Retail

131-141 East 47th Street’s Superstructure Climbs Above Midtown East, Manhattan

Construction has reached the halfway point on 131-141 East 47th Street, a 34-story residential skyscraper in Midtown East. Designed by Ismael Leyva Architects and developed by Silverback Development, the 500-foot-tall structure will yield 200 apartments ranging from studios to two-bedroom units as well as 5,000 square feet of ground-floor retail space with frontage along West 47th Street. Silverback was brought onto the project by Hopson Development Holdings, which purchased the rectangular parcel for $115 million in December 2019 from the original developers, New Empire Real Estate. Structure Tech New York and Cauldwell Wingate are in charge of building the project, which is located between Lexington and Third Avenues.

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Rendering of 258-278 8th Avenue - Courtesy of JJ Operating

Demolition Underway at 258-278 Eighth Avenue in Chelsea, Manhattan

Demolition is ramping up at 258-278 Eighth Avenue, the site of a 12-story mixed-use building in Chelsea, Manhattan. Developed by Alchemy-ABR Investment Partners and Chelsea 23rd Realty Corporation, an LLC affiliated with JJ Operating, which acquired the 40,000-square-foot parcel in 2017, the new building will yield multiple levels of retail space and 190 rental apartments. Breeze is the general contractor and Square Mile Capital and Pacific Western Bank provided $183 million in construction financing for the project, which is located along Eighth Avenue between West 23rd and West 24th Streets. The architect is still unknown.

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