This project is well underway. There is now a crane on site and it looks like the foundation is poured. Unfortunately it replaced an ornate prewar building - a shame because there are some real ugly buildings just a block away on Sixth Avenue.
Oh well... on the brighter side, it should be interesting to see rise. I would love to see an actual rendering. Here is a zoning diagram:
Source
Here are a few photos I snapped the other day.
A peak into the foundation:
