Billionaires’ Row Developer To Build MTA Subway Elevators

Under the new NYC Zoning for Accessibility law, Sedesco, a Turkish developer planning a 63-story mixed-use tower at 41-47 West 57th Street along Manhattan’s Billionaires’ Row, has agreed to build two new elevators at the Metropolitan Transportation Authority’s (MTA) 57th Street Station, which serves the F train, AM NY reports. The accessibility upgrades are in exchange for more than an acre of extra floor space in Sedesco’s planned supertall, designed by DUMBO-based OMA and set to include a ground-floor restaurant, a 158-room hotel and 119 apartments within 318,173 ft². The source said Sedesco is the first private company to take advantage of the recent city zoning law change that incentivizes developers to make transit accessibility upgrades in exchange for up to 20% more square footage. Acting MTA Chair and CEO said the announcement is “proof that MTA’s historic Capital Plan. . . and partnering with private developers will allow the authority to modernize the entire transit system as quickly and efficiently as possible.” Construction is expected to take approximately four years after groundbreaking this year. It is unclear whether the elevators will be built by anticipated completion in 2026 or afterward.