The long-planned tower at 20 West 40th Street is finally on the road to reality. The Real Deal reports that permits for the 32-story tower were filed with the Department of Buildings on January 27. Ziel Feldman of HFZ Capital Group and a group of investors purchased the site out of foreclosure in 2010, and then last year, part of that group sold their stake in the project for $83 million. Feldman stuck it out, and now he intends to build a 361-foot tall hotel/condo tower with 274 units.
A Morris Adjmi design was attached to the development back in 2008 when it was first announced, but that's no longer being used. The architect of record for the new plans, which are currently pending with the Department of Buildings, is Stonehill and Taylor Architects. The filed plans show that there would be 215 hotel rooms on floors two through 14, and 61 condos on 15 through 32. The top four floors will have just two units each. According to the Real Deal, the project's financing includes $252.8 million from the U.S. Citizenship & Immigration Services' EB-5 program, which grants foreign investors permanent residency if they invest a minimum of $500,000 in a project.
· HFZ files plans for long-delayed Bryant Park tower [TRD]
· All 20 West 40th Street coverage [Curbed]