Partial redevelopment of the McGraw-Hill Building has been accelerated

The partial conversion of the iconic McGraw-Hill Building at 330 W. 42nd Street into a residential development was an accelerated move.

Since my colleague Lois Weiss first reported that asset manager Resolution Real Estate was looking into this option in October 2022, “we’ve overcome every hurdle,” said Resolution Managing Partner Gérard Nocera.

The refurbishment of floors 12 to 34, which Nocera estimates will cost $100 million, is due to begin this summer.

Delivery of 224 apartments is expected in the second quarter of 2024.

The reconfiguration of the Art Deco masterpiece includes the creation of a second lobby and entrance, and the re-installation of the McGraw-Hill name above the residential entrance. Resolution is working with SLCE architects on apartment projects.

No one reading my Jan. 16 column would be surprised that Gov. Kathy Hochul refused the state’s offer to fund improvements to Penn Station with cash from office towers, which will be built primarily by Vornado.

She will now “shift gear” and follow an “alternative plan” to pay for the new station.

But in January, I noted that she didn’t mention her favorite Pennsylvania redevelopment plan in her State of the Union address, even though that was a priority of her administration and her predecessor, Andrew Cuomo.