JV to Deliver 2K Office-to-Residential Conversion Units to NYC
The projects are being proposed alongside the development of a mixed-use tower.
Silverstein Properties, in collaboration with Metro Loft Developers has announced plans to deliver more than 2,000 New York City apartments through office-to-residential conversions. The project will be developed alongside Silverstein’s Avenir project, a proposed 785-foot tall tower in Manhattan’s Hell’s Kitchen neighborhood that will include a hotel, retail space and casino. With construction conditioned upon The Avenir being awarded a casino license, that number will include more than 500 permanently affordable homes.
The partnership is evaluating potential conversion sites, with an emphasis on the West Side of Manhattan. There, Community Board 4 and local elected officials have placed mixed-income housing creation high on the list of the area’s top priorities. 500 of the proposed 2,000 homes will be designated as permanently affordable.
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Metro Loft has converted more than six million square feet of office space to multifamily over the past three decades. Last year, the firm partnered with with Metro Loft to convert the former Goldman Sachs headquarters at 55 Broad Street to 571 apartments.
Direct feedback
Other Metro Loft office-to-residential conversions include 180 Water Street and the former Pfizer headquarters at 219-235 East 42nd Street. Silverstein Properties expanded its collaboration with Metro Loft in response to community feedback about area priorities. In its recent feedback to The Avenir team, Community Board 4 called on The Avenir project to produce additional mixed-income housing in the area.
Silverstein Properties is well familiar with the area surrounding the proposed project, and has long experience developing affordable housing in the Hell’s Kitchen neighborhood. It was among the initial companies to spark interest in residential development in the enclave, when in 2001 it opened the 921-unit apartment tower River Place. Later, it developed the 1,359-unit Silver Towers, featuring two 60-story buildings that opened in 2010. Located directly across from the proposed development, the two buildings feature 549 affordable homes.
