NEW YORK | 842 7th Avenue | 464 FT | 40 FLOORS

[chris08876]

What will be replaced:

A 29-story, mixed-use building is set to replace two smaller ones at 842 Seventh Avenue, on the corner of West 54th Street, a few blocks south of Central Park.

New building applications were filed last Friday for the 338-foot-tall structure. It will host 54 apartments across 74,063 square feet of residential space, and average units will be a spacious 1,371 square feet.

Retail will occupy the first six floors, filling 38,236 square feet. The seventh floor will be devoted to recreation space, and then the eighth through 19th floors will have three units each. There will be just two units a piece on the top ten floors, followed by a roof deck.

There are lawyers listed as the developer on the permits and as the owner on the deeds. But the signer on the deed is Robert Scharf, an executive vice president at Edison Properties.

Issac and Stern, whose work can be found from Bed-Stuy to the Upper East Side, will handle the design.

Edison picked up the lot at the corner of 54th Street and 7th Avenue for $24,500,000 in 2007. And then using a different LLC, they paid $36,700,000 last year for smaller lot next door at 846 Seventh Avenue.

The 7,500-square-foot site is currently home to two buildings – a six-story residential building with stores and a narrow, three-story commercial building.

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NYY

[chris08876]

Extell lands $143M Bank of the Ozarks refi for Midtown project

Extell Development landed a $143 million loan from Bank of the Ozarks to refinance one of its Midtown projects.

The mortgage covers three parcels at 201 West 54th Street, 846 Seventh Avenue and 1706-1720 Broadway, which all sit on a single block along 54th Street between Seventh Avenue and Broadway. In November 2015, Gary Barnett’s Extell filed plans for a 29-story residential building at 842-846 Seventh Avenue. It looks like Barnett has yet to land a construction loan.

Bank of the Ozarks declined to comment, and Extell could not immediately be reached.

The new loan replaces a $190 million mortgage from the same lender, which had $130.2 million in unpaid principal remaining, property records filed with the city Wednesday show.

Last month, Extell refinanced a $235 million loan at its Central Park Tower condo development after it struggled to land construction financing.
Arkansas-based Bank of the Ozarks has emerged as one of New York’s most active construction lenders in recent years.

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https://therealdeal.com/2017/01/11/extell-lands-143m-bank-of-the-ozarks-refi-for-midtown-project/

[chris08876]

Scaffolding is up for this property. Let the demo process commence!

[JMKeynes]

That’s great news.

[chris08876]

Credit: JC_Heights

[NYguy]

Zoning diagram….464 ft parapet height

[JMKeynes]

Where did you find these, NYGuy? I looked this site up on the DOB website and didn't find any NB permits or zoning diagrams.

[NYguy]

Originally Posted by JMKeynes

Where did you find these, NYGuy? I looked this site up on the DOB website and didn't find any NB permits or zoning diagrams.

It uses a different address, 201 W. 54th Street. It’s one of two Extell developments on that block.

[JMKeynes]

Thanks. I knew that the other one you posted is also on 54th.

Extell has a lot going on at the moment.

[NYguy]

Originally Posted by JMKeynes

Thanks. I knew that the other one you posted is also on 54th.

Extell has a lot going on at the moment.

Yeah, Extell has a heavy hand in hotel development.

[JMKeynes]

The 562 Fifth Ave site is what I'm most hopeful for. A 1,000'+ icon would be extraordinary. A fat box like the Gem tower would be a huge disappointment. The Gem tower is amazing for mid-block on 47th St, but not for Fifth Ave itself.

[NYguy]

Originally Posted by JMKeynes

The 562 Fifth Ave site is what I'm most hopeful for. A 1,000'+ icon would be extraordinary. A fat box like the Gem tower would be a huge disappointment. The Gem tower is amazing for mid-block on 47th St, but not for Fifth Ave itself.

I think it will most likely be mixed-use, with a large retail component. It has a prominent 5th Avenue fronting.

[JMKeynes]

Originally Posted by NYguy

I think it will most likely be mixed-use, with a large retail component. It has a prominent 5th Avenue fronting.

I agree.

[ChiND]

I hope that this gross lot is finally developed.

The development site at 842 Seventh Avenue, also known as 201 West 54th Street, occupies the northwest corner of Seventh Avenue and West 54th Street in Midtown. The parcel spans about 7,500 square feet with frontage on both streets and has already been cleared, allowing construction to begin without the need for demolition. It is currently being marketed for sale, with approved plans in place by SLCE Architects for a 41-story, 460-foot-tall hotel building. Nearby, across Seventh Avenue, is the ongoing demolition of the Wellington Hotel for a mixed-use supertall tower by Extell Development.

The site benefits from a grandfathered hotel use, which allows a project to proceed without a special permit. The approved plans call for roughly 512 hotel rooms, though the zoning also permits residential development as-of-right, offering an alternative path. The location sits at the northern edge of the Theater District, within walking distance of Central Park, Carnegie Hall, and Columbus Circle, with multiple subway lines nearby.

[Busy Bee]

Yes, move forward, sans SLCE.