In March, Charney Construction and Development paid $80 million for one of the largest remaining residential development sites in Williamsburg. The one-acre site had belonged to the Dime Savings Bank of Williamsburgh, which unloaded all of its property except for the iconic Neo-Classical bank at the foot of the Williamsburg Bridge.
Now, Charney Construction has filed new building applications for a 22-story tower there, at 263 South 5th Street. It would reach 248 feet into the air and span more than 243,000 square feet. The development would encompass most of the block between South 4th Street, South 5th Street, Havemeyer Street, and Marcy Avenue, and will benefit from the old bank building’s air rights.
The project would be almost evenly split between commercial and residential space. The first four floors would hold 111,614 square feet of retail and offices. The base of the new building would also be integrated into the old bank, according to Charney’s website. Amenities would fill the fifth floor, followed by 16 stories of apartments. Plans call for 175 apartments and 120,444 square feet of residential space, for an average unit of 688 square feet. There would also be a 980-square-foot community facility.
The project will include a huge amount of parking – 291 spaces in an underground garage. Zoning requires 122 parking spots for the apartments, and we expect the remaining spaces are reserved for a commercial use that demands lots of parking, like a hotel or a large retail store.
Fogarty Finger Architecture will be responsible for the design. Charney and Fogarty Finger have teamed up before, on a Long Island City condo project called the Jackson.
The developer expects to break ground in March 2017 and wrap up work in the spring of 2019.
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Put price into a market, and then build tower following in modern trade of develop.
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