JV Plans West Side Development

NEW YORK CITY-Clinton West, a condominium development, will be the first development over the Amtrak rail lines in more than 30 years. Clinton Mews Development Group LLC, a joint venture of Second Development Services and Procida Realty & Construction Corp., purchased 516 West 47th St. for $55 million.

The joint venture plans 149 condominium apartments fronting both 46th and 47th streets between 10th and 11th avenues in the Clinton District. The site was previously an open-aired parking lot. The complex, which is slated to open in the late summer, will sit on a newly constructed $5-million concrete platform that will serve as a foundation system and mitigate sound from the rail lines. A spokesperson for the developers tell GlobeSt.com that while building over the rail lines costs slightly more, it is not a substantial amount and that SDS/Procida was attracted to the area because the neighborhood is mostly rental and there is a market demand for condos. Price points have not been established yet because there is no offering plan at this time.