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After the sale of the Carnegie Hotel to Vornado in 2006, Parkview set its sights on a development site on West 47th Street in the then-up-and-coming Hell's Kitchen neighborhood. Two prior developers had deemed a build at the site impossible due to a unique engineering challenge: active Amtrak underground railroad tunnels below required above-ground venting, and could pose a noise issue for residents.
Yet Parkview saw potential for 108 new homes to be built on the half-acre site, and they were willing to literally move mountains to make it happen. To set the stage for the buildings to rise, major rock excavation was conducted from the area surrounding the underlying train tunnels, and specialized venting equipment was installed to disperse the exhaust above ground. They also managed to build a soundproof platform that insulated the buildings such that no noise would be perceptible from trains running underneath.
Two seven-story buildings connected by a central garden with wood-planked walkways and a glass-walled fitness center rose from the new base, with Parkview overseeing financing, design, construction, and marketing. Sales began in 2007, and the building was 90% sold by the time move-ins began in the summer of 2009.
After many deals fell through during the mortgage crisis, the building sold through a second time. The new condos were fetching $1,000 per square foot - high for the neighborhood at the time, yet still relatively affordable for Manhattan. As of 2017, the going price per square foot in the building was 50% higher than the original price, representing a sound return on investment for the building's first buyers.
After the sale of the Carnegie Hotel to Vornado in 2006, Parkview set its sights on a development site on West 47th Street in the then-up-and-coming Hell's Kitchen neighborhood. Two prior developers had deemed a build at the site impossible due to a unique engineering challenge: active Amtrak underground railroad tunnels below required above-ground venting, and could pose a noise issue for residents.
Yet Parkview saw potential for 108 new homes to be built on the half-acre site, and they were willing to literally move mountains to make it happen. To set the stage for the buildings to rise, major rock excavation was conducted from the area surrounding the underlying train tunnels, and specialized venting equipment was installed to disperse the exhaust above ground. They also managed to build a soundproof platform that insulated the buildings such that no noise would be perceptible from trains running underneath.
Two seven-story buildings connected by a central garden with wood-planked walkways and a glass-walled fitness center rose from the new base, with Parkview overseeing financing, design, construction, and marketing. Sales began in 2007, and the building was 90% sold by the time move-ins began in the summer of 2009.
After many deals fell through during the mortgage crisis, the building sold through a second time. The new condos were fetching $1,000 per square foot - high for the neighborhood at the time, yet still relatively affordable for Manhattan. As of 2017, the going price per square foot in the building was 50% higher than the original price, representing a sound return on investment for the building's first buyers.
The 505 - Ground-Up Condo Development