The Directors Guild of America building is heading in a different direction: down.
Sources say the building at 110 W. 57th St. will be sold to the Athena Group, a developer of prime residential real estate, and will be demolished to make way for a 40-story mixed-use, full-service building.
Plans could include as many as 120 high-end condos, priced below $900 per square foot, and 100,000 square feet of commercial space.
“It is an area that is prime for residential use,” says a broker familiar with the area.
“There are many restaurants; the park is just a short distance. You have The Park Imperial going up nearby, as well as the AOL Time Warner Center a few blocks from there.”
The Athena Group, headed by Alfred Taubman’s son-in-law, Louis Dubin, has already built full-floor condos at 838 Fifth Ave. and is now developing 25 to 30 condominiums at the new Liberty Building between 64th and 65th streets off Central Park West.
The units, designed by architect Costas Kondylis, will go for $1.5 million to more than $10 million.
The project also includes the addition of three to four more floors above the existing structure and creation of an interior courtyard.
Dubin wouldn’t comment on the Directors Guild Building deal.