Plans for a residential tower by Skidmore Owings and Merrill to sit on the corner of East 57th and 2nd Street in New York could finally be going ahead.
The 1.5 acre site, which is owned by the municipal authorities in New York, is located in the Big Apple's midtown and currently grossly underutilized compared to its appealing location making it the perfect space for a new tall building.
The plans will see a 59 storey building with 300 new apartments and 20,000 square metres of retail space on the lower levels developed by the World Wide Group who have negotiated a 75 year lease for the city from the city authorities.
In return the developer will replace the aging the High School for Art and Design with two new schools, one elementary and the other a high school with 40% more space than its predecessor and also other amenities like a new gallery. In all New York City's authorities estimate the deal could deliver planning gains worth up to $4.2 billion.
To pay for this, the World Wide Group are clearly pitching the apartments within the building at the upper end of the market going for architecture sure to be noticed and an apartment specification that is sure to rival the best in Manhattan for luxury.
The plans will see a distinctive building that could be compared to Fosters chamfered Hearst Building on steroids. Intersections slice into the skyscraper so deeply that from angles the illusion is created whereby the body of the building has almost no width and breadth and should fall over.
There's no date on when work will begin, but NYC is sure to want their big pay out from the developers and smooth things over as much as possible to see it happen.