The Department of Buildings has approved the demolition of four commercial properties on a prospective development site near the Related Companies’ Hudson Yards megaproject recently purchased by the Chetrit Group, according to records filed on the DOB’s website today.
The razing of the buildings will likely pave the way for Chetrit to build a new tower on the site, which is comprised of four adjacent lots at 541-545 West 37th Street and 540-544 West 38th Street.
The site has 172,813 square feet of “as-of-right” development potential, and up to 373,275 square feet of development potential through additional incentives, some of which may be offered through the city’s District Improvement Fund.
Chetrit acquired the properties for $26.5 million in October 2012, as The Real Deal reported.
The company could not be reached for comment on its plans for developing a new building at the location.
The site was formerly the subject of a legal battle between its former owner Baruch Singer and Singer’s lender Fortress Credit. Fortress filed to foreclose on Singer’s property in 2008 and finally took title following a foreclosure auction in 2012. city records show.