iStar’s Jay Sugarman plans to lead a multi-billion dollar redevelopment that includes over 20 individual projects in Asbury Park, New Jersey, located roughly 40 miles south of Manhattan. The construction will be centered around 1.25 miles of Asbury Park ocean waterfront, on Ocean Avenue and Kingsley Street, between Cookman Avenue and Deal Lake Drive.
Bruce Teitelbaum and a group of investors are proposing a mixed-use, multimillion-square-foot development at 44-02 Vernon Boulevard, on the East River, in Long Island City. According to Politico New York, the vacant 212,670 square-foot property will likely be rezoned for a residential tower of more than one million square feet. Teitelbaum is also planning to acquire the six-story office building at 44-36 Vernon Boulevard, currently owned by the city. If successful, the project may also include open space, affordable housing, a public school, and a hotel.
Blesso Properties has acquired the former Lincoln Savings Bank building and the 13,000 square-foot parking lot at 525-545 Broadway, in southern Williamsburg, for $32.8 million; the site was placed on the market a year ago. According to Curbed, the assemblage includes 190,000 square feet of development rights, and a mixed-use building, with 100 rental units and a 15,000 square-foot roof deck is planned for the vacant lot. The existing 60,300 square-foot bank building will also be redeveloped, and the project is located right beneath the J and M trains’ Lorimer Street stop.
Rye, NY-based Woodbine Company has purchased the development site at 34 East 62nd Street, on the Upper East Side, for $11.9 million from Russian developer Janna Bullock. Back in 2007, she filed permits for a five-story townhouse, but plans stalled out. The vacant property has 8,000 square feet of development rights, but can be expanded by 6,000 square feet with the purchase of additional air rights. No new building applications have been filed.
Tai W. Liu, head of an anonymous LLC, has filed applications for a six-story, 10-unit mixed-use building at 16 Bay 25th Street, in Bath Beach, right around the corner to the D train’s stop at 20th Avenue. The building will measure 16,376 square feet in total, and will feature 2,115 square feet of retail space on the basement level, in addition to 3,638 square feet for a day care on the first floor. Residential units above will average 1,062 square feet, and Chinatown-based H2 Consulting is the applicant of record. Demolition permits were filed for the existing two-story, two-unit building in July.
