An original rendering of 2401 Third Avenue via Hill West Architects
Somerset Partners and Chetrit Group have sold their massive South Bronx waterfront site to Brookfield Properties for $165 million, the priciest transaction for a development in the Bronx on record. As the New York Post reported, the project includes two sites on either side of the Third Avenue Bridge. At 2401 Third Avenue, original plans called for a 25-story standalone tower and a 25-story and 16-story building rising from an eight-story base. Developers also planned to bring three 24-story buildings and a 22-story building on top of a six – and seven-story base at the second site at 101 Lincoln Avenue.
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Rendering of 550 Madison Avenue, via DBOX/ Snøhetta
Over the last few years, plans to refurbish the former headquarters of AT&T and Sony Building at 550 Madison Avenue have come and gone, including a proposal to convert the upper floors into luxury condos designed by Robert A.M. Stern. Now, with those plans long abandoned, Olayan America and Chelsfield revealed plans on Monday for a $300 million renovation of the tower, modernizing the lower levels of the building with high-quality amenities and a sprawling 21,000-square-foot public garden. With Snøhetta as lead architect, the renovation will be the first major project in East Midtown since its revitalization plan was approved earlier this year.
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Back in September, the developer Joseph Chetrit filed plans to build a 48-floor mixed-use tower with 421 hotel rooms and 135 residential units in the Hudson Yards neighborhood. Now, the wait is over as renderings of Chetrit Group’s proposed tower at 541-545 West 37th Street have officially been revealed. As CityRealty learned, CetraRuddy Architecture is designing the high-tech skyscraper, which is expected to rise 622 feet and overlook the future Hudson Boulevard Park. The building will span 621,000 square feet and include exhibition, retail, hotel and residential spaces.
More details and renderings
Just two days ago, 6sqft brought you a brand new rendering of the second parcel at Somerset Partners and Chetrit Group’s massive South Bronx waterfront development, and now, YIMBY has uncovered even more views of the full seven-tower, 13,000-unit residential project, along with some more specific details. The renderings come courtesy of Hill West Architects and also show the publicly accessible 25,500-square-foot public waterfront esplanade.
More details and another rendering
The massive South Bronx waterfront development planned by Somerset Partners and Chetrit Group is coming together–at least visually. CityRealty revealed a rendering of the second parcel of a two-parcel master plan that will eventually hold six residential towers and park space. Construction on the first three buildings within the first parcel at 2401 Third Avenue was approved last summer. This second parcel at 101 Lincoln Avenue will hold three more towers, 25 stories each, with a grand total of 826 apartments. The developers have long heralded this development as a game-changer for the South Bronx, but faced pushback after Somerset developer Keith Rubenstein attempted to rebrand the area as the “Piano District” and held a party that capitalized on the struggles of the Bronx in the 1970s, featuring burning trash cans and a bullet-ridden car.
See more images of the development site
Back in March, 6sqft reported that a new hotel/rental tower at 500 Metropolitan Avenue had risen above ground, but there was still a bit ambiguity surroundings its final design. Now, just as the Williamsburg building has topped out, CityRealty uncovered the final renderings from KBA Architects. The firm created a 14-story, ziggurat-like structure that will slope down from the adjacent site of longtime local haunt Kellogg’s Diner and offer a slew of trendy amenities.
More views and details
Controversial South Bronx Developer Keith Rubenstein of Somerset Partners, along with the Chetrit Group, received approvals earlier this summer for a two-site, six-tower, mixed-use master plan on the Mott Haven banks of the Harlem River. This is the same project that Rubenstein touted as part of his campaign to rebrand the southern portion of the borough as the “Piano District,” a marketing ploy that nodded to the piano manufacturers that dotted the area 100 years ago, but that featured a misguided party with burning trash cans and a bullet-ridden car, referencing the horrible “Bronx is burning” days of the 1970s.
Contention aside, the development is moving ahead, and CityRealty.com has a 360-degree look at how the first site’s three towers (two at 20 stories and one at 25) will transform the South Bronx skyline. These buildings at 2401 Third Avenue will rise just to the northwest of the Third Avenue Bridge, the former site of an 1880s iron works building that will soon boast $3,500/month apartments.
More details ahead
In the thriving Bedford-Stuyvesant section of Brooklyn, the recently finished rental building named The MYNT is offering one month free on 12-month leases for select apartments. Currently, two no-fee units are complying with the offer: Unit 4J is a three-bed, two-bath spanning 1,200 square feet is available for a net effective rent of $3,484/month, and two floors above, unit 6J is a two-bed/two-bath available for a net effective rent of $3,117/month.
find out more about the deal here
In a very unexpected twist, The Real Deal has learned that the Chetrit Group is selling the Sony Building, scrapping its flashy plans to convert the office building’s upper floors to luxury condos designed by none other than Robert A.M. Stern. Olayan America, a division of the Saudi conglomerate Olayan Group, is in contract to purchase 550 Madison Avenue, partnering with European and Asian asset manager Chelsfield. According to the Post, they’ll pay between $1.4 and $1.5 billion, a profit of at least $300 million for Chetrit. In a statement, Olayan said they’ll lease space to “high-quality commercial tenants.”
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Brooklyn is finally getting a new skyscraper development worthy of its 2.6 million populace. Today, the Landmarks Preservation Commission approved SHoP Architects‘ vision for 9 DeKalb Avenue, a rehabilitation of the landmarked Dime Saving Bank that will marry it with a dramatic, supertall skyscraper behind, the first 1,000+ foot building to arrive in the borough.
The Beaux-Arts banking hall, which is both an interior and exterior landmark, hosted a J.P. Morgan Chase branch up until last year. Now, its new owners, Michael Stern’s JDS Development and the Chetrit Group, plan to transform the hall into a public and retail space that will complement their new tower. To bring back more of the building’s grandeur, its exterior and interior spaces will be restored, and to accommodate the tower behind, the team is calling for the demolition of two nondescript one- and five-story rear annexes, which will then allow for a grand entrance to the skyscraper and a public through-space.
The LPC was enamored with the project, calling it “flawless” and “enlightened urbanism at its best,” as well as touting that it “improved the vision of this historic landmark.” One commissioner even went so far as to say “It’s similar to the Parthenon sitting on the Acropolis.” The LPC had only a few minor modifications, the most notable being that the teller cages be retained until the team can show a plan detailing how the retail tenant (there will only be one) will use the space.
Get a look at all the presentation materials