Sedesco seeks transit bonus to build 443K sf mixed-use supertall on Billionaires’ Row

Developer Sedesco, an affiliate of the Turkish firm Sedes Holding, filed an application seeking an authorization which will ultimately help facilitate the construction of a 443,087-square-foot mixed-use building with 119 residential units and 158 hotel rooms at 41-47 West 57th Street in Midtown.

The authorization will allow the developer to gain additional floor area for mass transit station improvements which would provide a floor area bonus of 52,075 zoning square feet for the proposed development. Additionally, the developer proposes improvements to the adjacent F train’s 57th Street Station in exchange for the floor area bonus.

If authorized, the bonus would help facilitate the development of the mixed-use building which would contain approximately 237,110-square-feet of residential space and 205,976-square-feet of commercial space, as well as a 10,212-square-foot restaurant.

According to the plan, the building would be up to 63 stories and 1,100 feet in height (including the
bulkhead). It would occupy the entire zoning lot with street frontages along West 57th Street and West 58th Street.

The developer spent years acquiring the Billionaires’ Row assemblage, including the $80 million purchase of 41 West 57th Street in 2018, and a $71.5 million purchase of 50 West 58th Street in 2012.

The developer recently filed demolition plans at the site, signaling plans could be on the way.

In the event that the zoning authorization is not given, the developer intends to construct a 385,706-square-foot mixed-use building including approximately 205,904-square-feet of residential space and 179,802-square-feet of commercial space, according to the application.

Correction: A prior version of this post said this was a rezoning, when in fact it is an authorization to provide additional FAR in exchange for building elevators.