March 12, 2023 | 1:47 p.m
The conversion, expected to cost $100 million, will begin this summer and conclude in the second quarter of 2024.
The partial residential conversion of the iconic McGraw-Hill building at 330 W. 42nd Street has jumped on the fast track.
Since my colleague Lois Weiss first reported that asset manager Resolution Real Estate was exploring the option in October 2022, “We’ve cleared every hurdle,” said Resolution’s managing partner, Gerard Nocera
The conversion of floors 12 through 34, which Nocera estimates would cost $100 million, will begin this summer.
Completion of 224 apartments is expected during the second quarter of 2024.
The reconfiguration of the Art Deco masterpiece includes the creation of a second lobby and entrance, and the reinstallation of the McGraw-Hill name above the residential entrance. Resolution is working with SLCE Architects on the apartment designs.
No one reading my Jan. 16 column can be surprised that Gov. Kathy Hochul has backed away from the state’s proposal to fund Penn Station improvements with cash taken from the office towers that Vornado will primarily build .
He will now “switch gears” and pursue an “alternative plan” to pay for a new station.
But I noted in January that he made no mention of his plan for a redeveloped Penn area in his State of the State address, even though it was a priority of his administration and that of his predecessor Andrew Cuomo.