the Hudson Yards District. The new tower, designed by FXFOWLE, will be located on 11th Avenue between West 34th and 35th streets, marking the next phase of what the developer claims will be a “4 million buildable square foot development pipeline, on Manhattan’s West Side.”