Commercial

Commercial Conversion Planned at Three-Story, 67,000-Square-Foot Industrial Building, 1519 Decatur Street, Ridgewood

1:00 pm on May 26, 2016 By Reid Wilson

Hornig Capital Partners and The Brickman Group have acquired, for $10 million, the three-story, 67,236-square-foot industrial building at 1519 Decatur Street (a.k.a. 1085 Irving Avenue), in Ridgewood, located four blocks from the Halsey Street stop on the L train. The new owners plan to convert the property into modern commercial space, according to Real Estate Weekly. It’s not known what specific commercial tenants the building will be geared to, but the space will be flexibly divisible. The gut-renovation will cost roughly $6 million and financing has already been secured. The structure was built in 1929 and contains large floor plates.

City Revokes Building Permits for 32-Story, 521-Foot-Tall Condo Tower Under Construction at 180 East 88th Street, Upper East Side

6:30 am on May 26, 2016 By Reid Wilson

It was in September of 2015 when YIMBY last brought you news of the 32-story, 48-unit mixed-use tower under development at 180 East 88th Street, on the Upper East Side. At the time, we showed you what the view would be like from one of the upper-floor residential units. Since March, foundation work has been underway at the site, but the New York City Buildings Department recently issued a stop-work-order for the project due to a zoning controversy that allegedly allowed the developers to build a taller tower than normal, the New York Times reported. The Buildings Department says a four-foot-wide lot was created on East 88th Street to avoid streetwall and setback requirements, which allowed for the creation of a taller building. As a result, the department revoked the previously approved building permits and is requiring that DDG Partners submit new plans. The condominium tower was expected to be the tallest building above 72nd Street, at 521 feet in height. HTO Architect was the architect of record, although DDG designs their projects in-house.

Office Portion of 20-Story 685 Fifth Avenue Getting 90-Key Boutique Hotel Conversion & Expansion, Midtown

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

In April, news broke that Istanbul-based Gulaylar Group entered into contract to acquire the entire 90,000-square-foot office portion of the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, on the corner of East 54th Street in Midtown. The deal includes the development rights to vertically expand the building by five stories. Those air rights were made available after property owners General Growth Properties and Thor Equities repositioned the building’s three stories of retail space, which now measures 23,400 square feet and is being made into Coach’s flagship store. Now, Gulaylar has disclosed plans to convert the office portion they are buying, along with the future expansion, into a 90-key boutique hotel, The Real Deal Reports. Five hotel chains, including Oetker Collection, AccorHotels, and LVMH’s Cheval Blanc, are currently in negotiations with the developer. The building’s remaining office tenant is moving out in August. Walter Marin’s Midtown-based Marin Architects is the architect of record for the expansion.

City Launches Request for Proposals Seeking All-Affordable Mixed-Use Project at 1691 Madison Avenue, East Harlem

1:00 pm on May 24, 2016 By Reid Wilson

Mayor Bill de Blasio’s administration and the New York City Department of Housing Preservation and Development (HDP) have launched a Request for Proposals (RFP) for a 400-unit-plus, mixed-use development on the block bound by Park and Madison avenues and East 111th and 112th streets, in East Harlem. The request mandates the development to be entirely below market-rate and to have at least 400 rental apartments. In addition, all proposals must be of Passive House standards, according to Politico New York. The project will also include commercial and community facility components, and likely a public park space. The 76,500-square-foot development site currently consists of East Harlem Little League’s baseball field and four community gardens. It takes up the entire block, with the exception of the vacant lot at 91 East 111th Street and the four-story building at 1679 Madison Avenue. The baseball field and two of the community gardens will be relocated within the neighborhood. Since the project will be built on city-owned land, the selected proposal would have to be approved through the city’s ULURP process.

Developer Planning Two-Story Amusement Arcade Building at 825 Surf Avenue, Coney Island

4:00 pm on May 23, 2016 By Reid Wilson

Coney Island-based PYE Properties has filed applications for a two-story, 14,517-square-foot commercial building at 825 Surf Avenue, located on the corner of West 8th Street on Coney Island. According to the Schedule A, the 27-foot-tall building will house an amusement arcade, which will help to revitalize the disinvested and still Hurricane Sandy-damaged amusement park. Frank Martarella III’s Staten Island-based thinkDESIGN Architecture is the architect of record. The 15,369-square-foot lot has 213 feet of street frontage and is positioned right below the West 8th Street-New York Aquarium stop on the F/Q trains. PYE Properties acquired the vacant lot in 2015, according to Amusing The Zillion.

Construction Wrapping on Two-Story, 20,000-Square-Foot Apple Store at 247 Bedford Avenue, Williamsburg

6:30 am on May 23, 2016 By Reid Wilson

In late 2014, Apple signed a 20,000-square-foot lease at 247 Bedford Avenue, in Williamsburg, located at the corner of North 3rd Street, four blocks from the Bedford Avenue Station on the L train. Then in April of 2015, the former two-story corner building was razed to its foundation to be rebuilt as a new two-story structure. Brownstoner now reports much of the exterior construction is complete, with work currently focused on the interior. Marin Architects P.C. is the architect of record. RedSky Capital and Waterbridge Capital acquired an assemblage of buildings on the block, including 247 Bedford Avenue, for $66 million in 2012. While Apple is setting up shop at 247 Bedford Avenue, the developers are moving forward with renovations on the adjacent two-story, 27-unit mixed-use building at 159 North 3rd Street. As for the Apple store, opening can probably be expected later this year.

Ground Broken for 90,000-Square-Foot Warehouse and Distribution Facility at 925 Julia Street, Elizabeth

6:00 am on May 18, 2016 By Reid Wilson

Developers Elberon Development Group and the Avidan Group have broken ground on a 90,000-square-foot warehouse and distribution facility at 925 Julia Street, located within Elizabeth, New Jersey’s northeastern industrial section near Newark Liberty International Airport. The structure will have two 45,000-square-foot units, featuring 36-foot-tall ceilings, up to 24 loading docks, and an 80-trailer parking lot. Pilot Freight Services has already signed a 45,000-square-foot lease in the building, according to Law.com. The site – bound by Julia Street, Henry Street, and Fairmount Avenue – has largely sat long vacant. Completion is expected in September.

New Look at 86-Story, 245-Unit Mixed-Use Supertall Tower, 45 Broad Street, Financial District

6:30 am on May 16, 2016 By Reid Wilson

Back in February, the first renderings were revealed of the planned 86-story, 245-unit mixed-use tower at 45 Broad Street, in the Financial District. The renderings originated from EB-5 materials, as the development team – Madison Equities, Pizzarotti-IBC, and AMS Acquisitions – is hoping to raise $75 million in financing through the program. Now, another rendering of the CetraRuddy-designed project has surfaced via YIMBY Forums, which depicts the tower when viewed from the north (looking southward down Broad Street). New buildings applications haven’t been filed yet, but the 1,100-foot-tall tower will encompass approximately 298,000 square feet. The first five floors should host 50,000 square feet of commercial space, while the apartments above should come in studio to three-bedroom layouts. There will also be 20,000 square feet of amenities. Groundbreaking is expected later this year, and completion is ambitiously scheduled for 2018.

1,600-Unit Self-Storage Facility Planned at 163 6th Street, Gowanus

10:00 am on May 13, 2016 By Reid Wilson

Storage Deluxe is planning to develop a 1,600-unit self-storage facility at 163 6th Street, in Gowanus, located five blocks from the 9th Street-Fourth Avenue stop on the F/G/R trains. CubeSmart will be operating the facility. The developer ground-leased the 38,125-square-foot property earlier this year in a $10 million deal, DNAinfo reports. Since the site is located within an M1-2 district, the site could accommodate up to 76,250 square feet of commercial or industrial space. Sixth Street Iron & Metal currently conducts their business out of a 4,000 square-foot warehouse on the site, and is planning to move across the street. Demolition permits and new buildings applications have not been filed yet.

Plans for ‘Gulliver’s Gate’ Tourist Attraction Move Forward at 216 West 44th Street, Times Square

6:30 am on May 13, 2016 By Reid Wilson

Late last year, news broke that E&M Associates and Eiran Gazit were planning to build a 49,000-square-foot Times Square tourist attraction in part of the 12-story former New York Times Building, an individual landmark at 229 West 43rd Street and 216 West 44th Street (the north building is not landmarked), in Midtown. Now, the team has filed plans with the Department of Buildings for the project, dubbed Gulliver’s Gate, The Real Deal reports. The ground floor portion will include the reception and ticketing areas, as well as a gift shop, while the second will host the main exhibit. The project is expected to begin the city’s Uniform Land Use Review Procedure (ULURP) shortly. It also requites exterior alterations to the 43rd Street side, which will need to be approved by the Landmarks Preservation Commission. Last November, the team signed a 15-year lease for part of the ground floor and the entire second floor of the building. Kushner Companies acquired the retail portion of the property, which also contains office space, in early 2015 for $296 million. If all goes as planned, completion can be expected in 2017. Stanley Wong’s SP WONG Architect is the architect of record.

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