Developer Hersel Torkian’s ABH Realty Group is planning to turn a midtown Manhattan Garage into a residential building, New York Yimby reported. The firm paid more than $44 million in total for both the property and additional building rights.
Last Tuesday ABH filed plans to construct a 35 story residential building on the site of ICON parking garage in Midtown at 38-46 West 33rd Street, between Fifth Ave and Broadway, just to the southeast of Herald Square. The firm acquired the eight story parking garage that currently has space for 325 cars back in 2007 for $30 million. Torkian also paid an additional $13.2 million for the air rights above the property’s neighbor, a nightclub called Rick’s Cabaret.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
Another $1.65 million was spent on the air rights above the storefront on the other side of the garage.
The new building will have more than 220, 000 square feet of space, with 202 apartments spread over 170, 000 square feet of net residential space. There will also be a small 4, 300square foot retail space, a 40-car garage and common and mechanical space. It will reach a height of 385 feet.
Stephen B. Jacobs Group are the architects of record. It is not clear yet whether or not the new apartment building will be for rentals or if it will be sold off as condominiums.
There are no renderings yet available for the project and also no word on what the cost of construction will be, when it will begin or an estimated completion date.
Under the terms of the building’s sale seven years ago, however, ABH has been making money by releasing it back to the garage.
Brian Ezratty, the vice chairman of Eastern Consolidated who brokered its sale said at the time that, “The property is located on a good Midtown South block, and the buyer is in a favorable position because he can build either a hotel or condominium on the site, or he can do virtually nothing and continue to enjoy operating an income-producing property until market fundamentals change to his liking.”