A Hudson Yards parking lot could soon see major changes. Sherwood Equities has requested city approval to nearly double the allowable floor-area ratio at 460 Tenth Avenue, paving the way for a roughly 42-story residential tower with over 200 units, including an affordable-housing component. If approved, the site could become one of the neighborhood’s larger new residential developments.
According to Crain's New York Business, Sherwood’s application asks the Department of City Planning to certify an increase in the site’s floor-area ratio from 6.5 to 13. That move would boost total buildable area by nearly 70,000 square feet to about 247,000 square feet, broken out as roughly 228,000 square feet of residential space and about 19,700 square feet of commercial space.
Plans on the table
Marketing materials and schematic plans prepared with Perkins Eastman show a 42-story condominium tower with ground-floor retail and about 233 units, as per JLL. JLL’s offering pegs the parcel at about 17,275 square feet and points to as-of-right zoning that already supports nearly 250,000 square feet of development.
Where the lot fits in the neighborhood
The site spans nearly the entire eastern blockfront of Tenth Avenue between West 35th and West 36th streets and currently operates as a surface parking lot, coverage shows. The Real Deal reported that Sherwood assembled roughly 60,000 square feet of inclusionary housing certificates, a move that could allow more of the planned units to be offered at market rates.
Why city certification matters
The filing indicates Sherwood would send about $11.8 million to the Hudson Yards District Improvement Fund as part of the certification package, with that money earmarked for public-realm and transit upgrades tied to the district, as reported by Crain's New York Business. Certification by the Department of City Planning would let the developer chase the larger entitlement without the time and uncertainty of a full rezoning process.
What happens next
City planning staff will review the application and the contribution calculations before deciding on certification, a call that will determine whether the developer can move ahead to seek permits or keep primarily marketing the site. JLL was retained in October to market the parcel, and Sherwood Equities says the scheme is in the design phase, suggesting the owner is positioning the property for partners or a buyer while it pursues denser entitlements.
