In this dark time of the year, when hope for the future is needed, we're happy to report on one very active hole near Herald Square, where Tower 111 is set to rise. At a time when NYC seems to be overrun with Arrested Development it's good to see that this project at the corner of Sixth Avenue and West 32nd Street might end up as something more than another rubble-filled pit. This 47-story commercial tower from architect Costas Kondylis is the northern-most of a trio of sites lined up along the west side of Sixth Avenue. On the southern-most site at West 29th Street is a 53-story tower from Perkins Eastman Architects for the Fitzpatrick Hotel Group, now up to floor 20 and getting its facade slapped on. But as for the third plot of land, alas, so much for the good news.
The nastier story is found at the middle site, between 30th and 31st Streets, where yet another Kondylis tower had been announced. But just as we were ready to publish our expression of hope for the future comes the dark news that co-developers Tessler Development and the Chetrit Group have defaulted on a $105.3M loan and have been slapped with a foreclosure suit by the lender. The site for the mixed-use tower had been cleared months ago, but now it languishes, arrested in soggy, um, hole-y-ness. The only signs of development on the lake-filled lot is a log-encircled fire pit which, in these cold days of winter, might come in handy as a way station for local campers and possibly a few cash-strapped developers. If nothing else the site offers a great vista of the Empire State Building and will be the perfect place to watch as Tower 111 rises to the north.
· Tower 111 coverage [Curbed]
· Istar files foreclosure suit against Tessler and Chetrit [Real Deal]