PROJECT COST: $800 Million
Cost-cutting is credited with restarting construction of Related Companies $800 million mixed-used development at 440 West 42nd Street.
Construction of the 1.2 million-sq.-ft. complex was suspended following the economic downtown while the project's development costs were realign with market conditions.
The 59-story glass tower, designed by Arquitectonica and Ismael Leyva Architects, New York, will include over 800 residences comprised of condominiums, market rate rentals and 163 affordable rentals, a 669-room Yotel hotel, the Signature Center, an off-Broadway theater complex, retail space and parking.
Completion of the residential complex is slated for the end of 2011. Construction of the Signature Center will finish in 2012.
Construction costs, originally reported at $1 billion, were reduced by a combination of efforts including a citywide deal between developers and 40 labor unions announced last May. Under the "Economic Recovery Project Labor Agreement," labor and management agreed to cut wages and end expensive work rules at job sites. The project, which will operate under a version of the agreement tailored to its specific needs, is expected to create over 700 construction jobs.
In December 2009 the City of New York announced a partnership with Related Companies and the Signature Theatre Company to build Signature's new home in the complex. The City is contributing $25 million toward construction of the $60 million facility comprised of three theaters, rehearsal studios, offices, a café and bookstore.
The project, which is seeking LEED Silver designation, encompasses the city block at 440 W. 42nd Street between 10th and Dyer avenues.
The close proximity of the Lincoln tunnel exit and the #7 subway line extension, currently under construction, pose logistical challenges for deliveries to and construction of the development, says Robert DeSanctis, Tishman's project executive.
Detailed coordination between the trades is another critical element of the project. Construction of the 24th floor slab and the pads for mechanical equipment including 12 large hot water heaters, seven plate-frame heat exchangers, three large preassembled pump units, and a large emergency generator, provides an example.
"All of this work, plus pouring slab for the 25th floor, was completed within a three-day period," DeSanctis says. "Framing of the 25th floor took place around the equipment."
Completion of the concrete superstructure for the residential tower is slated for August 2010.
Owner: Related Companies, New York
Construction Manager: Tishman Construction Corporation, New York
Architects: Arquitectonica, New York and Ismael Leyva Architects, New York
Theatre complex architect: Frank Gehry, New York
Civil Engineer: AKRF, New York
Structural Engineer: Rosenwasser/Grossman Consulting Engineers, PC, New York
MEP Engineer: Jaros Baum & Bolles, New York
Curtain wall: W&W Glass, LLC, Nanuet, N.Y.
Electrical Contractor: Livingston Electrical Associates, Inc, Flushing, N.Y.
Heating Contractor: Cross Country Construction LLC, Elmsford, N.Y.