Extell is making moves all over Manhattan, but one project that hasn't gotten a lot of attention is a residential tower planned for a lot at 537-547 10th Avenue on the corner of West 41st Street. Last August, the developer bought $16.46 million worth of development and air rights from neighboring St. Raphael's Church, and that 140,000-square-feet of space will be put to use in a 600-unit rental tower, according to the Journal.
The building will be more than 40 stories, and about one-fifth of the units will be reserved for low-income renters. Extell did not purchase the land it's building on, but instead secured a 99-year lease from the landlord, the estate of Sol Goldman. The developer expects to break ground this spring, helping the West Side continue its transformation into one massive construction site.
· One57 Developers Expand West [WSJ]
· Extell Pays Catholic Church $16M for Hell's Kitchen Air Rights [The Real Deal]
· All Extell coverage [Curbed]