New York City, November 16, 2007–The New York City Council voted yesterday to approve plans for 50 West Street, a proposed 63-story, 580,000-square-foot hotel and residential building to be constructed at 50 West Street in the Greenwich South neighborhood of Lower Manhattan. The $600-million project, developed by Time Equities Inc. (TEI) and designed by renowned architect Helmut Jahn, will add a new signature building to the Lower Manhattan skyline and bolster the rapidly developing residential neighborhood in the area south of the World Trade Center site known as Greenwich South.
“This project is a significant milestone achievement for the vision that Mayor Bloomberg set forth for Lower Manhattan which calls for development of a new residential community for Greenwich South,” said Deputy Mayor for Economic Development and Rebuilding Daniel L. Doctoroff. “I want to commend the City Council for its vote for a better future for Lower Manhattan. I am pleased that EDC was able to help to get the project to this point.”
The project will consist of a 155-room four-star luxury hotel with ground floor retail and a restaurant on floors one through 14. About 290 residential condominiums will occupy floors15 through 63. The new building will also feature an enclosed roof garden and lounge on the 63rd floor, and a spa, fitness center, screening room and library lounge in the hotel. A large public plaza along the southern boundary of the project will provide a new landscaped circulation path between West and Washington Streets and facilitate pedestrian transportation to Lower Manhattan from Battery Park City. The project is expected to create about 740 construction jobs and 175 permanent jobs.
“This great project will result in a LEED Gold Certified building to serve as a demonstration of a developer realizing the needs of a community and creating the funds for the infrastructure to serve a growing residential neighborhood,” said Councilmember Alan J. Gerson. “The dedication of these funds to affordable housing preservation in Lower Manhattan shows what can be accomplished when the City Council and the Administration work together on behalf of our constituents. All in all, this is a great first step in the redevelopment of the promising Greenwich South area.”
Following the City’s call for sustainable development, the new building will be the first targeted LEED (Leadership in Energy and Environmental Design) Gold Certified mixed-use building in Lower Manhattan. In addition, recognizing the needs of the community, TEI will create a new mobile computer station with a full-time staff member at nearby PS 89. The new “floating” computer lab will enable the school to convert its current computer room to two new classrooms to alleviate overcrowding in PS 89. The developer will also contribute $5 million to the Department of Housing Preservation and Development’s (HPD) capital budget to be used to preserve affordable housing in Lower Manhattan south of Houston Street. In consideration of the developer’s contribution, the City has committed an additional $2 million to HPD for the same purpose. TEI expects to begin construction in early spring 2008, with completion in 2010.
“We think this project will be an important addition to the extraordinary new skyline currently being created downtown by the world’s leading architects,” said Francis Greenburger, Chairman and CEO of Time Equities. “This building is a symbol of Downtown’s revitalization and the City’s commitment to sustainability and LEED-certified buildings.”
The modern glass tower will bring landmark-quality residential design to Lower Manhattan. Interiors by Piero Lissoni will feature a sophisticated modernist design, a warm color palate and wood and stone finishes. The urban plaza will provide a much needed pedestrian thoroughfare to enhance the connection of Lower Manhattan to Battery Park City.
“50 West Street represents three years of design, planning and close cooperation between Time Equities and the City of New York,” said Phillip Gesue, TEI’s Director of Acquisitions and Development. “In addition to being one of the tallest residential mixed-use buildings in New York City, the Helmut Jahn-designed glass tower will help to reconnect Battery Park City to Lower Manhattan and provide the community valuable amenities.”
“This is a major step forward in the redeveloping of the neighborhood of Greenwich South,” said NYCEDC President Robert C. Lieber. “The development will unify Lower Manhattan with its invitingly landscaped urban plaza which will provide a pedestrian thoroughfare connecting to the southern part of Battery Park City, the Financial District and downtown transportation hubs. I commend TEI for its confidence in the healthy future of Lower Manhattan and thank Councilman Gerson for his support of this important project.”
About TEI
Founded in 1966, privately-held Time Equities Inc. has been in the real estate investment, development and asset and property management business for more than 40 years. With properties in 26 states, four Canadian provinces and Germany, the TEI portfolio consists of approximately 20.4 million square feet of residential, industrial, office and retail property.
About NYCEDC
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.
