Thats two 700ft'rs. The other one being "470 11th Ave".
Hudson Yards Is Gonna Get Another 700-Foot-Tall Tower
Friday, April 11, 2014
A developer is planning a 700-foot-tall tower for the Hudson Yards area—the second in as many days announced for that swath of the far West Side. Here's the down-low on this one, as per Crain's: Maddd Equities (yes, with that many d's) just secured a parcel on the northwest corner of Tenth Avenue and 35th Street and plans to erect a 415,000-foot-structure there. The lower levels will contain a high-end hotel or office space, while apartments would occupy the upper floors. The developer is also working on a hotel project across the street at 450 Tenth Avenue, which will be a Four Points Sheraton, as well as a 140-unit rental in Long Island City.
Yet another 700-foot West Side tower unveiled
A huge building boom is gaining steam in Hudson Yards, the neighborhood west of Penn Station where millions of square feet of commercial and residential space are already rising. Maddd Equities, a real estate firm that has developed several residential projects in the city, has signed a 99-year lease for a site on the northwest corner of West 35th Street and 10th Avenue. There it plans to build a 415,000-square-foot tower as tall as 700 feet, that would include either hotel or office space on the lower floors and residential units above.
"There's going to be a residential component and we're strongly looking at hotel and possibly office space as well," said Eli Weiss, an executive at Maddd Equities. "Everyone right now is buying up parcels in this area and figuring out the best mix for maximizing their value."
Mr. Weiss said he could not disclose how much the firm is paying for the leasehold that gives them control of the development parcel.
The deal comes as the firm is about to break ground on a hotel project just across the street at 450 10th Ave. That project, Mr. Weiss said, will be a Four Points Sheraton Hotel. Mr. Weiss explained that the hotel the firm may develop at 451 10th Ave. would likely be a higher-end brand.
The deal is among several large development transactions that have been signed in the Hudson Yards area recently. As Crain's reported Thursday, the development firm Black House, just acquired 470 11th Ave. where it plans to raise a 700-foot tall hotel and residential condo tower.
Former governor Eliot Spitzer also just bought a parcel late last year next door to Maddd Equities' purchase, 511 W. 35th St. for $88 million, according to reports. It is rumored that Mr. Spitzer has been exploring a deal to expand that parcel by buying neighboring properties, including the building just to the north of Maxxx Equities' site. A spokeswoman for Mr. Spitzer declined to comment on that deal.