A proposed 57-story residential tower designed by SOM’s Roger Duffy at the corner of Manhattan’s East 57th Street and 2nd Avenue is seeing new life after laying low through the recession. The Observer reported today that the 250 East 57th project, announced in 2006, will begin construction this year now that developer World Wide Group has filed new construction papers with the city and began clearing the site.
AN previously reported how the project is a partnership with the New York City School Construction Authority to extract the air-rights value beneath the city’s school properties. In this case, developers of 250 East 57th paid the Department of Education $325 million for a site lease and agreed to rebuild P.S. 59 adjacent to the tower’s site, including roof terraces and a large astroturf play area. Roger Duffy told AN at the time, “A lot of school sites in New York remain underdeveloped in terms of FAR (floor-area ratio).” The school opened in September 2012.