The Dermot Company and its partner, the AFL-CIO Building Investment Trust (BIT), have broken ground on a 43-storey building, located at the southwest corner of West 61st Street and West End Avenue in New York, US.
The building, known as 21 West End Avenue, is first of the five-building Riverside Center Master Development plan approved in December 2010.
It will feature 616 rental apartments, with a mix of studio, one-bedroom, two-bedroom and three-bedroom apartments.
The building will also feature more than 30,000ft² of amenities for residents, a four-storey, 112,440ft² New York City public school, and 23,725ft² of retail space.
The school will feature education classrooms, a gym and auditorium, a science laboratory, a library and two open play areas on separate roof terraces.
Upon completion, 21 West End Avenue will also feature a 60ft swimming pool and separate hot tub.
In addition, it will include a 21,000ft² fitness centre, a yoga and dance room, a private wine bar and lounge, a children’s play area, a hobby room, and a dog grooming area.
The Dermot Company COO Stephen Benjamin said: "We believe that 21 West End Avenue will generate strong interest for renters on the Upper West Side and the new public school will be a great benefit for the building residents and others in the neighborhood."
US-based SLCE Architects will be the architect for the building, while ICRAVE will design the interiors and amenity spaces.
Aecom’s subsidiary Tishman Construction will be the construction manager for 21 West End Avenue, which is expected to be completed by June 2015.
The project is expected to cost $420m and will be built under the New York State Housing Finance Agency’s 80/20 Program.
The Dermot Company said that the $275m bond offering will be used to finance the construction and lease-up of 21 West End Avenue.
Image: After completion, 21 West End Avenue will feature 616 rental apartments and over 30,000ft² of amenities. Photo: PRNewsFoto/The Dermot Company, Inc.