Gotham seeks additional floor area for 453-unit development planned in Hudson Yards

Gotham Organization has submitted a private application for a Department of City Planning Chair certification pursuant to ZR 93-31 for a District Improvement Fund bonus, to increase the permitted floor area ratio at its planned 453-unit, 428,208-square-foot mixed-use building at 550 10th Avenue in Hudson Yards.

Floor area ratio (FAR) is the total floor area on a zoning lot, divided by the lot area of that zoning lot.

According to NYC Department of City Planning, the Hudson Yards District Improvement Bonus (DIB) provides additional floor area of up to 8 FAR for sites within certain subareas of the Special Hudson Yards and Special Garment Center Districts. To obtain the bonus an applicant would make a per square foot of bonus contribution to the Hudson Yards District Improvement Fund (DIF). The price of the bonus is adjusted every August as per the U.S. Department of Labor’s Consumer Price Index and currently stands at $125.36 per square foot.

According to the zoning resolution, floor area ratio may be increased to the maximum amount specified in Row B (in the table pictured below), pursuant to Section 93-31 (District Improvement Fund Bonus) or the transfer of floor area or increase in the amount of floor area from the Phase 2 Hudson Boulevard and Park.

On January 22, Gotham Organization filed a permit application for construction of a 520-foot tall, 47-story, 428,208-square-foot mixed-use building with 453 units at 550 10th Avenue in Hudson Yards. Bryan Kelly, president of development at Gotham, filed the plans.

The development is part of an overall joint project with the Covenant House. Covenant House is a charity group that helps homeless youth.

No permits have been issued yet.