The New Landmark At 250 West 49th Street: 5 Key Facts About Midtown’s Latest 28-Story Tower
The address 250 West 49th Street in New York City has recently transformed from a development site into a sleek, brand-new mixed-use tower, marking a significant addition to the vibrant Midtown Manhattan landscape. As of December 2025, this 28-story structure is officially active, offering a blend of contemporary residential living and prime ground-floor retail space directly in the heart of the Theater District. The building's completion and subsequent launch of its housing lottery have made it one of the most talked-about new developments in the area, drawing immense interest from both prospective residents and commercial tenants.
This development, strategically positioned between Broadway and Eighth Avenue, is a modern residential building that stands out amidst the iconic lights of Times Square and the bustling energy of Hell’s Kitchen. The project, brought to life by developer Chess Builders and designed by S. Weider Architect, is not just another high-rise; it represents the latest evolution of Manhattan real estate, blending luxury with a commitment to providing affordable housing opportunities through the city's lottery system. The following sections dive into the most up-to-date, essential details about this striking new property.
Building Profile: The 28-Story Residential and Retail Hub
250 West 49th Street is a contemporary, high-rise structure that significantly impacts the Midtown West skyline. It is a key example of a modern, mixed-use development, a common trend in dense urban environments like New York City, designed to maximize both residential and commercial potential. This property's design and function were meticulously planned to cater to the high-demand, 24/7 atmosphere of its location.
- Address: 250 West 49th Street, New York, NY 10019
- Location: Midtown Manhattan, between Broadway and Eighth Avenue
- Building Type: Mixed-Use Development (Residential and Retail)
- Height/Stories: 28 stories
- Total Residences: 138 units
- Developer: Chess Builders
- Architect: S. Weider Architect
- Key Feature: Inclusion of an Affordable Housing component.
The Affordable Housing Lottery: A Path to Midtown Living
One of the most significant and newsworthy aspects of the 250 West 49th Street development is its participation in the New York City affordable housing program. The building has launched a lottery to fill a substantial number of its units, making a portion of its residences accessible to a wider range of New Yorkers. This program is managed through NYC Housing Connect and is based on the Area Median Income (AMI).
The recent lottery specifically offered 42 units for residents earning between 70% and 130% of the AMI. This initiative provides a rare opportunity for individuals and families to secure modern, spacious residences in an otherwise high-cost, prime location. The availability of these units underscores the city's effort to integrate housing affordability into new luxury development projects. Interested applicants must meet strict income and household size requirements to be eligible for the lottery.
Prime Retail Space and Commercial Opportunities
Beyond its residential offerings, 250 West 49th Street includes a valuable ground-floor commercial component. The retail/restaurant space is highly sought after due to the building’s unparalleled location in the heart of the Theater District and adjacent to Times Square.
The space is approximately 2,500 square feet and is being marketed for lease by firms like Meridian Capital Group. The commercial unit is being delivered in "white-box condition," which means the interior is essentially a blank slate, allowing a new tenant—such as a high-end restaurant or a flagship retail store—to customize the space entirely to their brand specifications. This flexibility is a major draw for commercial entities looking to establish a high-visibility presence in one of the world's most trafficked neighborhoods.
Location, Location, Location: The Times Square Advantage
The strategic positioning of 250 West 49th Street is arguably its greatest asset, providing residents and commercial tenants with immediate access to a wealth of cultural, entertainment, and transit options. This location is a powerful entity in itself, driving the premium nature of the development.
The building is situated in the central hub of Midtown West, an area known for its density of Broadway theaters, global corporate headquarters, and endless dining options. Residents are mere steps away from the dazzling lights of Times Square and the historical significance of the Theater District. Furthermore, the proximity to major subway lines (including the N, Q, R, W, A, C, E, 1, 2, 3, and 7 trains) makes it an ideal location for commuters and those who wish to explore all five boroughs of New York City.
The Development's Journey: From Demolition to Completion
The modern 28-story tower at 250 West 49th Street replaces a former eight-story, 102-foot-tall commercial building that previously occupied the site. The process of transforming this plot into a contemporary mixed-use tower involved significant demolition and excavation work, which was documented by real estate observers like New York YIMBY.
Initially, there were reports of plans for a 19-story Class-A office tower designed by Morris Adjmi Architects, developed by Hakimian Organization and Gojian Properties. However, the final, realized project is the 28-story residential and retail structure by Chess Builders. This shift is common in the dynamic Manhattan real estate market, reflecting evolving zoning regulations and market demands, ultimately resulting in the current, taller, and primarily residential development. The successful completion and lottery launch confirm the building's status as a finalized and active part of the Midtown landscape.
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