Gary Barnett’s Extell Development is planning on adding a dormitory to its new $500 million mid-town Manhattan residential development. This was first reported in the New York Observer.
Located at 547-555 10th Avenue along 41st Street, the new development will be a 52 story tower with a total of 710, 907 square feet.
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Extell is reportedly negotiating with several different Manhattan universities about adding dormitory space for 300 people to the tower for their students. The dorm units would be located from the second to seventh floors of the building.
While its residents would enter the building through its main entrance on 10th Ave, the students would use a separate entrance on 41st Street. Gary Barnett was cited as saying that the plans for dormitory space are intended to fulfill a requirement for his new building to include a community facility. The dorm area would fulfill this requirement.
The tower will have 600 residential apartment units, 120 of which are slated to be reserved for affordable housing under New York City’s 80/20 plan where a developer can earn tax breaks by earmarking 20% of a new building’s apartments as affordable.
The new building will offer residents a bowling alley, a dog washing station, an indoor pool, a yoga facility, a bowling alley, a children’s lounge and a gaming lounge. It will also have a rooftop pool with a cabana, a birch grove, club room, an indoor/outdoor fireplace and a dining area.
Unfortunately for the students, all of the above amenities will only be for use of the building’s residents and will not be offered to them.
The foundation of the tower is near completion. The project is expected to be completed by the summer of 2016. It was designed by SLCE Architects and Extell also acquired the air rights above the neighboring church.
