Apparently 400,000 square feet on Billionaires’ Row isn’t quite enough space for one builder’s ambitious vision.
Turkish developer Sedesco is seeking a zoning authorization that would increase the floor area for its proposed 63-story mixed-use development at 41-47 West 57th Street, PincusCo reported.
A floor area bonus of 52,075 zoning square feet would give the developer more room for mass transit station improvements, the publication reported. Sedesco has also proposed improvements to the F train’s 57th Street station in exchange for the bonus.
With 119 residential units and 158 hotel rooms, the 1,100-foot-tall building would contain about 237,110 square feet of residential space and 205,976 square feet of commercial space, the publication reported, as well as a 10,212 square foot restaurant.
The developer filed demolition plans at the site two years ago, Crain’s reported at the time.
Sedesco has spent years amassing its Billionaires’ Row assemblage, having purchased 41 West 57th Street for $80 million in 2018 and 50 West 58th Street for $71.5 million in 2012.
Without the zoning authorization, however, the developer still has a backup plan: the construction of a 385,706-square-foot-mixed use building made up of 205,904-square-feet of residential space and 179,802-square-feet of commercial space, the publication reported.[PincusCo] — Cordilia James
Business News Governmental News Finance News