ABS Partners Files Plans to Build 400 Units of Housing at 515 West 57th Street
By Mark Hallum April 27, 2026 12:05 pm
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New York City-based investment firm ABS Partners Real Estate has filed a rezoning application to build almost 400 units of housing in Midtown, where a television studio currently stands.
ABS is looking for approval from the New York City Council through the Uniform Land Use Review Procedure (ULURP) to build a 30-story, 394-unit building 515 West 57th Street, where it signed a 75-year ground lease in October, according to a filing with the Department of City Planning.
ABS purchased the ground lease for the three-story property between 10th and 11th avenues for $17.2 million from property owner Anton Duke’s Duke Holdings, according to property records.
“It’s a fantastic location with frontage on 57th Street and it goes through the block to 58th Street where you have Mount Sinai Hospital, John Jay College of Criminal Justice and Fordham University,” Randy Modell, a partner with ABS told Commercial Observer. “We’re currently exploring all redevelopment opportunities, one of which is a rezoning. At this point it’s very early in the process and we’re trying to figure out what is best for the property and the partnership.”
Whether or not the ABS will fully commit to a ULURP is unclear as Modell’s team works with the New York City Department of City Planning.
If approved, ABS’s proposed development would include 119 affordable units under the city’s mandatory inclusionary housing requirements. At a total of 377,970 square feet, the project would also include a commercial component, but it’s unclear what the use will be.
The ground lease holder did not immediately respond to a request for comment, while Duke Holdings could not be reached for comment.
It’s unclear whether the three-story building is currently occupied by any tenants, but it has been used for tapings for Jon Stewart and Bravo series, according to The Real Deal. The CBS News station at 518 West 57th Street sits directly across the street.
Mark Hallum can be reached at mhallum@commercialobserver.com.
