The NY Daily News is reporting today that World Trade Center developer Silverstein Properties has dropped plans for a supertall residential tower that would have stood at the North East corner of Hudson Yards. Located at 514 11th Avenue (between 40th and 41st Street), the site stretched an entire city block.
Silverstein Properties bought the site — a former Mercedes dealership — for $100 million earlier in 2015. Although they were originally planning to develop an ultra-tall residential tower, the plans going forward will likely be a sale of the site to another developer for much more than the $100 million initially paid.
The premium paid by any future buyer will be due to a few items including the opening of the new Hudson Yards station 8 blocks south (although the subways at Times Square are closer) and the change of zoning from commercial to residential which was approved. Additionally, some notable projects nearby are coming to fruition, such as the New York’s largest apartment house, Sky, located at 602 West 42nd Street (on the corner of 11th Avenue). When Sky is completed later this year, it will hold 1,175 apartments, more units than any other building in New York City.
With all this development in the area, be on the lookout for some serious pressure being put on city officials to reconsider the planned 42nd Street and 10th Ave subway stop on the 7 line.