525 East 73rd Street [Commercial Observer]: The sale of 525 East 73rd Street has officially closed, with Memorial Sloan-Kettering paying a sum of $226 million per city files. Construction can now begin on a two-tower, 1.2 million square-foot medical complex, and “site preparation will resume within several weeks.”
16 West 40th Street [Curbed]: HFZ Capital has launched a teaser site for their 32-story mixed-use building planned for 12-20 West 40th Street, in Midtown on Bryant Park, with the teaser, revealing an updated design by David Chipperfield Architects. The tower will consist of a 230-key boutique hotel and 57 residential units, and “excavation is ongoing.”
425 Grand Concourse [Crain’s Business]: The city will demolish the deteriorating 4.5-story former school building at 425 Grand Concourse, in Mott Haven, within the next couple weeks. The 30,000 square-foot property will then be up-zoned to accommodate a large and entirely affordable mixed-use building.
472 Atlantic Avenue [Brownstoner]: The former single-story building at 472 Atlantic Avenue, in Beorum Hill, “has been reduced to rubble” to make way for a seven-story, 31-unit luxury residential building. Avery Hall Investments and Aria Development Group are developing, and Morris Adjmi is designing.
833 Myrtle Avenue [The Real Deal]: Cascade 553 LLC — “a partnership of Satmar community members” — has acquired an assemblage of industrial properties at 833 Myrtle Avenue, in northern Bedford-Stuyvesant, for $70 million. Permits were filed last December for seven six-story mixed-use buildings totaling 228 apartments. Existing four-story structures must first be removed.
27-05 41st Avenue [The Court Square Blog]: Previously stalled, excavation has kicked-off at 27-05 41st Avenue, in Long Island City, where an LLC has planned a six-story, 44-unit mixed-use building measuring roughly 37,000 square feet. A delivery date has yet to be disclosed.
For any questions, comments, or feedback, email [email protected]