Platinum

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247 West 46th Street, New York City, NY

Platinum
PlatinumNYC.jpg

The Platinum in Midtown Manhattan
Building Information
Developer SJP Residential Properties
Architect Costas Kondylis and Partners
Management Company Penmark Realty Corporation
Number of Units 220
Number of Floors 43
Year Built 2008
Construction Method Concrete
Type of Roof IRMA
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247 West 46th Street, New York City
Distance to Public Transit Les than one block
Region New York City
Municipality New York City
Zoning C6 - 4
Title of Land Condominium


Contents

Background

Planning for The Platinum began in the mid-2000s, during a boom in extravagant real estate projects in New York City. At this time, luxury was key, and many developments were known for their excessive amenities and majestic lobbies. While the Platinum was no exception, this building had the misfortune of hitting the market just as the bubble popped and the Great Recession began in 2008 with the collapse of Lehman Brothers.

Due to the sudden shift in the economic landscape, the Platinum did not sell out until 2011, with many buyers coming from overseas and several prices being lowered. A victim of timing and circumstance, the Platinum retains its label as a luxury residence and with its location of less than a block from Times Square, demand for this building can only go up in the future.[1]

Location

Times Square has long been nicknamed The Crossroads of the World. Residents of the Platinum are mere steps away from all that Times Square and Midtown have to offer. Located less than a block away from the heart of Times Square, the Platinum is walking distance to the theaters of Broadway and off-Broadway, TKTS, the Times Square Studios (home to Good Morning America), the Hard Rock Cafe New York, and one of the last of the Planet Hollywood restaurants.

Additionally, Times Square is located within Midtown Manhattan, which contains the popular tourist destinations of Rockefeller Center, the Empire State Building, the Chrysler Building, Carnegie Hall, Byrant Park, The New York Public Library, the Museum of Modern Art, Grand Central Station, St. Patrick’s Cathedral, Madison Square Gardens, Penn Station, Radio City Music Hall, and the headquarters of the United Nations.

Midtown Manhattan is also New York City’s primary commercial district, with the headquarters of dozens of corporations located within this neighborhood. Finally, the world famous shopping district of Fifth Avenue is within walking distance of the Platinum, meaning residents have access to the flagship stores of numerous luxury brands such as Gucci, Louis Vitton, Saks Fifth Avenue, Bergdorf Goodman, FAO Schwarz, and Tiffany’s, with the department stores of Bloomingdale’s and Macy’s nearby.[2]

With a walk score of 98 out of 100 and a transit score of 100 out of 100, residents of the Platinum do not require a car to complete their daily errands, as they are close to an abundance of shopping, food, home services, and transit options. With a bike score of 71 out of 100, cyclists will love the nearby bike lanes and the flat grades.[3]

Construction

The Platinum occupies the former site of McHale’s Restaurant, an eatery that was popular among the theater going clientele of Broadway and off-Broadway. Originally, developer SJP Residential Properties planned for a 38 story tower, but this plan was scrapped and SJP began applying for the air rights of nearby theaters to extend the building’s height to its eventual 43 stories. This process required several negotiations, but in the end, SJP received the air rights from the St. James Theater, the Al Hirschfeld Theater, and the Brooks Atkinson Theater. In return, SJP donated $10/square foot of space acquired through the air rights to a special theater district fund, as well as made approximately 3500 square feet of office space available at below market rents for small theatrical companies.[4]

With these deals in place, the Platinum became the first project in the Theater District to take advantage of the transferable air rights that were made available in 1988. Construction of the project began in 2006 and was completed in 2008, but it would take another three years for this high end project to sell out.[5]

Layout and Features

Designed in the Modernist style of architecture by Costas Kondylis and Partners, the Platinum is a concrete structure with a steel and glass exterior that gives the building a sleek and reflective look. This sleekness is interrupted by four stories of balconies that protrude out from the facade midway up the building, a feature that has come to be known as the building’s abs. Within the building, the Platinum is noted for its extravagant lobby that features a floating island that is surrounded by a moat of moving water. Additionally, the lobby holds a 26 foot in length fireplace and plasma television screens that have mood enhancing videos on continuous play.[6]

Apartments within this building range in size from small studios to penthouse duplexes, and all feature floor to ceiling windows, white oak hardwood flooring, over sized ceilings, zoned heating and cooling systems, spacious layouts, and Bosch washer and dryers. The gourmet kitchens have wooden cabinetry, glass back splash tiles, limestone counter tops, 24 bottle wine chillers, stainless steel appliances, and kitchen islands. The bathrooms feature dual sinks, standing showers, soaking tubs, limestone and marble finishes, and Polish Chrome fixtures.[7]

Floor Plans

With over 125 floor plans available, a selection is presented.

Amenities

The Platinum has many luxury amenities and a full time staff. This includes:

  • 24 hour Concierge
  • 24 hour Doorman
  • Parking Facilities
  • Live in Superintendent
  • Storage Facilities
  • Bicycle Room
  • Outdoor Facilities for Pets
  • Fitness Center
  • Sauna
  • Spa
  • Yoga Studio
  • Recovery Room
  • Laundry Room
  • Private Roof Cabanas
  • Roof Deck
  • Screening Room
  • Virtual Golf Room
  • Landscaped Terrace with Stone Fireplace
  • Q Lounge - a residents only social lounge with billiards[8]

Bylaws

Platinum Bylaws
Rentals Yes
Pets Yes
Age No
Barbecues Yes


  • This building allows pets, rentals, sublets, and pied-à-terre.
  • There are no age restrictions for this building.


Sustainability

This building has not been designated as a green building, meaning that to date it has not received any LEED certifications.

Residents wishing to help improve the building’s overall sustainability can do so by installing more energy efficient materials and appliances when updating and/or renovating their apartments, and by participating in New York City’s recycling programs.[9]

Trivia

  • Comedian and actress Rosie O’Donnell once owned a unit in this building.[10]
  • The building’s developers were sued in 2010 by rapper Pras Michel. Pras claimed that he bought his two bedroom apartment with the understanding that the unit would have 12 foot high ceilings. When the finished unit only had nine foot ceilings, he sued to be let out of his contract and to have his deposit returned.[11]
  • When the Platinum first entered the marketplace, the sales department ran a much discussed advertising campaign that featured nude female models covered in platinum colored paint. This campaign was abandoned when the recession of 2008 hit and most real estate campaigns in the city began depicting value and good investments over the glamorous high life.[12]

References

  1. The Real Deal
  2. Wikipedia - Midtown Manhattan
  3. Walk Score
  4. City Realty
  5. Emporis
  6. Street Easy
  7. New Construction Manhattan
  8. Street Easy
  9. Manhattan Scout
  10. The Real Deal
  11. New York Post
  12. Curbed NY


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