By Joshua Ayers, Senior Editor
New York—The Moinian Group has announced that its luxury tower development located at 605 West 42nd Street in Manhattan has topped out at 60 stories. The Tishman Construction-built tower is the largest residential rental project under construction in Manhattan and will add more than 1,174 units—235 of which will be permanently affordable—when the project is completed in 2015.
“605 West 42nd Street is a shining example of how luxury and affordable housing can still be delivered well in New York City,” says The Moinian Group CEO, Joseph Moinian. “Our tower will feature amenities unmatched by any building in the City, with a unique mix of residences and floor plans—from studios to ultra-luxury penthouses—available to our future tenants.”
Apartments will be offered in a mix of studio, one- and two-bedroom options, with many offering private balconies, and residents will have access to an assortment of high-end amenities, which includes a 70,000-square-foot club that is highlighted by both indoor and outdoor pools and spa services. Other amenities and spaces will include a 200-square-foot landscaped terrace, a grand lobby, lounges, public spaces and a restaurant with outdoor dining.
About 20,000 square feet on the ground floor has been designated as retail space and will include about 200 feet of street frontage along the 11th Avenue side of the building. Additional retail space is slated for below-grade, as is parking garage spaces and a motor court drive.
“The Moinian Group strives to not only offer maximum luxury to all of its tenants, but to provide an overall lifestyle, and 605 West 42nd Street will be no different,” says Natasha Vardi, senior vice president of residential properties at The Moinian Group. “Our development will satisfy the high demand for luxury housing in this area, which will continue to increase as development in Hudson Yards district nears completion in the coming years.”
Construction financing for the 1.16 million-square-foot structure came earlier this year when The Moinian Group secured a $539 million construction loan with the New York State Housing Finance Agency and additional credit enhancement from Bank of China and Ullico. SL Green is also a participating investor in the project, according to a Moinian Group announcement.
Pre-leasing for the building is expected to begin in spring 2015, with completion slated for sometime the same year.
“We are thrilled to celebrate this topping out milestone and look forward to the successful completion of Manhattan’s largest residential rental development currently under construction,” says Jay Badame, president and COO of New York, New Jersey and Pennsylvania for Tishman Construction. “Congratulations to everyone who has worked together to bring this building to life.”