, Wed, September 27, 2017
Rendering of 200 Amsterdam Avenue via SJP Properties
The Department of Buildings gave developers on Tuesday the go-ahead to construct a 668-foot residential tower on the Upper West Side. In a partnership between SJP Properties and Mitsui Fudosan America, the project at 200 Amsterdam Avenue will be the neighborhood’s tallest tower, surpassing the current title-holder, Trump International, by more than 80 feet. As Crain’s reported, construction was stalled after opponents argued the project did not follow required open space regulations and the buildings department shut down the site in July until the issue was resolved.
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The Upper West Side has proven to be one of the most difficult areas to build, with a growing amount of land area contained in historic districts and much of the remainder constrained by tight zoning regulations. Over the years, its protective residents have been involved in the city’s most memorable development battles: fighting tooth and nail to reduce the scale of the Riverside South master plan; lessen shadows caused by the redevelopment of the New York Coliseum site (Time Warner Center); and more recently spearheading the downzoning of a 51-block swath of Broadway due to grievances caused by Extell’s Ariel East and West towers.
For the most part, the defensive strategy has allowed the neighborhood to retain much of its pre-war charms and human-scaled side streets. However, along its southern edge, where the buildings around Lincoln Center scale upwards to Midtown, zoning allowances are more generous. Two as-of-right towers are sure to ruffle some preservationists’ feathers and are poised to be the neighborhood’s biggest yet.
Get the scoop on the towers here
What Manhattan will look like in 2018, via CityRealty
Most landowners, especially those who have been in the development business for a long time, aren’t easily persuaded to sell their holdings, but with sales reaching record sums, that’s all starting to change.
As Crain’s recounts, back in November Jerry Gottesman, who has a property empire worth over $3 billion, sold a parking lot he owned between 17th and 18th Streets near the High Line for $800 million. He bought the site in the early ’80s for $2.4 million. Influenced by the sale, other landowners are also looking to get in on the action; just last week three large residential development sites hit the market asking $1,000 or more per buildable square foot–a 50 percent increase in the price of Manhattan land from last year. And if the parcels fetch these sums, it will be the first time values per buildable square foot reach four figures. With these record sale sums, Manhattan condo builders would have to sell units at sky-high prices to make a profit. For example, a 1,000-square-foot apartment would need to sell for $3 million or more just to break even.
More on the trend here
We recently brought you parts one and two of our tallest residential skyscrapers series, which totaled 63 projects poised to scrape the sky. But this list doesn’t even take into consideration the development boom occurring in Jersey City, unreleased plans on the drawing board, and the numerous office and hotel projects also rising throughout the city. So here you have it, part three of the series to complete our look at NYC skyscrapers.
Check out the list here