Ex-Vornado boss Michael Fascitelli back in the game
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Plans for the BKSK Architects-designed tower set to rise at 509 West 38th Street in Hudson Yards have been public for some time. But an examination of a Housing Finance Agency application reveals Fascitelli’s involvement. Imperial, along with its San Francisco-based partner Shorenstein, applied to receive $100 million in financing for the project, in exchange for setting aside 20 percent of the units as affordable housing. Fascitelli’s name appears on that application document.
The state Public Authority Control Board later voted to lend $104 million to the developers and provide an additional $5.9 million in tax credits. In return, Fascitelli’s group will set aside 46 of the building’s 225 units for tenants earning 60 percent of the area median income. The development also has an inclusionary-housing bonus of 44,436 buildable square feet the partners intend to sell off.
The New York Post covered designer Ken Fulk’s recent career moves in a piece last week, and buried in the body of the article was an image of one of his new buildings, though it did not have an address attached. A quick glance at the photo shows Related’s MiMA lurking in the background and TF Cornerstone’s 505 West 37th Street at right, which means that the rendering is actually a new look for Iliad Development’s 509 West 38th Street, a 30-story rental tower that was previously revealed by the New York Times.
509 West 38th Street will be situated just west of the intersection of Tenth Avenue and 38th Street, adjacent to the new Hudson Boulevard, which is also depicted in the rendering. Excavation permits were filed this past July, and per the DOB, the tower will span 220,879 square feet and hold 225 residences as well as 29,661 square feet of community facility space and 13,636 square feet of ground floor retail.
I'm liking some of the streamline moderne elements on the tower portion, while below the setbacks the brick and metal give a nod to the industrial history of the area. Not half bad!
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"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."
If that storage building had the yellow paint stripped off, it would look fairly decent. Nonetheless, I can't see that building surviving more than 10 years until it is razed. I assume that it has a lot of air rights.
Every site has "lots of air rights available" and can also yield a 600-750' building, right? We've heard of it before, there's no need to repeat yourself.
By the way, did you hear of an undisclosed site near 34th street that has enough air rights for a megatall?
Why don't you confine yourself to the glory holes at SSC, putz. Sphincter0000 will welcome you.
If NYC's superiority disturbs you, then you better stock up on Meds because the gap between it and other "cities" is expanding exponentially.
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