YIMBY Today: 5Pointz Demolition, Boerum Hill Price Record, and More

5Pointz5 Pointz in its heyday, which the Wolkoffs generously allowed to be used as a canvas for aerosol artists for years at rents far below market

22-44 Jackson Avenue [DNAinfo NY]: Developer Jerry Wolkoff, of G&M Realty, plans to start full-scale demolition of the dilapidated warehouse dubbed 5Pointz — at 22-44 Jackson Avenue, in Long Island City — around mid-August. Demolition permits have already approved, and crews have been clearing out the interior; two residential towers of 41 and 47 stories will replace the existing structure.

472 Atlantic Avenue [Commercial Observer]: Brokered by Massey Knakal, a “local developer” has purchased a one-story retail structure — at 472-484 Atlantic Avenue, in Boerum Hill — for $18 million, setting a record for price per buildable square-foot. The buyer “plans to build a mixed-use condominium with ground-floor retail,” and the site holds 48,300 square-feet of development potential.

24 2nd Avenue [The Real Deal]: The gas station and repair shop at 24 2nd Avenue — in the East Village — has recently traded hand for $32 million; the buyer remains anonymous. Rumors call for a “boutique hotel” to rise on-site, but permits to demolish the existing structures have yet to be filed.

930 Flushing Avenue [Brownstoner]: Suspected to be a deed transfer, a 6.4-acre “collection of nearly 50 commercial properties” in Bushwick  has been sold for $11.25 million to RP Acquisitions. Read Property plans to develop the formerly industrial plots into nearly 1,000 apartments spread over 10 buildings.

98 Degraw Street [Brownstoner]: A buyer has snatched up vacant lots of 96-98 Degraw Street — at the edge of Carroll Gardens — for $2.1 million, according to the deal’s agent. In 2012, plans to construct two, three-story houses on-site were disapproved.

South Street Seaport Redevelopment [Curbed]: Demolition of the structure atop Pier 17 in the Financial District is now complete, and “construction of the new pier will commence this October.” Test pile-driving is already underway; opening of the new pier is scheduled for 2016.

Talk about these topics on the YIMBY Forums

Subscribe to the YIMBY email newsletter and receive the latest new development news in your inbox.
Follow the YIMBYgram for real-time photo updates
Follow YIMBY’s Twitter for the latest in YIMBYnews

For any questions, comments, or feedback, email [email protected]