The development rights-rich lot located on the northwest corner of 69th and Amsterdam, vacated in recent years by Lincoln Square Synagogue to move to its brand new digs down the street, has found a buyer. SJP Properties and Mitsui Fudosan have partnered to develop the lot into a 600-foot-high luxury residential condominium tower of nearly 400,000 square feet.
How tall is 600 feet do you ask? For some context, each of the towers at the Time Warner Center is 750′ tall and 15 Central Park West is 540′ tall. But it’s important to note that those two buildings are at Columbus Circle, which is denser than Lincoln Square and surrounded by much taller buildings. The upscale rental building Aire, which is the tallest building in the vicinity, two blocks south, is 470′ tall.
So yes, it will be quite tall and large, packing 400,000 square feet of what will be extremely unaffordable housing. At the land purchase price of $750/square foot, I imagine that, in order for this development to be profitable, the cheapest units in this tower will be priced in excess of $2000/square foot.
I bet that a significant chunk of this building will have incredible park and river views – there will definitely be some special apartments at the top of this tower – but you can also bet that the neighborhood NIMBYs (of which there are many on the Upper West Side) will be up in arms about it.
Article can be found here.
Interested in buying in the new development? Contact Digs Realty for 2% of your purchase price cash back at closing.