NEW YORK | 605 West 42nd St | 676 FT | 60 FLOORS

New York Completed
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Continuing the discussion from NEW YORK | Hudson District - Clinton & Garment Districts:

New Renderings: 605 West 42nd Street

BY: NIKOLAI FEDAK ON JANUARY 10TH 2014 AT 6:00 AM


605 West 42nd Street - image from Moinian

The Moinian Group has new renderings of 605 West 42nd Street, which will be the second tower of the firm’s ‘Atelier’ development. It will become one of the largest apartment buildings in New York City upon completion, with a total of 1,174 units.


605 West 42nd Street – image from Moinian

The latest images shed much more light on the project’s design, as previous releases lacked detail; the form is simple, but the scale is enormous. One tactful element is the integration of mechanicals and ventilation with the tower’s crown, creating a sense of cohesion that was missing in earlier depictions. Minor details aside, 605 West 42nd Street will be similar to the typical aesthetic of other new developments in the vicinity; large and glassy.


605 West 42nd Street – image from Moinian

Indeed, 605 West 42nd Street’s most notable feature is not its appearance, but its presence; though not significantly taller than Silver Towers, it will have far more heft, and completely obstruct their northern views.

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605 West 42nd Street – image from Moinian

In terms of size, the only rival will be TF Cornerstone’s 606 West 57th Street; 605 West 42nd Street will be larger than any single existing building, but possibly slightly smaller than Cornerstone’s development, which could have up to 1,189 apartments. Completion of Moinian’s latest project is expected in 2015.

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Bank of China to Provide $550M for Moinian Group 80/20 Development

BY DAMIAN GHIGLIOTTY
6/04 2:58PM

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605 West 42nd Street. (Damian Ghigliotty)

New York’s mayor of six months has remained relatively mum about the finer details of his affordable housing plan, but the deals may soon start to speak for themselves.

Bank of China is close to finalizing a deal that will provide $550 million in HFA credit enhancement bonds to fund the construction of the Moinian Group’s 80/20 residential development at 605 West 42nd Street, sources familiar with the transaction told Mortgage Observer exclusively.

The construction financing on the 60-story rental apartment property is due to close in the upcoming weeks and will carry a term of four years, according to one person privy to the negotiations who spoke on background. The debt will be provided in the form of low interest rate bonds sold to third-party investors, that person said.

Joseph Moinian’s real estate development firm, based in Midtown Manhattan, began construction on the apartment tower in 2013. Plans to erect the 60-story building at the corner of 11th Avenue were filed with the New York City Department of Buildings in April 2013.

The completed 1.16 million-square-foot tower will contain 1,174 apartment units in addition to 50,000 square feet of retail space along 11th Avenue and a parking garage with just under 500 spaces, a source said via email. About 235 of the studio, one- and two-bedroom units will be priced below market rate.

Construction on the building’s core now reaches the 14th story and is expected to come to a close in late 2015, said one person familiar with the deal. Once completed, 605 West 42nd Street will be the largest residential development in Manhattan since Battery Park City.

In 2005, Moinian paid Verizon $120 million for the property’s site, which at the time contained a parking garage and an industrial building, according to city records.

Natixis Real Estate Capital provided a $109 million loan on 605 West 42nd Street in December 2012 to refinance previous debt from Wachovia and KeyBank following the developer’s acquisition of the property.

Bank of China and the Moinian Group declined to comment on the upcoming round of HFA financing.

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Construction Update: 605 West 42nd Street

BY: NIKOLAI FEDAK ON JULY 8TH 2014 AT 9:00 AM

605 West 42nd Street, photo by Colin Miller

Construction is chugging along at Moinian’s 605 West 42nd Street, which is now reaching into the sky; besides vertical progress, the first of the tower’s glass has also appeared, and has begun to wrap around the structure. Goldstein Hill & West is the project’s architect, which is over one-third of the way to its 60-story pinnacle.

605 West 42nd Street, photo by Colin Miller

The Commercial Observer recently reported that the Bank of China is providing Moinian with $550 million to complete construction of 605 West 42nd Street, which hopefully heralds additional funding for other major residential projects underway in New York City.

605 West 42nd Street, photo by Colin Miller

While the push for office development in Midtown West has been substantial, plans for Silverstein’s 520 West 41st Street demonstrate the neighborhood’s pent-up demand for new apartments, which is throttled by New York State’s limit on residential FAR, and zoning that encourages office rather than residential development.

605 West 42nd Street, photo by Colin Miller

As previously reported, 605 West 42nd Street will stand 656 feet tall, with a total of 1,189 units, making it the largest apartment building in New York City. Completion is expected at the end of 2015.

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July 18th, 2014

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This tower isn’t great, but the density it’s adding sure is!

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September 12 2014

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New York City by creATive809 (José Elias DLC), on Flickr

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Taken by me last week :smile:


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11 2 2014

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NYC Morning by c_slavik, on Flickr

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MIDTOWN WEST—The largest rental tower under construction in Manhattan will celebrate its topping out today. When finished, Moinian Group’s 1,174-apartment building at 605 West 42nd Street, formerly known as Atelier 2, will stand 60 stories. 235 of the apartments int he building will be earmarked as affordable. The building is slated to be complete in 2015.

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12.4.2014
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The Moinian Group & Tishman Construction Celebrate Topping Out Of 605 West 42nd Street

12/4/2014

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Executives from The Moinian Group, including Joseph Moinian (center, right) and Oskar Brecher (far right), Tishman Construction, including Jay Badame (center, left), and the Building and Construction Trades Council of Greater New York, including Gary LaBarbera (far right, behind) celebrated the topping out of 605 West 42nd Street – the largest rental residential development currently under construction in Manhattan. The momentous occasion was marked with a bucket hoisting ceremony and short speaking program, followed by a luncheon for the project’s construction workers.

The Moinian Group celebrated a significant construction milestone yesterday with the topping out of its luxury residential tower, 605 West 42nd Street, located at the northwest corner of West 42nd Street and 11th Avenue. The 1,174-unit rental building is currently the largest residential rental development in-construction in Manhattan and will offer all residents access to luxury amenities, including a 70,000-square-foot club, complete with indoor and outdoor pools, spa services and many more luxury amenities that will provide an unprecedented lifestyle experience.
Upon completion, 605 West 42nd Street will offer studios, one-, and two-bedroom units to accommodate 939 market rate apartments – many with outdoor balconies – and 235 permanently affordable apartments. Additionally, the tower will offer ultra-luxury penthouse units on the top floors.

“605 West 42nd Street is a shining example of how luxury and affordable housing can still be delivered well in New York City,” said Joseph Moinian, The Moinian Group’s Chief Executive Officer. “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.”

Earlier this year, The Moinian Group announced it secured a $539 million loan with the New York State Housing Finance Agency, with credit enhancement from Bank of China and Ullico for its 1.16 million-square-foot luxury residential rental tower. Moinian also announced that SL Green will be participating as an investor in the project.

“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,” said Jay Badame, president and COO of New York, New Jersey and Pennsylvania for Tishman Construction, an AECOM company. “Congratulations to everyone who has worked together to bring this building to life.”

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December 26th, 2014

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676’ figure confirmed:

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I am puzzled as to why a topping out event occurred for this tower on 12/4. I walk by this site nearly every day and it has quite clearly continued to gain height during January. There is at least one more level in progress right now. It’s not clear to me whether it’s another occupiable floor or a shroud for mechanicals, but either way don’t they usually hold the topping out ceremony until the tallest structural element has been placed, right?

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Credit: About Brandon Taoka | Flickr

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