Extell Looks to Religion to Build Its Next 57th Street Supertall Tower
The possible skyline in 2018, via CityRealty
In the past, it was street names like Park Avenue and Central Park West that signaled a building’s wealth and prestige, but these days it’s gotten confined to a much shorter thoroughfare, 57th Street. Appropriately dubbed Billionaires’ Row, the stretch has gotten much heat lately for its influx of supertall towers casting shadows on Central Park just to the north.
Three of the towers in this sky-high lineup belong to Extell Development: the under-construction Nordstrom Tower at 217 West 57th Street, which will be the tallest residential building in the world when completed; 111 West 57th Street; and everyone’s favorite One57. But now, as Crain’s reveals, Extell is looking to expand its 57th Street portfolio with the site of the current Calvary Baptist Church and the Salisbury Hotel at 123 West 57th Street, on the same block as 111 West 57th and One57. As the paper reports, the church “will soon decide whether it will sell its sanctuary and 197-room hotel” to the developer.
Skyline rendering of the Nordstrom Tower via NY Yimby
Extell has already bought “three other buildings surrounding the church and is currently negotiating buyouts with rent-regulated tenants.” Crain’s also notes, “If Extell were to tear down the church, the hotel and the three buildings, a structure of at least 325,000 square feet could be built there, according to a rough estimate based on city zoning documents and not accounting for any zoning bonuses offered for the inclusion of affordable housing or improvements to nearby subway stations.”
One57 © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)
In addition to One57’s 1,000-foot height and 111 West 57th Street’s 1,400-foot height, the new site could also potentially reach heights of up to 1,000 feet thanks to air rights leftover from One57. Though many are upset by the potential for another supertall luxury tower that will likely feature homes on par with One57’s $100 million penthouse, as long as Extell keeps within the maximum allowable density for the block, they can build as high as they’d like without public approvals.
The church is expected to vote on the sale, which could fetch upwards of $100 million, by the end of the year, factoring in “maintenance costs, the economics of running a hotel and a dwindling capital fund.”
[Via Crain’s]
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