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800-Unit Apartment Complex To Rise In First Avenue Mud Pit

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For years, developer Sheldon Solow owned a 9.2-acre mud pit on First Avenue between 35th and 36th Streets, where he had planned to build two apartment towers. Last year, Solow finally sold the property, a former ConEd site, to JDS Development. Crain's reports that deal recently closed for $172 million, and JDS managing partner Michael Stern said that he'll be moving forward with Solow's previously approved plans. For those that don't remember, this means two big buildings: a 37-story tower and a 47-story tower that will hold a total of 800 apartments.

Most of the units will be rentals, but Stern may plop some condos at the top. An architect will be chosen within the next couple of weeks, and construction should start this summer. The project is fully financed and ready to go, since all approvals were obtained years ago by Solow. The only design detail revealed in the Crain's story is that there will be more than an acre of green space at the base, and Stern is working with the EDC to ensure a connection to the riverfront. The FDR Drive separates the site from the water, so this could mean a pedestrian bridge or deck would be built. In the meantime, we will be not-so-patiently awaiting the renderings.
· $172M Sale of Prime East River Site Closes [Crain's]
· Sheldon Solow coverage [Curbed]
Photo: Google Streetview showing the site from 36th Street in 2011