The seven-story, 58,700-square-foot New Museum – a contemporary art museum at 235 Bowery, on the Lower East Side – is planning to expand into the six-story commercial building at 231 Bowery, which they purchased for $16.6 million in 2008. The museum is now preparing to convert the property into exhibition space, event space, storage, and offices, the New York Times reports. The expansion would increase the museum’s footprint by roughly 42,000 square feet, which means the complex would measure over 100,000 square feet once completed. The lot walls separating the existing structure and the 231 Bowery would be removed to connect the buildings. The project is still in the planning stage. The New Museum was constructed in 2007 and designed by Tokyo-based SANAA (Sejima and Nishizawa and Associates), with Gensler serving as the architect of record.
Lower East Side
In 2011, D.A.B. Group defaulted on the mortgage for their 16-story, 98-key hotel project at 139 Orchard Street, located on the Lower East Side. The developer eventually lost control of the site and abandoned construction on the structure, although the building topped out before work stopped. The latest development is that Fortuna Realty Group and Elk Investors won an auction to acquire the stalled-out project for $30.75 million, The Real Deal reports. Buildings applications indicate the hotel will measure 39,064 square feet. The new owners plan to finish construction on the building as a hotel. Completion is expected sometime in 2017.
Filings for new residential buildings have slowed to a crawl as the real estate lobby and the construction unions fight over the future of the 421-a tax abatement, but commercial development is alive and well across the city. Yesterday, we spotted plans for a six-story office building at 77 Chrystie Street in the Lower East Side.
In 2015, L+M Development Partners and Nelson Management Group acquired the 19-story, 260-unit mixed-income residential building, called Lands End I, located at 257-275 South Street, on the Lower East Side, for an undisclosed amount. Now, renderings of the building’s planned renovation have been revealed by Curbed NY. The 236,065-square-foot building is expected to host 256 rental apartments after the renovation, which will include the construction of a roof deck, a fitness center, a community lounge, and a laundry. There will also be 24-hour doorman service, and amenities will be available to all of the building’s residents. Units will come in studio, one-, two-, and three-bedroom configurations. Half of the apartments, which are currently partially subsidized, will continue to rent at below-market rates. ORE Design + Technology is designing. Construction is expected to be complete in early 2017.
Since 2014, the property owners Two Bridges Neighborhood Council and Settlement Housing Fund have been in talks with an unknown developer over the 11,800-square-foot development site at 235-247 Cherry Street, on the southern edge of the Lower East Side. Now, it has been revealed that JDS Development Group is planning to build a 77-story, roughly 600-unit mixed-use building, The Lo-Down reports. The rental apartments should come in studio, one-, and two-bedroom configurations, with roughly 150 of the units permanently renting at below-market rates. There would also be 10,000 square feet of retail and a 4,600-square-foot senior community center in the tower. SHoP Architects will design the 900-foot-tall tower, which will be clad in terra-cotta and glass.