Silverstein Properties Builds Second Residential High-Rise on West 42nd Street
Construction has begun on "Silver Towers at River Place," two 60-story residential towers connected by a six-story base at 600 West 42nd Street, the companion to I River Place, a 40-story, 921-unit tower which opened in 2000. An "80-20" rental project, like its sister building, the 1,359-unit development is the city's largest rental complex currently in development and includes a mix of market rate apartments, corporate housing and moderate and low income units.
"We hope and expect that Silver Towers at River Place will serve as a model for the future of ‘balanced' residential communities in New York City," said Larry A. Silverstein, President and CEO of Silverstein Properties, developer, owner and manager of the River Place towers. "It is exciting when you consider that we are able to create 317 high-quality and affordable apartments in the heart of one of Midtown Manhattan's most sought-after residential neighborhoods."
Like I River Place, the second River Place development was designed by Costas Kondylis and Partners. It includes a mix of studio, one- and two-bedroom apartments and first-class amenities - a fitness center with an Olympic size swimming pool, spa, lounge, and tenant breakfast facilities, a library, parking for 194 cars, and more than 20,000 square feet of retail.
"In all aspects of this building, we uphold the highest standards of design, comfort and value," said Lisa Silverstein, Project Developer for Silver Towers at River Place. "From spacious, elegant lobbies to state-of-the-art kitchens and appliances and designer bathrooms in each apartment, Silver Towers at River Place will provide tenants with a luxurious lifestyle generally reserved for condominium dwellers."
Jack Klein, Vice President of Construction for Silverstein Properties, is responsible for overseeing and coordinating construction of Silver Towers at River Place. Gotham Construction Company is the building's general contractor. Located between 41st and 42ndStreets at 11th Avenue, Silver Towers at River Place is scheduled to open in early 2009.
Building a Balanced Community
As an "80-20 project", 80 percent of the apartments (935 units) will be rented at market rates and 20 percent (234 units) will be rented as subsidized housing for eligible New Yorkers. The program - sponsored by the Housing Finance Agency (HFA), NYC Housing Development Corporation (HDC) and NYC Department of Housing Preservation and Development (HPD) - provides tax-exempt financing through housing bonds. On the southeast portion of the site is an adjacent 12-story building with 83 units for moderate-income tenants earning approximately 80 percent of median income. Known as Inclusionary Housing, the program is designed to preserve and promote a mixture of tenants, particularly in areas experiencing increases in market values.
The second through seventh floors in the north tower is designated for corporate tenants. One-hundred and seven units will be rented to corporate users who will have access to all amenities, including daily shuttle bus service to numerous locations in Manhattan as well as hotel-like services.
Design Excellence and Supreme Luxury
The dual tower approach Costas Kondylis and Partners created for Silver Towers at River Place is distinctly contemporary, yet recalls classic New York high-rise architecture with its elegant appeal.
"Our goal was to create a superior urban and residential design solution for a project of impressive scale," said Costas Kondylis. "The dual tower scheme with its unifying central courtyard creates an iconic presence for Silver Towers at River Place in the New York City skyline and along the 42nd Street corridor. The statuesque glass residential towers are subtly articulated to offer exceptional apartment layouts with multiple corner views for residents to enjoy. The attenuated structure becomes more translucent as the glass towers rise - seemingly dissolving - toward the sky from the building's handsome pre-cast stone, metal and glass base."
Entering from 42nd Street, residents will pass through luminous portals on 41st and 42ndStreets into a private courtyard, designed in collaboration with James Carpenter Design Associates to provide a tranquil urban environment for building residents and visitors. A refuge from 42nd Street, the light-filled courtyard will provide residents with a welcoming meeting place animated by the incorporation of prominent art pieces. The interiors of Silver Towers at River Place are designed by Kondylis Design.
Also planned for the site is a landscaped public park, approximately 25,000 square feet in size and designed by Thomas Balsley & Associates that will separate the two towers. The park features an open lawn area with ample public seating, garden beds and Birch trees as well as an interactive mist fountain for children and a dog park along 41st Street. It will further enhance the city's far West 42nd Street area.
A Neighborhood's Revival
In 1984, Larry Silverstein first envisioned the potential of Manhattan's Midtown West area, also known as Hell's Kitchen or Clinton District. That year, he purchased the full square block between West 42nd and 41st Streets and 11th and 12th Avenues. Mr. Silverstein anticipated that the commercial redevelopment of Times Square would ignite the need for housing nearby.
In recent years, the neighborhood, which extends from West 34th Street to 57th Street west of Eighth Avenue to the Hudson River, began to see a transformation from industrial to residential. The area continues to buzz with new construction - luxury condominiums, hotels and rental buildings - to meet the market's demands. For the past three years, I River Place has been 99 percent occupied.
About Silverstein Properties
Silverstein Properties is a Manhattan-based real estate development and investment firm that has developed, owned and managed more than twenty million square feet of office, residential and retail space. In July 2001, Silverstein completed the largest real estate transaction in New York history by acquiring the 10 million sq. ft. World Trade Center, only to see it destroyed by terrorist attacks six weeks later on September 11, 2001.
Silverstein is committed to the redevelopment of the World Trade Center site. On May 23, 2006, Silverstein Properties opened 7 World Trade Center, a 52-story, 1.7 million square foot office tower, at 250 Greenwich Street, just north of the World Trade Center site. In April, 2006, Silverstein Properties started work on the Freedom Tower. In September, 2006, designs were unveiled for three new office towers on the WTC site - 200, 175 and 150 Greenwich Street - that will be developed by Silverstein Properties. Construction on the three towers will begin in January 2008. For more information, visit http://www.wtc.com/.
Costas Kondylis and Partners
Costas Kondylis and Partners, LLP is widely recognized as a leader in the design of complex, large-scale residential projects for private developers and international corporations. Since its formation in 1989, Costas Kondylis and Partners has set the standard for high-rise residential design in New York City.
Costas Kondylis and Partners have made an unmistakable contribution to the New York City skyline with more than 75 major residential towers to its credit. The firm has also completed multiple mixed-use and hospitality projects in New York City, Miami and Boston. For more information, visit www.kondylis.com.
