Brief

Developer Abandons Plans for Hotel-Condo Conversion of 37-Story Sony Tower, Midtown

6:00 am on April 26, 2016 By Reid Wilson

Last month, the Chetrit Group began converting the 37-story, 855,000-square-foot Sony Tower – the office building at 550 Madison Avenue, between East 55th and 56th streets, in Midtown – into 113 condominiums, a 170-key hotel, and 25,451 square feet of retail space. Now, Olayan America (the U.S. branch of Saudi Arabia-based Olayan Group), with minority investor Chelsfield, is in contract to acquire the tower for more than $1.3 billion, according to The Real Deal, officially stopping the project in its tracks. The new owners will not follow through with the conversion and will lease the building as office space. Chetrit is selling the building, most likely because of the cooling ultra-luxury residential market, for at least $200 million more than what they payed for it in 2013. The soon-to-be new owners have secured $300 million in mezzanine debt and a $600 million mortgage for the acquisition. The sale is expected to close in May.

Four Two- & Three-Family Houses Coming to 76-15 45th Avenue, Elmhurst

4:00 pm on April 25, 2016 By Reid Wilson

Property owner Chang Xiong Chen has filed applications for four two- to three-family residential buildings at 76-09 – 76-15 45th Avenue, in northern Elmhurst, located seven blocks from the Elmhurst Avenue stop on the M/R trains. The two inner buildings will be three-story, two-family houses, each measuring 2,415 square feet. They will be bookended by three-story, three-family buildings, each of which will measure 3,905 square feet. Across the entire development, the apartments – coming in full-floor and multi-floor layouts – should average 901 square feet apiece. Dezhang Fang’s Flushing-based Fang Architect is the architect of record. At nos. 76-11 and 76-15, two two-and-a-half-story houses must first be demolished. Permits were filed to do so back in August of 2015.

Five-Story, 12-Unit Mixed-Use Building Filed at 597 Marcy Avenue, Bedford-Stuyvesant

3:00 pm on April 25, 2016 By Reid Wilson

Brooklyn-based Waterfront Property Management has filed applications for a five-story, 12-unit mixed-use building at 597 Marcy Avenue, in northern Bedford-Stuyvesant, located two blocks from the Myrtle-Willoughby Avs. stop on the G train. The structure will encompass 17,888 square feet, and will include 3,150 square feet of ground-floor retail space. There will also be 3,400 square feet of doctors’ offices on the second floor. The residential units will be located on the third through fifth floors, averaging 889 square feet apiece. Amenities include 3,454 square feet of recreational space in the cellar, in addition to storage space for 12 bicycles. Maspeth-based Genaro R. Urueta is the architect of record. Demolition permits were filed in 2014 to remove the existing single-story building.

Four-Story, 10-Unit Residential Building Planned at 1141 Lafayette Avenue, Bushwick

2:00 pm on April 25, 2016 By Reid Wilson

Tomer Erlich, doing business as an anonymous Brooklyn-based LLC, has filed applications for a four-story, 10-unit residential building at 1141 Lafayette Avenue, in central Bushwick, located two blocks from the Kosciuszko Street stop on the J train. The structure will measure 11,440 square feet, which means its residential units should average 817 square feet apiece, indicative of relatively large rental apartments (for new construction in the area). Robert Bianchini’s Forest Hills-based ARC Architecture + Design Studio is the architect. The 37-foot-wide assemblage consists of a vacant lot (1141 Lafayette) and a four-story townhouse (1143 Lafayette), which received demolition permits earlier this month.

Six-Story, Five-Unit Mixed-Use Building Filed at 321 West 136th Street, Harlem

1:00 pm on April 25, 2016 By Reid Wilson

Brooklyn-based Stuyvesant Group, headed by Adam Cohen, has filed applications for a six-story, five-unit mixed-use building at 321 West 136th Street, in northern Harlem. The structure will measure 13,024 square feet, of which 2,497 square feet will be used as community facility space on the basement and cellar levels. The five floors above will host full-floor residential units, averaging a spacious 1,706 square feet apiece, indicative of condominiums. Jose Lockhart’s Brooklyn-based Tecnico Engineering is the applicant of record. Demolition permits were filed in January for an existing two-story brick townhouse.

New Details for Seven-Story, 90-Unit Mixed-Income Residential Project Underway at 1552 Bergen Street, Crown Heights

11:00 am on April 25, 2016 By Reid Wilson

Back in September of 2014, news broke that a seven-story, 90-unit mixed-income residential project was being planned at 1552 Bergen Street, in eastern Crown Heights, located six blocks south of the Utica Avenue stop on the A/C trains. The 68,711-square-foot building, dubbed Concern Bergen, has been quietly rising and has since topped out. Now, applications for the apartments – a mix of affordable, supportive, and market-rate units – are available, according to DNAinfo. Of the 90 apartments, 55 will be assigned to adults with psychiatric disabilities and will average 480 square feet apiece. The next 33 apartments, comprised of one- and two-bedrooms, will rent at below-market rates through the housing lottery, while the remaining two apartments will be market-rate rentals. The 35 non-supportive units should average 877 square feet apiece. Amenities include a fitness center, a computer lab, multiple lounges, a laundry, private storage space, storage for 21 bikes, a seven-car garage on the ground floor, and an outdoor terrace. Long Island-based Concern for Independent Living is the developer, while Dattner Architects is behind the design. Occupancy is expected in September.

Redesigned Retail Space, Five-Story Office Expansion for 20-Story Commercial Building at 685 Fifth Avenue, Midtown

10:00 am on April 25, 2016 By Reid Wilson

General Growth Properties and Thor Equities have filed to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street, in Midtown. The property’s commercial square footage – 109,543 square feet – will remain the same, because a portion of the space on the lower levels will be utilized to build the vertical expansion. As a result, the structure will see an increase in height from 227 feet to 292 feet. Coach has already secured a lease to take 23,400 square feet of retail space on the first few floors for its new flagship store, The Real Deal reports. Midtown South-based Marin Architects is the architect of record. In June of 2014, GGP and Thor acquired the building for $460 million, and it was reported last November that Michael Shvo is in contract to acquire the building’s existing 90,000 square feet of office space for north of $100 million. It doesn’t appear the future office space on floors 21 through 25 was part of the deal with Shvo.

Reveal for Seven-Story, 45-Unit Mixed-Use Project Planned at 150 Rivington Street, Lower East Side

6:30 am on April 25, 2016 By Reid Wilson

Earlier this year, applications were filed to demolish the former Streit’s Matzo Factory to the ground floor. The developer wants to build a seven-story, 45-unit mixed-use building with 10,219 square feet of ground and cellar-level retail space from the remnants, at 148-154 Rivington Street, on the Lower East Side. Renderings of the project have now been revealed by the New York Times, which can also report that apartments will be condominiums with one- and two-bedroom configurations. The amount of retail space has also been increased to 13,000 square feet. Cogswell Lee Development (the development arm of Cogswell Realty) is the developer, and GLUCK+ is behind the design. Demolition of the factory is expected to commence in the coming weeks.

Construction Wraps on Six-Story, 202,000-Square-Foot Retail Complex at 100 West 125th Street, Harlem

6:00 am on April 25, 2016 By Reid Wilson

In July of 2015, YIMBY brought you a construction update on the the six-story, 202,361-square-foot commercial-retail project being built at 100 West 125th Street, located on the corner of Malcolm X Boulevard, in Harlem. That October, the structure topped out, and now, the building’s façade appears to be nearly complete, according to Harlem+Bespoke. All six floors, plus the cellar level, will be utilized as retail space, and a number of retailers have already signed leases in the building. Notable tenants include Whole Foods Market, American Eagle, Nordstrom Rack, Burlington Coat Factory, Raymour & Flanigan, Olive Garden, and TD Bank. Wharton Properties, headed by Jeff Sutton, is the developer, while Staten Island-based Gambino + LaPorta Architecture is behind the design. Opening can probably be expected in the coming months.

691 Chauncey Street, photo by Christopher Bride for PropertyShark

Four-Story, 10-Unit Residential Project Planned at 691 Chauncey Street, Bushwick

4:00 pm on April 22, 2016 By Reid Wilson

Shlomo Sinay, doing business as an anonymous Brooklyn-based LLC, has filed applications for a four-story, 10-unit residential building at 691 Chauncey Street, in eastern Bushwick, located two blocks from the Chauncey Street stop on the J/Z trains. The structure will measure 9,412 square feet, and its residential units should average 740 square feet apiece, indicative of rental apartments. There will be two or three apartments per floor, except two of the fourth-floor units will be relatively larger because they will feature space on an upper mezzanine level. The building will be topped by a roof terrace. Hudson Valley-based Kenneth Thomas is the applicant of record. Demolition permits were filed in January for the site’s two-story townhouse.

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