(ABOVE) Corcoran Sunshine Marketing Group has been tapped for a residential spire next to the Museum of Modern Art.
Stirrings of life on $126M site next to MoMA
Developer Hines taps Corcoran Sunshine to market and sell units in its long-stalled 1,050-foot tower next to the museum on West 53rd Street.
By Amanda Fung
May 21, 2012
The developer of the planned Jean Nouvel-designed, residential spire next to The Museum of Modern Art in midtown has retained Corcoran Sunshine Marketing Group as its exclusive sales and marketing agent, a sign that the stalled project is again moving forward.
The tower, to rise at West 53rd Street between Fifth and Sixth avenues, was first announced in 2007 but was put on hold like other major new projects across the city due to the recession. Last year, however, the project's developer Hines filed updated plans for the 1,050-foot tower and those plans were approved by the City Planning Commission. Details of the plans could not be obtained immediately.
"Corcoran Sunshine has always had a great relationship with Hines, a longtime client of the firm, and for the past several years we've been working on the planning and design of this landmark property," said Kelly Kennedy Mack, president of Corcoran Sunshine, in a statement, declining to elaborate on the project. "It will be the ultimate destination for the world's most elite buyers."
Hines declined to comment.
Originally the developer wanted to build a 1,250-foot tower but that plan was rejected by the City Planning Commission. The revised plan did not need to go through the public city review process again because it fell within the building guidelines that were established and approved in 2009.
It is unclear what Hines' current plans for the tower are and what the building will look like. According to published reports, the updated plans for the tower call for a 78-story building with 480,000 square feet of apartments atop a 92,000-square-foot hotel. It will also include space for MoMa as well as a restaurant space. Hines closed on the purchase of the 53 W. 53rd St. site from MoMa for roughly $125.5 million five years ago, according to public records.
Separately, in another coup for Corcoran Sunshine, it was announced Monday that the firm will work on a new major condo development out in the Hamptons. Cape Advisors Inc. the developer behind the residential conversion project of the historic Bulova Watchcase Factory in Sag Harbor tapped Corcoran Sunshine as the project's exclusive sales and marketing agent. The former factory, built in 1881, has been vacant since 1979 and Cape Advisors has been restoring the building into a 64-unit condo building with studios to four bedrooms, penthouses and townhouses. Sales will start early next year.
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