A car dealership at the intersection of Eleventh Avenue and West 47th Street, in Hell’s Kitchen, is set to be replaced by a 12-story condo building, The Real Deal reports. The development consortium known as CBSK Ironstate, is in contract to purchase this large site, located at 646 Eleventh Avenue, for $93 million.
While the sale hasn’t closed yet, the developer is hopeful it will by February 2018. Subsequently the developer intends to file plans for a 12-story condo building with 225 apartments.
At present the site is home to a Lexus dealership. The two-story structure it is housed in will be demolished to make way for the condo building, but the Lexus dealership will return anew in the new building. The developers are hoping to offer up the ground floor and the basement level back to Lexus, when the condo building opens.
Construction on the project is expected to get underway shortly after the sale of the site closes next year.