The Israel based Elad Group will build a new condominium building over train tracks on Manhattan’s West Side on a site that it acquired for $43 million, according to The Real Deal.
The firm plans a sixteen story condominium apartment tower which will include both market rate and affordable apartments to be situated above an Amtrak line at 505-513 West 43rd Street. That site is currently an empty lot with 20, 030 square feet of space.
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Elad plans to apply for New York City’s inclusionary housing program which it will be eligible for since it is including affordable housing in the new building. That program grants extra square feet beyond regulation limits to participating developments.
But some local area residents were not happy with the proposals for the new building, in spite of the added affordable housing. They feel that at 16 stories it will violate the current height limits in that neighborhood.
Elad Group CEO Yoel Shargian said in a statement that, “Elad is dedicated to the development of architecturally significant residential and commercial properties in New York City, and this new project straddling West 43rd & 44th streets in West Clinton will be no exception. Moreover, this is an especially challenging site as it sits directly over an active Amtrak right-of-way. As such, key Amtrak and NYC Department of Transportation standards and requirements must be met.”
“The design process is underway and we are confident that the end result will be well worth it, both to the residents of the building and to enhancing the surrounding neighborhood, ”
Elad purchased the site from Rhode Island-based Magna Hospitality Group in July. Previous developers had hoped to build a new hotel there.
