Billionaire Developer Announces Plans for 42-Story Mixed-Use Tower
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Sheldon Solow—who owns one of the city’s most expensive office buildings, 9 West 57th—has filed plans for a 42-story mixed-use tower as part of a $4B development project along Manhattan's East River. The reclusive billionaire developer's (pictured here with Colliers ABR chair Mark Boisi) new 700k SF, 550-unit apartment tower will be built on a parking lot at 685 First Ave, across from Solow’s own long-vacant development site that he bought for $109M in 2005. The tower will have 10k SF of retail and 56k SF for manufacturing. The building will join Solow’s portfolio of properties along the East River. However, Solow sold off portions of the sites in recent years, including a $33.25M site at First Avenue and 35th Street. He then sold the rest of that block for $172M in 2013 to JDS Development, which is building an 800-unit tower at 626 First Ave. [TRD]