By: Benyamin Davidsons
Real estate developer Sedesco wants to make a deal with the city. The firm is offering to give the city two new subway elevators in exchange for increasing the square footage at its proposed new Billionaires Row skyscraper at 41–47 W. 57th St. The Turkish Real Estate company, founded in 2009, wants to increase its size at the tower by 52,000 square feet.
As reported by Crain’s NY, Sedesco has applied with the city’s new Zoning for Accessibility program, through which developers can make major transit improvements for people with disabilities in exchange for more building allowances. The firm proposed building two elevators at the southwest corner of West 56th Street and Sixth Avenue providing access to the F line’s 57th Street station. In exchange, it asks for added floor area at its planned 63-story building, designed by Dutch architecture firm OMA.
“As part of the development we are excited to include a commitment to make the 57th Street F station accessible to people with disabilities,” said Derek Gilchrist, a partner at the firm. “We believe in New York City and are eager to contribute to its recovery as well as make it more accessible for those that live, work and visit here. We look forward to going through the public approvals process and engaging with stakeholders about our plans.”
Currently, the zoning restrictions stipulate that the building bonus is only available on the sites actually adjacent to subway stations in Downtown Brooklyn and in Manhattan’s busy commercial districts. If the City Council approves the changes, then the Zoning for Accessibility program could also include bonuses for sites that are within 500 feet of a station. Sedesco’s 1,100 -foot-tall property is 250 feet away from the 57th Street station.
Since 2012, the developer has already spent roughly $223 million purchasing 41 W. 57th St. and 50 W. 58th St. and buying out a ground lease. It already has permits to demolish the buildings. If granted the additional space requested, the proposed tower would have 119 apartments spanning the 237,110 square feet of residential space. It also would include 205,976 square feet of commercial space for 158 hotel rooms as well as a 10,212-square-foot restaurant, as per Crain’s.
If the rezoning is denied, then the plans will be cut to a total of 385,706-square-foot for the mixed-use building. The developer said that construction is slated to begin on the property next year, and the building is expected to open for business by 2026.