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Construction & Design Residential

Largest rental development in Manhattan is topped out

Executives from The Moinian Group, including Joseph Moinian (center, right) and Oskar Brecher (far right), Tishman Construction, including Jay Badame (center, left), and the Building and Construction Trades Council of Greater New York, including Gary LaBarbera (far right, behind) celebrated the topping out of 605 West 42nd Street (inset left) the largest rental residential development currently under construction in Manhattan.
Executives from The Moinian Group, including Joseph Moinian (center, right) and Oskar Brecher (far right), Tishman Construction, including Jay Badame (center, left), and the Building and Construction Trades Council of Greater New York, including Gary LaBarbera (far right, behind) celebrated the topping out of 605 West 42nd Street (inset left) the largest rental residential development currently under construction in Manhattan.

The Moinian Group topped out of its luxury residential tower, 605 West 42nd Street, last week.

Located at the northwest corner of West 42nd Street and 11th Avenue, the 1,174-unit rental building is currently the largest residential rental development in-construction in Manhattan.

Once complete, the tower will have a 70,000 s/f club with indoor and outdoor pools, spa services and luxury amenities that the developer said will give residents “an unprecedented lifestyle experience.ˮ

Once complete, 605 West 42nd Street will have studios, one-, and two-bedroom units. 939 will be market rate apartments and 235 will be permanently affordable. There will also be penthouse units on the top floors.

“605 West 42nd Street is a shining example of how luxury and affordable housing can still be delivered well in New York City,” said Joseph Moinian, The Moinian Group’s CEO.

“Our tower will feature amenities unmatched by any building in the City, with a unique mix of residences and floor plans – from studios to ultra-luxury penthouses – available to our future tenants.”

Earlier this year, The Moinian Group announced it secured a $539 million loan with the New York State Housing Finance Agency, with credit enhancement from Bank of China and Ullico for its 1.16 million-square-foot luxury residential rental tower. Moinian also announced that SL Green will be participating as an investor in the project.

“We are thrilled to celebrate this topping out milestone and look forward to the successful completion of Manhattan’s largest residential rental development currently under construction,” said Jay Badame, president and COO of New York, New Jersey and Pennsylvania for Tishman Construction, an AECOM company. “Congratulations to everyone who has worked together to bring this building to life.”

The base of the building will be comprised of approximately 30 foot high, 20,000 s/f of ground floor retail space, as well as a large below grade retail space, with 200 feet of frontage on 11th Avenue, parking garage spaces, and an expansive motor court drive. “The Moinian Group strives to not only offer maximum luxury to all of its tenants, but to provide an overall lifestyle, and 605 West 42nd Street will be no different,” said Natasha Vardi, senior vice president of residential Properties at The Moinian Group.

“Our development will satisfy the high demand for luxury housing in this area which will continue to increase as the development in Hudson Yards District nears completion in the coming years.”

605 West 42nd Street rendering
605 West 42nd Street rendering

The building, which is slated to begin pre-leasing in spring 2015, also includes a grand lobby, lounges, public spaces, a restaurant featuring outdoor dining, and approximately 20,000 s/f of professionally landscaped terrace and deck space all designed in collaboration with the Rockwell Group and Thomas Balsley Associates.

Residents will have views of the Hudson River, Central Park, Times Square, and the Empire State Building, as well as the emerging Hudson Yards District.
Goldstein Hill & West Architects, LLC, designed the glass-façade building, which is slated for completion in 2015.

The Moinian Group will also begin construction on 3 Hudson Boulevard, a 1.8 million-square-foot, LEED Platinum tower in the heart of the Hudson Yards District.

The new tower, designed by FXFOWLE architects, will be located on 11th Avenue between West 34th and West 35th Streets. Marking the next phase of The Moinian Group’s four million buildable square foot development pipeline, on Manhattan’s West Side.

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