Silverstein Drops $100M-Plus for Hell’s Kitchen Site
Silverstein Properties just closed on a $100M-plus buy of 514 11th Ave. The plan is for a 900-unit tower that could be over 1,000 feet tall. Multiple concepts for the site have been released by Silverstein, so we’re not holding our breath that the rendering above is exactly what will be built. (The Seahawks only needed a yard, and they still lost, so getting approval for 1,000 feet won't be easy.) The contract for the sale has been in the works since 2011. Right now there’s a land-use review underway to change the commercial zoning on the site, which straddles the labyrinth of ramps feeding into the Lincoln Tunnel between 40th and 41st streets. The seller of the lots was Mercedes-Benz, which has had a dealership there.