Commercial

1501 Voorhies Avenue

Foundation Work Underway At 28-Story, 236-Unit Residential Tower, 1501 Voorhies Avenue, Sheepshead Bay

10:00 am on April 8, 2016 By Reid Wilson

Back in September of 2014, YIMBY reported on applications for a 28-story, 236-unit residential building at 1501 Voorhies Avenue, in southern Sheepshead Bay, located directly adjacent to the Sheepshead Bay stop on the B/Q trains. Now, Sheepshead Bites reports foundation work is well underway on what permits say will eventually be a 275,892-square-foot building. The residential units, which will be a mix of condominiums and rental apartments, should average a relatively spacious 1,169 square feet apiece. The tower’s lower portions will host 13,530 square feet of commercial space, and amenities include 124 parking spaces, many located in an underground garage, storage for 118 bikes, a fitness center, a pool and spa, and and common outdoor spaces. AvalonBay and Muss Development are the developers, and Perkins Eastman Architects is behind the design. Completion is expected in 2018.

422 Fulton Street

First Look at Macy’s Five-Floor Renovation Planned at 422 Fulton Street, Downtown Brooklyn

6:30 am on April 8, 2016 By Reid Wilson

In August of 2015, news broke that Tishman Speyer was acquiring five stories of Macy’s nine-story commercial building at 422 Fulton Street, along with the parking garage at 11 Hoyt Street/217 Livingston Street, in Downtown Brooklyn, for $170 million. Macy’s is expected to consolidate their retail space into 278,000 square feet on the lower half of the building (basement through fourth floors). Speyer would then expand and convert the upper portion into 10 stories of office space. The Wall Street Journal now has the first glimpse of the renovations, which Speyer has agreed to fund (as part of the deal), that will go into Macy’s portion of the building. Macy’s and FRCH Design Worldwide are designing their space. Work is expected to begin imminently, and the renovation is expected to be complete in 2019. It was recently reported that Speyer would be utilizing the EB-5 program to raise roughly $60 million in financing.

41-53 South 3rd Street

Flank Acquires Mixed-Use Development Assemblage at 41-53 South 3rd Street, Williamsburg

1:00 pm on April 6, 2016 By Reid Wilson

Chelsea-based development and design firm Flank has closed on the purchase of the development assemblage at 41-53 South 3rd Street and 60 South 2nd Street, in Williamsburg, located two blocks in from the East River, for $36.2 million. The assemblage consists of a mix of single-story commercial-retail properties and vacant lots, according to The Real Deal. The plot could accommodate nearly 80,000 square feet of mixed-use development if the existing buildings are demolished. The developer is currently considering building a project with residential units, although plans won’t move forward until the existing tenants finish their respective leases, which expire between 2018 and 2023.

34-30 Steinway Street

Reveal For Three-Story, 120,000-Square-Foot Retail Complex At 34-30 Steinway Street, Astoria

10:00 am on April 4, 2016 By Reid Wilson

An anonymous Financial District-based LLC has plans to redevelop an assemblage of single-story commercial buildings – located at 34-30 – 34-46 Steinway Street and 34-35 38th Street, in southern Astoria – into a three-story, 120,000-square-foot retail complex. Winick Realty Group is leasing the commercial space from the developer and is currently in negotiations with multiple potential tenants, including food markets, restaurants, and big-box stores,DNAinfo reported. The building will feature four levels of retail space and an underground parking garage. In November, the developer submitted pre-filings for a five-story, 29-unit mixed-use building that would have including retail, community facility space, and residential units. Those plans appear to have been replaced with the latest retail project, although filings have yet to be amended to resemble the current design. Completion of the redevelopment is expected in 2018.

160 Van Brunt Street

Commercial-Office Conversion Complete on Three-Story Building At 160 Van Brunt Street, Red Hook

6:00 am on April 4, 2016 By Reid Wilson

Back in April of 2015, renderings were revealed of the planned commercial conversion of the Golten Marine building, a three-story, 98,650-square-foot former industrial property at 160 Van Brunt Street, in northern Red Hook. Since then, construction has been largely completed on the project and Tesla Motors was announced as the anchor tenant, as reported by Curbed NY earlier this year. Tesla is leasing 40,000-square feet on the ground floor, which it will use for dealership showrooms, offices, and a service center. The Brooklyn Paper also recently reported Tesla will install a reconstructed illuminating “Red Hook” sign on the ground floor. The building opened in March and contains additional yet-to-be-leased office space on the upper levels. LIVWRK is the developer and acquired the property for $21.5 million in 2014. New Jersey-based John Saracco Architects is the architect of record.

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