Moinian Group Builds up Manhattan’s Far West Side
The Moinian Group continues its long-term investment in Manhattan's Hell's Kitchen with a 165-unit residential project at 572 11th Ave. and a Class A office tower in the Hudson Yards district.
New York—Known for its work on Manhattan’s Far West Side, The Moinian Group is at it again with its newest residential development at 572 11th Ave. The company celebrated the groundbreaking last week of the 188,000-square foot building and announced award-winning architecture firm CetraRuddy will be the design architect.
“As early developers on the Far West Side, we’re excited to start our next chapter at 572 11th Ave.,” said Joseph Moinian, CEO of The Moinian Group. “At The Moinian Group, we’ve invested in numerous evolving neighborhoods that have become some of the most desirable addresses in New York City–from the Financial District to Columbus Circle–and Hudson Yards is well on its way to becoming a vibrant, 24/7 district to live, work and play. We’re looking forward to helping to meet the demand for additional residential units in the area, and to the neighborhood’s continued growth and success.”
The company plans to build 165 units at the property, which it purchased for $5.9 million in 2004. It wasn’t until May 2015 though that the company raised $361 million from Israeli investors that will partially finance the development and the next month the company filed a permit application with the Department of Buildings to construct a 13-story, mixed-use building at the site, according to The Real Deal. Market Diner, a 60s era spot, was previously located at the site. Further details about what’s the company plans for the property weren’t immediately available.
In addition to this project, Moinian recently opened Sky, its luxury 71-story residential tower at 42nd Street and 11th Avenue designed by Goldstein, Hill & West Architects. The building has 1,175 units in a mix of studio to two-bedroom arrangements, a 70,000-square-foot club with a multi-level athletic facility, lap pool, NBA regulation-size basketball court, two zero-edge outdoor pools, and more luxury amenities and services.
The company’s investment in Manhattan’s Far West Side is evident as Joseph Moinian has been involved in projects in the area for more than 20 years, becoming the largest private land owner on 11th Avenue with more than 4 million buildable square feet across 5 acres of property.
In addition to its residential projects, the company also has some commercial development in the works. Construction will begin shortly on 3 Hudson Boulevard, Moinian’s largest commercial project to date with plans for a 1.8 million-square-foot Class A office building in the Hudson Yards district. The property will take up a full square block between 11th Avenue and Hudson Boulevard Park from West 34th Street to West 35 Street and is targeted for LEED Platinum certification. The foundation is also shared with the MTA’s No. 7 subway extension that opened last year.
3 Hudson Boulevard will be designed by Dan Kaplan, FAIA, of FXFOWLE Architects, and feature 48,000-square-foot podium-level floor plates, 10-foot ceilings and floor-to-ceiling windows.
Photos courtesy of The Moinian Group