Renderings have been revealed of the two-towered, 1,350-unit mixed-use project planned at 260 South Street, on the Lower East Side. As currently proposed, the towers would stand 69 and 62 stories in height, rising 798 feet and 728 feet to their roofs, respectively. Twenty-five percent of the units would rent at below-market rates through the affordable housing lottery, the Lo-Down reported, and some senior housing will also be incorporated. Plans are still in place to expand the ground-floor retail footprint of the existing 26-story Section 8 residential buildings, called Lands End II, at 265 Cherry Street and 275 Cherry Street, which contain a total of 491 apartments. Renovations will be made to existing park spaces.
Construction is nearly finished on 432 Park Avenue, the tallest residential building in the Western hemisphere. Five open-air mechanical floors on the 1,396-foot-tall skyscraper will be lit every day at sunset starting Monday, and we have photos of the display.
Over the spring, a team of developers entered into contract to acquire, from the Jehovah’s Witnesses, the 11-story, 739,000-square-foot commercial complex known as the Watchtower, at 25-30 Columbia Heights, in Brooklyn Heights. The team – now a joint venture between the Kushner Companies, CIM Group, and LIVWRK – have closed on the purchase for roughly $340 million, Commercial Observer reported. The new owners plan to convert the complex into creative office space, likely similar to how some of the same developers transformed the five-building complex now dubbed DUMBO Heights. The redevelopment is expected to begin within a year. In addition to the acquisition of 25-30 Columbia Heights, the same partnership is remains in contract to buy the vacant, block-encompassing development site at 85 Jay Street, in DUMBO.
Two Bridges Associates (a partnership between L+M Development Partners and the CIM Group) filed pre-applications earlier this year with the Department of City Planning for a 66-story, 1,400-unit residential tower at 260 South Street, on the Lower East Side. The building, which is in the early stages of development, will encompass 1.1-million square feet and stand 718 feet in height, the Lo-Down reported. Twenty-five percent of the project’s residential units, or 350 apartments, will be designated as affordable housing. The structure would be built on an existing parking lot along South Street. An underground parking garage would be built to retain the spaces. In addition to a new tower, the project includes expanding the retail footprint on the ground floors of 265 Cherry Street and 275 Cherry Street, two existing 26-story residential towers (called Lands End II) with 491 apartments located on the northern end of the property. Rutgers Park, located on the western end, is also expected to see a renovation. It’s unclear whether the project requires approval via the city’s Uniform Land Use Review Procedure (ULURP).
During the summer of 2015, Kushner Companies and CIM Group filed plans with the Department of City Planning to convert the 26-story, 466,000-square-foot office building at 2 Rector Street, in the Financial District, into 452 rental apartments. The developers are now abandoning those plans and are in contract to sell the office building to Cove Property Group for roughly $225 million, according to the New York Post. The sale comes three years after Kushner and CIM acquired the property for $140 million. The new owners plan to continue leasing the property to commercial tenants. It was 84 percent occupied in 2015, by multiple tenants.