The 12-storey Urban Glass House, which will sit in New York's thriving SoHo area, was drawn up by the prestigious Harvard-trained architect together with his design partner Alan Ritchie.
Housing 40 apartments - ranging in size from 130m 2one-bedroom flats to a $10 million (£5.8 million) penthouse suite - the building's design has been heavily influenced by Johnson's groundbreaking Glass House in Connecticut.
The iconic steel and glass New Canaan home - now a National Historic Landmark - wowed the world when it was completed in 1949 and the new Manhattan block will boast similar Modernist features.
'For Johnson, the purity and refinement of the Glass House remained touchstones and ideals throughout his career,' said Ritchie, 'even during the decades of vigorous stylistic experimentation.'
He added: 'While earlier iterations of the design for this new building flirted with some very adventurous geometries, the discipline and Modernist principles of the New Canaan house ultimately ruled the day.
'Those principles were consciously applied to the final design for the Urban Glass House, and the outcome is a calm, ordered residential building.'
The building is due to open in late summer 2006 to coincide with the 100th anniversary of Johnson's birth.