NYC’s Most Interesting Real Estate Development?

nyc real estate development pyramid tower

Famed architect Bjarke Ingels is in the process of getting his new NYC real estate development project off the ground. If you haven’t heard about his proposal for a “Pyramid Tower” on West 57th than you are missing out. The building’s design had been under wraps for a while before he released it to the public in 2011. The property is owned by Douglas Durst who had trouble deciding what to do with it. The space is deemed prominent due to its location right on Hudson River Park.  It took months of paperwork and reviews to get the unique building approved but finally it was at the very end of 2012.

Amanda Burden the City Planning Commissioner had said before voting to approve the design “Our approval will facilitate development of a significant new building with a distinctive pyramid-like shaped design and thoughtful site plan that integrates the full block site into the evolving residential, institutional, and commercial neighborhood surrounding it.” The building contains 753 apartness and due to its pyramid shape tapers off from 8 stories to 3 stories. The building includes a relatively enormous courtyard that allows for every apartment to have outdoor space.

nyc real estate development pyramid tower 2The issues that arose during the review process mostly involved the buildings ground floor space and it’s appearance from those walking. Matt Chaban from the NY Observer explains in more detail, “The commission required a few modifications to the project, dealing primarily with how it is experienced from the street. There is a limit on the amount of signage and obstructions that can go in the windows of the retail lining 57th Street and the West Side Highway, to ensure transparency and a sense of activity that does not obscure what is going on inside.” The same issue occurred when discussing the 58th street side.

The building is being built through NYC’s 80/20 program which requires 20% of the apartments be reserved for low and moderate income families while the rest remain market price. Some debate and skepticism lies around this issue, however the building continues to be a go. quotes Durst, “We are thrilled with today’s vote and are grateful to the City Council and especially Council member Brewer,” said a Durst spokesman.”Today’s approval will pave the way for one of the most exciting and innovative designs to hit New York’s skyline in a generation.”

Not much has been heard of the building since early 2013. However in these months we can only hope to assume funding, and logistics are being worked on. We are looking forward to hearing more.

By G+ Author: Victoria Granden.

Victoria Granden

I enjoy blogging about real estate tips and tricks in my free time.