YIMBY Today: Journal Squared Begins, Razing a West Village Mid-Rise, More

Journal SquaredJournal Squared, image by HWKN

537 Summit Avenue [The Jersey Journal]: The KRE Group has begun excavation for their three-tower Journal Squared development — at 537 Summit Avenue, in Journal Square — with the first, 540-unit tower set to rise 54 floors. The second and third towers — at 60 and 70 stories each — will be built in additional phases, but the first building “is expected to be complete by 2016.”

169 Bowery [Bowery Boogie]: A five-story tenement is currently receiving two additional floors and a full conversion to residential — which will include 10 units in total — at 169 Bowery, in the Bowery; ground floor retail will span 2,585 square feet. Façade and window installation are imminent.

937 Bergen Street [The Real Deal]: 608 Franklin Ave LLC has officially closed on the nearly 22,000 square-foot site at 937 Bergen Street — technically spanning 1036-1048 Dean Street and 608-614 Franklin Avenue — in northwestern Crown Heights, for $17.5 million. Surfaced by YIMBY in June, an eight-story and 119-unit mixed-use building of 100,629 square feet is planned to rise. Demolition of the low-rise structures at No. 1036, 1042, 1046, and the larger single-floor warehouse at 1048 Dean was approved in July.

627 Greenwich Street [Crain’s New York]: Developing firm Brack Capital Real Estate has acquired the 12-story commercial building at 627 Greenwich Street — in the West Village — for “around $105 million.” Previously rezoned for redevelopment in 2008, the building is set to be razed to make way for condos envisioned before the recession; the exact scale and scope of the project has yet to be revealed.

LICH Redevelopment [Wall Street Journal]: L+M Development Partners has reportedly dropped from the LICH redevelopment project — being led by Fortis Property Group — with “concerns about the ability to build lower-cost units” on a financially feasible basis. In short, the developer is requiring a plan that produces “more housing overall” to make the project worthwhile, if affordable units are to be built; in fact, L+M would only consider partnering with Fortis again if city officials support building taller. If Fortis were “to build more than 800,000 square feet of housing,” the proposal “would be required to go through a public-approval process.”

353 Broadway [New York Post]: ABS Partners have sold the two-story commercial buildings spanning 353-357 Broadway — in Tribeca — for $73 million, including the air-rights to No. 359, a five-story townhouse now protected from redevelopment; the site now amounts to 132,780 buildable square feet, and 50,000 more square feet could possibly be transferred given the 210-foot height limitation. The buyer has not yet been disclosed.

141 Chrystie Street [Curbed]: The three-story and 4,130 former warehouse structure at 141 Chrystie Street, in the Bowery, is being marketed as a development site; building potential spans 16,380 square feet, or 21,420 square feet with an inclusionary housing bonus.

555 10th Avenue [Commercial Observer]: With foundation work now complete, Extell’s planned 52-story and 710,907 square-foot building — at 551 10th Avenue, on the Far West Side — will now contain “600 rental units, 120 of which will be affordable.” In addition, floors two through seven will include “more than 300 dorm beds.” The building is projected to “be complete within 18-24 months.”

2 Fillmore Place [DNAinfo New York]: Architect Martin Finio has received approval form the LPC “to erect a glass pre-school building” standing three stories at the vacant lot of 2 Fillmore Place, in Williamsburg; the proposal still needs to pass the city’s Board of Standards and Appeals.

11 Van Buren Street [Brooklyn Daily Eagle]: Mehran Shahravan has purchased the dilapidated and vacant four-story structure — at 11 Van Buren Street, in Bedford-Stuyvesant — for $185,000. Primed for demolition, “a two- or three-family house” could be built.

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