Compared to the sound and billionaire fury of One57, Extell Development’s residential project at 543-551 10th Avenue in Hell’s Kitchen is coming along quietly.
We tromped out to the development site between 40th and 41st streets, which is set to grow a 600-unit rental building, according to the Wall Street Journal. One-fifth of the units will be reserved for affordable housing.
Gary Barnett’s Extell paid $16.46 million for almost 140,000 square feet in air rights from the Roman Catholic Church of Saint Raphael, The Real Deal reported. The new tower will cantilever over part of the church’s property at 502 West 41st Street.
Barnett acquired a 99-year ground lease for the land in August 2011 from the estate of Sol Goldman.
Here’s a rendering of the project from construction signage, which says the completion date is June 2016:
As you can see, the development site is right next to the church: