Otherwise known as 29 Overlook Terrace, the property was subject to an Article 9 UCC foreclosure. That foreclosure was blocked by the bankruptcy filing of Jackson Overlook Corp.
Since then, the debtor, the secured lender and the Fort Tryon Jewish Center, which adjoins the property, have worked together on a settlement agreement.
The September 19 bid deadline will be followed by an auction no later than October 10, 2019.
The future owner of the property will have the opportunity to build the first residential high-rise in the area.
In addition to the R7-2 zoning (3.44 FAR), which will entitle the owner to build a residential development of approximately 145,997 s/f, there is a community facility bonus that increases the buildable square footage up to 275,868 s/f.
After more than 15 years of being in development limbo, a long-delayed development site in Washington Heights has finally commenced construction and will become the largest new condominium project in Upper Manhattan. Located at 524 Fort Washington Avenue / 29 Overlook Terrace, the substantial tower will rise 23 stories, 268 feet tall, and will include 164 condominium residences, a 135,000-square-foot community facility, and an 86-vehicle parking garage.
Sumaida + Khurana, in partnership with Bizzi & Partners, are the developers of this 330,000-square-foot project. Last year, Crain’s reported that these developers acquired the property for $12 million from Amalgamated Bank, which had taken control of the site following a lengthy foreclosure process involving the previous developer, Ruddy Thompson. Thompson had spent over a decade attempting to build a 29-story glass tower designed by Gertler & Wente Architects.
For this project, the joint venture enlisted the firm Marvel Architects, who designed a masonry, sandstone-colored exterior featuring intricate brickwork and deeply-inset picture windows. The design appears to complement the monumental character of its location, which stands as one of the highest elevations on Manhattan Island. Processions of double-height pylons will ring parts of the base and crown, and bronze-finished balconies will be interspersed throughout to break up the heavy massing.
Permits indicate that foundation work has already commenced, and completion can be expected sometime around 2027.