NEW YORK | 606-610 West 57th St | 440 FT | 42 FLOORS


#1

Continuing the discussion from NEW YORK | 57th Street Corridor “Billionaires Row” NEW:

Revealed: TF Cornerstone’s 606 West 57th Street

BY: NIKOLAI FEDAK ON NOVEMBER 11TH 2013 AT 7:00 AM

606 West 57th Street and an existing building it will wrap around

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Neighbors Oppose 1,200-Unit Building on West 57th Street

By Mathew Katz on April 14, 2014 6:59am | Updated on April 14, 2014 9:05am

TF Cornerstone

MIDTOWN — Fed up with what they see as the overdevelopment of their neighborhood, a group of West Side residents has banded together in a last-ditch effort to oppose developer TF Cornerstone’s new residential building at 606 W. 57th St.

Some neighbors say that the area’s schools, hospitals and public transportation can’t handle the influx of new residents the massive building would bring. The project, which requires City Council approval for rezoning, would bring 1,189 units to the neighborhood, 237 of which would be permanently affordable.

“Fifty-Seventh Street is under siege,” said Jessica Bondy, who lives nearby and has been lobbying City Council members to fight or shrink the development. “All of us are concerned about the unsustainability of projects this size. It’s a giant, giant project.”

Bondy joined with neighbors to create a coalition called Citizens for Responsible Organized West Side Development With Environmental Deference — or CROWDED for short. Roughly 150 people participated in a community-organized forum on overdevelopment and the TF Cornerstone project last week, with participation by City Councilman Corey Johnson and City Councilwoman Helen Rosenthal, organizers said.

The proposed 999,636-square-foot building is made up of four distinct elements, including two 28-story towers on the eastern half, connected by a glass bridge, and a 14-story cube on top. On the western portion of the site, a tower will rise to 17 stories.

The building would have as many as 106,900 square feet of public parking and 42,000 square feet of retail space or community facilities.

West 57th Street is currently awash in new development, including the Durst Organization’s 709-unit building across the street from the proposed TF Cornerstone building.

The opposition to the building comes relatively late in the rezoning process — TF Cornerstone’s application has already been given the thumbs-up by Community Board 4, the Manhattan Borough President’s Office and the City Planning Commission. It will go before the City Council on April 23.

“TF Cornerstone has worked for close to two years with City Planning, Department of Environmental Protection, the Department of Transportation and other city agencies to analyze every possible impact this development or any other development on the site might have on the community,” a spokesman for the developer said in a statement.

“Every level of the public review process has supported the project thus far, with the participants finding that the development will invigorate a new up and coming neighborhood without any major unmitigated impacts to the current environment. TF Cornerstone is particularly proud to be making such a significant contribution toward the Mayor’s goal for more affordable housing.”

A spokeswoman for Rosenthal, the city councilwoman whose district the building falls into, said she had not yet decided how she will vote on the matter, but is considering a “variety of options.”

When it overwhelmingly recommended approval for the project in December, CB4 praised the building’s permanently affordable housing but noted that schools in the neighborhood are already over capacity and the area would need to adequately prepare for an influx of new residents.

“I’d love to see affordable housing being built. I’m not against affordable housing, but I think quality of life is what we’re concerned about,” said Susan Lahn, a longtime resident of West 58th Street, who hopes the city can provide shuttle buses for the masses of people who will need to get to the subway at Columbus Circle if the development moves forward.

“I don’t think we’re going to stop TF Cornerstone, but maybe we can get a reduction in size,” Lahn said.


#2

Permits Filed: 606 West 57th Street

BY: STEPHEN SMITH ON JULY 23RD 2014 AT 2:17 PM


606 West 57th Street

A few months after TF Cornerstone won approvals for its massive, 1,000-unit-plus development on the Far West Side, SLCE Architects has filed for building permits for the apartment building at 606 West 57th Street.

The filing puts the building’s total construction area at a whopping 1.2 million square feet, more on par with Midtown office towers than apartments. Of that, 952,938 square feet in zoning area will be dedicated to apartments, plus another 40,000 square feet for retail space. The building will rise 42 stories, reaching 440 feet into the air, and will contain 1,028 apartments – meaning it will no longer be in the running for highest unit count in the city.


606 West 57th Street

The tower wraps around a holdout structure on the southwestern corner of 57th Street and 11th Avenue, and will replace a Lexus and Acura car dealership. The area around far West 57th Street is currently in transition from a low-slung car dealership row to a high-rent residential neighborhood, capitalizing on 57th Street’s rising cachet and the revitalization of Columbus Circle three avenues to the west.


Neon sign on West 57th Street, photo from Google Streetview

The permit filing comes after newly-elected Upper West Side councilwoman Helen Rosenthal cut a deal with the developers to make the building’s “affordable” units more accessible to wealthier residents. In exchange for adding about 20 more units of below-market rentals, she allowed TF Cornerstone to up the lowest-priced units’ maximum income restriction from 40 percent of the area median income () to 60 percent. She also negotiated a new income band, reserving some units for families making 175 percent to 230 percent of area median income – meaning a family of four must earn between around $147,000 and $193,000 a year to qualify for the lottery for those apartments.

Groundbreaking should occur in the fall, according to the developer.


#3

TF Cornerstone also told YIMBY that they’re looking to see if there’s any community interest in retaining the mid-century neon vertical parking sign on the 57th Street frontage, preserving a bit of the strip’s history and avoiding a repeat of the Kentile controversy in Brooklyn.

I love that neon GARAGE sign! I hope they save it without fixing it…

Photo taken July 16th, 2014 by Colin Miller.


#4

Agree! The garage sign is fantastic. But the new development will be even better. Quite exciting to see the far end of 57th Street undergo major changes, but now the block between 9th & 10th needs to revitalize, as it’s full of old/decrepit tenements and an ugly hotel.


#5

TF Cornerstone Scores Construction Loan for 606 West 57th Street

BY Damian Ghigliotty, 11/05 12:00PM

TF Cornerstone landed a $384 million construction loan for its 80/20 rental development at 606 West 57th Street from a consortium of banks led by Wells Fargo, Mortgage Observer can exclusively report.

Buffalo, N.Y.-based M&T Bank and Germany-based Helaba also participated in the deal, with each lender taking about one third of the loan, sources said. The loan carries a term of four years plus extension options and is funded through 80/20 bond financing from the state Housing Finance Agency, according to two people privy to the negotiations. The three banks declined to comment.

“We’ve been working on this project for almost four years now,” said Jeremy Shell, TF Cornerstone’s head of finance and acquisitions. “With that came structuring a ground lease and taking the project through ULURP beginning in the prior administration and coming to a close in the new administration. We closed on the financing and are now focused on getting the project completed.”


#6

Demolition Update: 606 West 57th Street

BY: STEPHEN SMITH ON JANUARY 8TH 2015 AT 4:00 PM


606 West 57th Street, photo by Tectonic

From the High Line to Midtown, the far west side is abuzz with construction activity, and we can soon add another project to the list: TF Cornerstone’s 606 West 57th Street.

Demolition has just begun for the existing structures – a Lexus dealership and four-story building used as a garage, among others – and construction is set to begin this winter, with completion targeted for the spring of 2017.

In November, the Mortgage Observer reported that TF Cornerstone landed a $384 million construction loan for the project, to be financed by Wells Fargo, M&T Bank, and German Helaba.


606 West 57th Street

The tower is designed by Miami powerhouse Arquitectonica, with SLCE acting as the architect of record. The building will total about 1 million square feet of usable floor space, including more than 950,000 square feet of residential space spread over 1,028 apartments, and 40,000 square feet of retail. It will rise 42 stories and 440 feet, and will be the second-large building by unit count in the city. Unusual for a rental project in New York City, TF Cornerstone is building the tower without PTAC units – instead, tenants will have the luxury of central air (at least, a luxury by New York standards – in the rest of America, central air is par for the course for all new rental buildings).


606 West 57th Street

Of its apartments, 20 percent will be let at below-market rates, for which the developer will receive state bond financing.

The new structure will wrap around the existing five-story brick building on the corner of 11th Avenue and West 57th Street, seen in the far left side of the demolition shot, which was taken by YIMBY reader Tectonic.


#7

Snow falling on demolition sites: Aerial shot of TF Cornerstone’s 606 West 57th Street

Joyce Chen
JANUARY 26, 2015

Demolition is well under way at TF Cornerstone’s 606 West 57th Street.

The 42-story building in the far West Side will have 1,028 rental apartments, with about 205 of those units reserved for residents earning 60 percent of the neighborhood’s median income, according to the New York Observer. There will also be approximately 38,000 square feet of ground-floor retail space, parking for 400 cars and a public pre-kindergarten school.

Demolition of the existing buildings at the site, which include a garage structure and former Lexus dealership, commenced around the beginning of January.

The developer secured a $384 million construction loan for the $550 million project in November, the Observer reported.

The City Council’s Land Use Committee approved the rental project in April 2014 after TF Cornerstone agreed to include a public pre-kindergarten in the building, create a smaller parking garage and use union workers, DNAinfo reported. In addition to the 205 units set aside for people earning 60 percent of Area Median Income, Councilwoman Helen Rosenthal made a deal with TF Cornerstone to add another 10,000 square feet of moderate income housing. These units — about 15 apartments in total — would be reserved for middle-income families earning about $150,000 a year, Capital New York reported.

The anticipated completion date is Spring 2017. Photos from today, during this historical blizzard

Comparison to the construction photo from january3


#8

Pics by me


#10

Taken today, from 11th avenue. Cranes are about to be installed and foundation work is nearing completion.


#11

6/25.

This site is huge.






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#12

This site has made significant progress. Foundation work is complete. The eastern part of the project is up to the second floor. The cranes are up! This is going to be huge.





#13

Interesting news, nyc1 ^^
And nice shots too.


#14

Thanks Dragon!


#15

Great updates, NYC and JC!


#16

As of about two weeks ago, construction along Eleventh Avenue reached the 3rd floor


#17


Tectonic


#18

Nice photos tectonic! This is going to be nice imo, an unregular shape, something new, but they should have taken that corner building out it looks hideous.


#19

Thanks. I actually like the corner building. They’re going extinct, it just need a lil clean up.


#20

The pink building on the corner is indeed, terrible. But that darker corner building is decent for now but it really looks even better when cleaned up in the render. (From above)

I like this project and think it could turn out great if the materials are nice. I hate the base facade thing with the wierd arrangements of the windows that seems popular lately. But the top could be nice if they use real high quality glass and might look pretty similar to the corner building on west end ave, only 2 blocks north.


#21

The pink building is coming down and will be replaced with a new condo tower.