Townhouse begins construction of new residences

Real Estate Weekly, Oct 3, 2001

Townhouse Management Company has begun construction to create luxury residences, a hotel and gourmet restaurant at 113 West 42nd St., an existing 22-story, 50,000-SF tower located on the northwest side of 42nd Street and Sixth Avenue, not far from Broadway. Isaac Mizrahi, the noted fashion designer, and H. Thomas O'Hara, a distinguished architect, have been retained to provide the project's creative direction.

Plans presently filed with the city call for 27 apartments consisting of 18 one-bedroom units, eight studio units and a triplex penthouse. (Alternate plans permit the creation of full-floor and duplex units.)

A number of the units will have views of Bryant Park, both rivers, and Times Square, and all will be fully equipped with the latest in fiber optics and home control units. The building will have a 24-hour, concierge-attended lobby, a full-floor spa, a gymnasium, and a fashionable 4,000-SF ground-floor restaurant offering three meals a day and room service. The condominiums and restaurant are expected to be completed by next summer, becoming an integral part of Times Square's revitalization.

The apartments, which are expected to attract corporate as well as individual buyers, will range from 532 SF for the smallest studio to 850 SF for the largest one bedrooms to over 4,000 SF for the penthouse. Several apartments will have a balcony or terrace. The developers have applied for permission from the New York State Department of Law to conduct a market test for the units. (This is not an offer of the apartments for sale. Apartments will be offered for sale only by a prospectus approved by the Attorney General).

Asking prices range from $691,000 to over $5 million for the three-bedroom penthouse with terraces. Model apartments designed by Mizrahi will be available for viewing in the fall. Apartments are expected to be ready for occupancy in the spring of 2002.

The Maidmans are considering marketing all or part of the building as super-luxury hotel units designed by Mizrahi. The lobby, apartments and hotel rooms would incorporate the energetic colors, witty touches and sleek, classic, modern lines that are the hallmark of Mizrahi's designs. The Maidmans are also discussing the possibility of a long-term lease to a company that would furnish the units and market them for daily or longer stays.

William Maidman, the patriarch of the Maidman family, purchased the building in 1952. Richard Maidman, William's son and Chairman of Townhouse Management, said that this project has been too long in the waiting.

"The building was vacated in 1971 as part of Seymour Durst's (Douglas' father) grand West Side development scheme, but he failed to close on that contract," said Richard Maidman. "Since that time, we've been waiting for Times Square's renaissance."

William's grandson, Mitchel Maidman, the chief operating officer of Townhouse Management, praised this project because it "fulfills the Maidmans' long-held aim to contribute to the revitalization that is underway in the Times Square area."

The existing tenant at 113 West 42nd St., an adult bookstore, will be permanently closed this summer, leaving only one adult bookstore on 42nd Street east of Times Square (in a building controlled by Durst's Royal Realty Corp.)