Carter's Review

This colossal and impressive, rental apartment tower, which is known as River Place, has 921 units and anchors the western end of 42nd Street overlooking the Hudson River at 650 West 42^nd Street.  It is also known as 500 12^th Avenue.

The multi-angled, 41-story tower was developed by Larry Silverstein of Silverstein Properties and designed by Costas Kondylis.

It opened in 2000 and is the first phase of the development of the full block between 11th and 12th Avenues and 42nd and 41st Streets. 

In October, 2007, Mr. Silverstein began construction of the project’s second phase at the eastern end of the block.  That phase is known as "Silver Towers at River Place" and consists of two 60-story residential towers connected by a six-story base. An "80-20" rental project, like its sister building, the 1,359-unit development is the city's largest rental complex currently in development and includes a mix of market rate apartments, corporate housing and moderate and low income units.

"We hope and expect that Silver Towers at River Place will serve as a model for the future of 'balanced' residential communities in New York City," said Mr. Silverstein, adding that "It is exciting when you consider that we are able to create 317 high-quality and affordable apartments in the heart of one of Midtown Manhattan's most sought-after residential neighborhoods."

Like I River Place, the second River Place development was designed by Costas Kondylis and Partners.  It includes a mix of studio, one- and two-bedroom apartments and first-class amenities - a fitness center with an Olympic size swimming pool, spa, lounge, and tenant breakfast facilities, a library, parking for 194 cars, and more than 20,000 square feet of retail.

Mr. Silverstein, who bought the World Trade Center shortly before it was demolished in the terrorist attacks of September 11, 2001, has included valet parking, a 34,000-square-foot fitness center, two outdoor tennis courts, an indoor basketball court, a special events room, a laundry room on every floor and three sun decks at 1 River Place. 

According to a May 12, 2000 article in The New York Times by Rachelle Garbarine, Mr. Silverstein “first envisioned the project in 1984,” adding that "Mr. Silverstein always anticipated that the redevelopment of Times Square, now awash with millions of square feet of new and proposed office space, would ignite the need for housing nearby."

"The site's proximity to the river and to the planned office space three blocks east propelled this development. Little did I know it would take until 1999 to get started," Mr. Silverstein told Ms. Garbarine.

"In the intervening years," the article continued, "the developer waited out a rezoning of the site from industrial use, an unsuccessful lawsuit concerning the change, the recession and the political debate over proposals to use the site for expansion of the Jacob K. Javits Convention Center. The waiting ended last July when the developer, using financing from a consortium of lenders led by the Bank of New York as well as his own equity, started building the first tower, 1 River Place. Because the developer is receiving a 20-year tax abatement from the city under its 421a tax abatement program, 20 percent of the units will be for tenants with maximum annual incomes of $25,545 to $47,770, depending on family size."

In October, 2007, Mr. Silverstein began construction of the project’s second phase, which is known as "Silver Towers at River Place" and consists of two gleaming, glass, 60-story residential towers connected by a six-story base. An "80-20" rental project, like its sister building, the 1,359-unit development is the city's largest rental complex currently in development and includes a mix of market rate apartments, corporate housing and moderate and low income units.

"We hope and expect that Silver Towers at River Place will serve as a model for the future of 'balanced' residential communities in New York City," said Mr. Silverstein, adding that "It is exciting when you consider that we are able to create 317 high-quality and affordable apartments in the heart of one of Midtown Manhattan's most sought-after residential neighborhoods."

Like I River Place, the second River Place development was designed by Costas Kondylis and Partners.  It includes a mix of studio, one- and two-bedroom apartments and first-class amenities - a fitness center with an Olympic size swimming pool, spa, lounge, and tenant breakfast facilities, a library, parking for 194 cars, and more than 20,000 square feet of retail.

"In all aspects of this building, we uphold the highest standards of design, comfort and value," said Lisa Silverstein, Project Developer for Silver Towers at River Place. "From spacious, elegant lobbies to state-of-the-art kitchens and appliances and designer bathrooms in each apartment, Silver Towers at River Place will provide tenants with a luxurious lifestyle generally reserved for condominium dwellers."

Bottom Line

A huge development looming over the Hudson River whose eastern and northern vistas have been considerably eroded by other huge developments.

Description

This red-brick development is has a tall west section and a shorter east section, both multi-angled to minimize the project’s mass.

Its fenestration patter is horizontal to also minimize its mass.

The building has a large space-frame entrance marquee.

Amenities

This building has a 24-hour concierge, a children’s playroom, a billiards room, a sun deck, and a 34,000-square-foot fitness center with a 75-foot-long swimming pool, tennis courts, a basketball court. Also included is a landscaped public park, approximately 25,000 square feet in size and designed by Thomas Balsley & Associates that will separate the two towers. The park features an open lawn area with ample public seating, garden beds and Birch trees as well as an interactive mist fountain for children and a dog park along 41st Street.

Most importantly, the park includes a giant slide created by Tom Otterness, who with Red Grooms is the definitive New York artist whose works are rambunctious and adorable and witty.

Apartments

Apartment 19 on floors 16 through 31 is two-bedroom unit with an entry foyer that leads to a 21-foot-wide, 6-sided, living room with an open, windowed kitchen.

Apartment 28 on floors 2 through 31 is a two-bedroom unit with a 15-foot-long living room with a large bay window and an enclosed kitchen.  Each of the bedrooms also have large bay windows.

Apartment 5 on floors 32 through 41 is a one-bedroom unit with an 18-foot-long living room with an angled window and a pass-through kitchen.

Apartment 1 on floors 2 through 31 is a studio unit with a 14-foot-long, angled, living room with a 9-foot-long alcove and an open, pass-through kitchen and a long entry foyer.

Apartment 2900 is a studio unit with a 19-foot-wide, 11-sided living room and an open kitchen.