Back in July, the Elad Group bought a property over a set of sunken train tracks on the far West Side for $43 million, but was met with stiff resistance when it went before Community Board 4, with neighbors arguing that the planned 16-story building would violate current height limits and that Elad is rushing through the approval process. Nevertheless, the Israeli developer has announced that it is in the early stages of gaining city approval for the project, having submitted plans to the Department of City Planning.
The property is located at 505-513 West 43rd Street in Hell's Kitchen (which Elad CEO Yoel Shargian insists on calling "West Clinton"). Thanks to the site's unique location over the Amtrak line, a cap will need to be constructed before work on the building can begin.
"The design process is underway and we are confident that the end result will be well worth it, both to the residents of the building and to enhancing the surrounding neighborhood," Shargian said.
· "Elad plans mixed-rate condo over West Side train tracks" [TRD]
· All Elad Group coverage [Curbed]