The developer filed plans with the city earlier this month for a 725,000-square-foot rental property for a parcel on 537-547 10th Avenue. The tower will reach over 40 stories, and twenty percent of the units will be reserved for low-income renters, the Wall Street Journal reported.
“Rents have been going up in the area over time,” Extell executive vice president Tony Mannarino told the Wall Street Journal, adding that the developer is getting financing for the project and aims to break ground in the spring. “The whole area has been improving.”
Extell secured a 99-year lease for the land from the estate of Sol Goldman. Last August, the firm spent $16.46 million on development and air rights from St. Raphael’s Church, next door to the lot.