The blocks of Greenwich Village are perhaps the most difficult spot for new development in all of New York City, but according to a tipster, that hasn’t gotten in the way of Madison Realty Capital’s plans to put a new tower at 14 Fifth Avenue, between West 8th and West 9th Streets. Plans have been created for the site by Robert A.M. Stern Architects, and while they have yet to receive approval from the Landmarks Preservation Commission, the new building would be both prominent, and attractive.
Madison Realty Capital
One of the most recognizable structures in Brooklyn is on its way to a new era. On Tuesday, the Landmarks Preservation Commission approved alterations to the former Williamsburgh Savings Bank tower at 1 Hanson Place, in Fort Greene.
Construction has topped out on the 12-story, 16-unit mixed-use building under development at 1 Great Jones Alley, which also goes by 688 Broadway, in NoHo. A photo of the structure has been posted to the YIMBY Forums. The latest building permits indicate the project will encompass 60,854 square feet and rise 154 feet above street level to its pinnacle. There will be 3,838 square feet of retail space across the ground and cellar levels, followed by condominiums from the second through 12th floors. The apartments should average a spacious 2,930 square feet apiece. Madison Realty Capital is the developer and BKSK Architects is behind the design. HMWhite is the landscape architect and completion is expected in the first half of 2017.
Madison Realty Capital has acquired the 10-story, 130,000-square-foot industrial building at 341 39th Street and the neighboring seven-story, 30,000-square-foot industrial property at 353 39th Street, in southern Greenwood Heights (on the border of Sunset Park), with plans to convert the structures into modern office and manufacturing space. The properties traded for $37.5 million, Crain’s reports. The currently vacant buildings would get new lobbies, windows, mechanical equipment such as elevators, amenities, and outdoor space (presumably on the roof). Between the buildings, the floor plates will range from 4,000 square feet to 13,000 square feet. The 36th Street stop on the D, N, and R trains is three blocks to the north. The duo was placed on the market last year with an asking price of nearly $50 million.
Madison Realty Capital has acquired the vacant 29,000-square-foot lot at 69-02 – 69-08 Queens Boulevard, in Elmhurst, for $14.75 million. The purchase is the first of five properties that are currently being assembled for a mixed-use development, according to The Real Deal. Three other properties – the two-story structure at 46-12 70th Street, the single-story warehouse as 69-39 47th Avenue, and the restaurant at 69-20 Queens Boulevard – are currently in contract to be sold by their respective owners. The fifth property is a two-story cultural center at 69-23 47th Avenue. The single property Madison owns can accommodate roughly 145,000 square feet of development, but if successful in acquiring the entire assemblage, the developer could build a nearly 358,000-square-foot project. At that point, Madison plans to take a mixed-use rental project through the city’s Urban Land Use Review Procedure (ULURP).