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.
Kenjoy Realty is placing two connected single-story warehouse properties at 11-01 38th Avenue and 37-37 11th Street, in northern Long Island City, on the market for $12.5 million. The assemblage is being marketed as a development site, boasting roughly 86,000 square feet of commercial building potential, according to Commercial Observer. The marketing team states that the site is ripe for a hotel development.
The Olnick Organization has filed pre-applications with the city, beginning the ULURP process that would rezone Lenox Terrace, a tower-in-the-park development bound by West 132nd and 135th Streets, and Malcolm X Boulevard and 5th Avenue in central Harlem. According to DNAinfo, the complex has six 17-story towers, which make up 1,700 residential units, and nearly 96,600 square feet of commercial space is located within perimeter low-rise buildings.
Village officials have approved the redevelopment of the two-story movie theater at 321 Merrick Road, in Nassau County’s Lynbrook. The expanded structure will measure 70,000 square feet and have 15 screens. Blumenfeld Development Group and The Prusik Group are developing, and completion is expected in early 2017, according to Long Island Business News.
Alexander Grinberg has filed applications for a three-building, four-unit residential development at the vacant lots 140-144 Clifton Avenue and 149 Anderson Street, in Staten Island’s Rosebank. Two three-story, single-family detached homes are slated for 140-144 Clifton Avenue, and a three-story, two-unit building measuring 2,260 square feet is planned on Anderson Street. Calvanico Associates is the architect of record.
