Silverstein starts work on city's biggest luxury rental

Real Estate Weekly,  Oct 31, 2007  

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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 42nd Streets at 11th Avenue, Silver Towers at River Place is scheduled to open in early 2009.

As an "80-20 project", 80% of the apartments (935 units) will be rented at market rates and 20% (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% 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.

COPYRIGHT 2007 Hagedorn Publication
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