Small residential developments have begun arriving on the edge of downtown Jamaica, but YIMBY has seen few projects as large as the eight-story mixed-use building planned for 178-02 Hillside Avenue.
As the clock ticks down to the state’s 421-a renewal deadline on June 15, developers are wondering how they’ll fare if condos no longer qualify for the tax abatement. Companies building lower cost apartments on the fringes of the city will likely be the hardest hit, since the tax break helps attract buyers to less desirable neighborhoods.
Developer Investmates Real Estate is building townhouses in South Williamsburg, rentals on Grand Street, and now condos in Greenpoint. They’ve sent along renderings of their latest project, a five-story condo development at 78 Freeman Street, only a block from the East River between Franklin and West Streets.
Alloy and Monadnock Development’s One John Street condos are rising quickly along the Dumbo waterfront in Brooklyn Bridge Park, already reaching 10 stories, after rising out of the ground only earlier this year.
Fortis Property Group is moving forward with their plans to convert Long Island College Hospital’s Cobble Hill buildings to residential, and now they’ve filed an application to renovate the landmarked Polhemus Building at 350 Henry Street into apartments.
