Excavation is underway at 141 East 47th Street, the site of a 35-story residential tower in Midtown East. The 183,310-square-foot project is designed by Ismael Leyva Architects and developed by Silverback Development. The latter was brought on by Hopson Development Holdings, which purchased the parcel for $115 million in December 2019 from the original developers, New Empire Real Estate. Located between Park Avenue and Lexington Avenue, the development is set to yield 200 units and cost $250 million.
YIMBY last reported on the building in late November 2018, when the site still sat vacant and overgrown. At the time, the fate of the original building, which was to stand 49 stories and contain 122 units, was uncertain. Now, photos show machinery busily unearthing the site and gradually descending below street level. Four buildings had to be demolished to make way for the new structure.
A new updated rendering was also spotted on the construction fence. The design features a darker color palette and series of setbacks culminating in a multifaceted crown reminiscent of the Art Deco styling. Though it likely won’t reach skyscraper status, 141 East 47th Street will nevertheless complement the neighborhood with classic styling and add vertical density to the cityscape.
The property will contain homes ranging from studios to two-bedroom units, averaging $1.5 million apiece. It will also yield 5,000 square feet of ground-floor retail space.
141 East 47th Street is now slated to be completed in 2022.
