NEW YORK | Solari (42 West 33rd St) | 465 FT | 41 FLOORS


#1

Permits Filed: 38-46 West 33rd Street

BY: STEPHEN SMITH ON SEPTEMBER 2ND 2014 AT 1:45 PM


38-46 West 33rd Street, image via Google Maps

Seven years ago, Hersel Torkian’s ABH Realty Corp. picked up an ICON parking garage at 38-46 West 33rd Street, just to the southeast of Herald Square.

And this morning, permits for action were finally submitted, when the Stephen B. Jacobs Group filed plans to build a 35-story residential tower. The building would hold a bit over 220,000 square feet of space, with 202 apartments divided across 170,000 square feet of net residential space. The remainder of the structure would be filled by a small 4,300-square foot retail space, plus a 40-car garage and common and mechanical space.

In this market, a new residential tower in Manhattan would normally default to condos, but there are a number of factors that make rentals a possibility for this particular site (Torkian has not yet responded to our request for comment).

The first is the average unit size – at 840 square feet, it could go either way, but many condo projects have much larger apartments. The second is the location, which is in a very touristy area not known for its luxury condos, between Herald Square and Fifth Avenue, and practically across the street from the back of the Empire State Building. And finally, ABH picked up the site years before rising land values made condos the only viable form of development in many Manhattan neighborhoods.

The bulk of the site is made up of two pre-war buildings that have been converted into an odd, mixed-floor-height parking structure, at No. 38-46. For this parcel, ABH paid $30 million in 2007, or a bit over $300 per developable square foot. The air rights above Rick’s Cabaret set the developer back $13.2 million, plus another $1.65 million for the rights above the storefront next door (the two less-than-boutique retail tenants also hinting at rentals), bringing the average price paid for all of the air rights down below $260 a foot.

Per the application, the tower will reach 385 feet into the air – dwarfed by the Empire State Building, erected before the modern zoning regime, but 38-46 West 33rd Street will still be fairly prominent in an area which doesn’t (yet) have the dense skyscraper thicket found farther uptown.


#2

I’m kind of sad to lose the strip club.


#3

Today


#4

Is he texting? Haha :smiley:

One operator I do not want to be around.


#5

He was flagged to wait, and I guess he was texting until he got the green light. That’s funny though!


#6

Dec 14, 2015


#7

Jan 22


#8

Scope Grows As Construction Underway At Torkian Group Project On West 33rd Street, Midtown South

BY: EVAN BINDELGLASS 7:00 AM ON JANUARY 15, 2016

[…]

Current filings, however, indicate an even larger project. They show a 41-story, 465-foot-tall building spanning 188,281 square feet. 182,556 square feet of that will be for 223 residential units. That works out to units averaging about 818.6 square feet apiece.

There will be six units each on floors four through six, five units on the seventh floor, seven units each on the eighth through 17th floors, six units each on the 18th through 38th floors, and four units on the 39th floor.

The Schedule A lists a number of amenities, including 122 bicycle parking spaces in the cellar, and a exercise room, locker room, spa, sauna, and outdoor terrace on the third floor. There will also be two amenity spaces, one of them outdoors, on the 41st floor.

The project now includes 5,721 square feet of retail space, to be located on the first floor.

The Stephen B. Jacobs group is designing the building. Completion is expected in 2017.


#9

Thx, VC.

That’s good news in Evan’s great article.


#10

4.) Rick’s Cabaret Holdings closed on a deal to buy its Midtown club for $10 million. The gentleman’s club inked a deal with the developer ELO Organization in 2013 to buy 39,000 square feet of air rights above the building at 50 West 33rd Street for $13 million, and was also given the option to take total control of the property by 2018.


#11

Feb 16th


#12

There’s rebar in the base.

May 1st


#13

Good to see progress, crazy that a 41-story tower can get underway practically unnoticed (and will stay that way until it opens!). Only in NYC!


#14

I agree. I was recently in Atlanta, and people were sporting major wood over 10 story boxes rising on their most prestigious street. They kept calling it a “boom”!


#15

From the DOB


#16

I just realized that it might be hard to see the figures, so here is the link to the same diagram above: http://a810-bisweb.nyc.gov/bisweb/BSCANJobDocumentContentServlet?passjobnumber=121186849&scancode=ES125285231


#17

Nice!!!


#18

Tell me about it Robert… Here in Strasbourg France there is a “construction boom” of mostly 5-6 story buildings and the pinnacle of this boom are 3 towers of 12 stories which will become the tallest buildings in the city apart from the Cathedral. Hahaha when I hear Nimbys complain here I can’t help but laugh and imagine what would happen if they were living in New York.


#19

From today. During lunch but there were a lot of workers around the site on break. Doesnt seem like too much progress since last time though.



#20

It’s at ground level!

June 1st