Silverback Development Plans $250 Million Condominium Tower Project in Midtown Manhattan
NEW YORK CITY — Silverback Development, a New York City-based developer, has released its plans for a $250 million condominium building in midtown Manhattan.
Located at 131 E. 47th St., the 200-unit building will rise 500 feet and will feature 5,000 square feet of ground-floor retail space as well as several landscaping features and sky lounges. Silverback Development is undertaking the project in partnership with Hong Kong-based Hopson Development Holdings.
The property is situated four blocks southeast of Rockefeller Center. The developers plan to include a technologically advanced management system, advanced digital security systems and fully integrated home automation.
“The market in midtown Manhattan will see continued demand as it is at the epicenter of corporate headquarters, national landmarks, renowned cultural institutions and Michelin-starred eateries,” says Josh Schuster, managing principal at Silverback Development.
Hopson Development Holdings (SEHK: 754) acquired the building site from New Empire Real Estate Development late last year. New Empire had previously planned to construct a 122-unit multifamily project on the site, but plans stalled after the existing buildings were demolished in 2016. The site has been vacant since then. Hopson has more than 70 commercial real estate projects, manages more than 10 large urban complexes, and has an operating area of nearly 28 million square feet.
Ismael Leyva Architects designed the project. Construction of the new tower is slated to begin in August of this year, with completion expected in 2022. Unit pre-sales are scheduled to begin in 2021.
— Alex Patton