Sherwood Equities Files Plans to Increase Size of Hudson Yards Condo Tower

Manhattan-based developer Sherwood Equities is seeking to significantly increase the size of its planned mixed-use condominium tower at 460 10th Avenue in Hudson Yards, an application filed Tuesday with the New York City Department of Planning shows.

Jonathan Snider, president of Sherwood’s investment arm Sherwood Capital, filed the application, which requested to increase the size of the Hudson Yards development by nearly 70,000 square feet. Sherwood aims to do this by doubling the floor area ratio (FAR), which is a zoning regulation metric used to determine the total gross floor area of a building in relation to the size of its lot, according to Crain’s New York Business, which first reported the filing.

Critics of FAR argue that the formula allows for limited density, overcrowding and reducing housing supply, while proponents of the regulation say it is an essential tool that allows developers to determine how much construction can happen on a given lot. 

Sherwood Equities did not immediately respond to a request for comment.

In exchange for increasing the project’s size, the firm would fund $11.8 million worth of improvements to the neighborhood’s infrastructure, including upgrades to public spaces and the extension of the 7 subway line, according to Crain’s.

“The certification will facilitate the development of a new mixed-use building containing residential and commercial uses on the development site,” Snider wrote in the application. 

While the exact plans for the development are unclear, the condo development at 460 10th Avenue — between West 35th and West 36th streets — is set to include 228,050 square feet of residential space and 19,743 square feet of commercial space, the filing shows.

If the application is approved, Sherwood will also add an affordable housing component to the development. 

The firm acquired the property in “the early 1990s” its website says, and is planning a tower with more than 200 residential units, as well as retail space and underground parking. Sherwood announced plans for the tower in 2020.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.