It took years for the Carlyle Group and Extell's Riverside Center masterplan to be approved, and construction finally started on the first building this summer. The huge project consists of five sites, which are being developed individually. The rights for the first site went to the Dermot Company (who promptly swapped starchitect Christian de Portzamparc for SLCE Architects), and now the Real Deal reports that a second sit has sold to a partnership between Silverstein Properties and the Elad Group.
Located at 1 West End Avenue, the site sits between West 59th and West 60th Streets and holds 950,000 buildable square feet. Silverstein and Elad are in contract to buy it for around $160 million, or $168 per square foot. The Real Deal notes that the price seems low, but it's likely because of the affordable housing requirements. The site at 1 West End Avenue will consists of both residential and retail, but the size of each has not yet been determined. The Dermot Company's building will have 616 units, 20 percent of which will be affordable.
· Elad, Silverstein team up on sprawling Riverside South project [TRD]
· Riverside Center coverage [Curbed]