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Work Begins on 392-Rental Building Coming to Midtown West

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Something's finally happening in the Clinton Urban Renewal Area, which has been promised an overhaul for about a thousand years. Mitsui Fudosan America, an arm of the Japanese real estate company of the same name, and Taconic Investment Partners have joined forces to develop a 392-rental project on West 52nd Street between Tenth and Eleventh avenues. The building at 525 West 52nd Street will have two towers, the larger of which will rise 22 stories and the smaller, 14 stories. Twenty percent of the housing in the building will be priced below market rate. Work on the structure is already underway, and is expected to wrap up in spring of 2017.

Because the project falls within the six-block stretch defined as the Clinton Urban Renewal Area—not to be confused with the Lower East Side's Seward Park Urban Renewal Area—its development will help to subsidize the 102-apartment project that nonprofit Clinton Housing Development Corp. is building adjacent on 53rd Street, the Journal reports. The land that will give rise to both 525 West 52nd Street and Clinton Housing Development Corp.'s 53rd Street project was purchased by the nonprofit from the city for all of $1 (despite its estimated value of $110.6 million). The nonprofit then sold the parcel at 525 West 52nd Street to Taconic for a lowly $3.45 million, with an additional $1.653 million of development rights.

Together, about 40-percent of apartments in the new buildings will be set aside as low- and moderate-income housing.

UPDATE: A representative from Taconic has reached out to clarify that the development company only purchased 8,000 square feet of the development's 38,000-square-foot site from CHDC. It was this transaction that cost $3.45 million. Curbed regrets the error.
· Japan's Mitsui Joins Hell's Kitchen Project [WSJ]
· City Plans to Sell $11 Million Far West Side Property For $1 [Curbed]
· All 525 West 52nd Street coverage [Curbed]