Uncertainty over the future of an important tax exemption for residential construction, 421-a, is forcing developers in the outer boroughs to focus on building office and retail space. The latest example comes to us from East Williamsburg, where the Loketch Group aims to put up a six-story office and medical building.
HFZ Capital is planning to convert the Belnord – a 13-story, 218-unit rental building at 225 West 86th Street, on the Upper West Side – into 213 condominium units. The developer recently filed their plans with the Attorney General’s office and expects the future condominiums to be worth a total $1.3 billion, according to The Real Deal. HFZ acquired the residential portion of the block-encompassing building – bound by West 86th and 87th streets, Broadway, and Amsterdam Avenue – for $575 million last year. The ground-floor sections contain retail space and will be left untouched. The property is an individual landmark (and is also listed on the U.S. National Register of Historic Places), which means any exterior alterations must be approved by the Landmarks Preservation Commission.
Back in June of 2015, YIMBY revealed initial renderings of the 52-story, 141-unit residential tower planned at 281 Fifth Avenue, located at the corner of East 30th Street in NoMad. Although the latest filings still describe the same building, Curbed NY now has a new partial rendering depicting the façade of a 55-story, 130-unit tower on the corner site. The latest diagrams indicate the the 266,963-square-foot tower will rise 728 feet above street level. It will contain 7,927 square feet of retail space across the cellar, ground, and second floors, followed by residential amenities on the third through seventh floors. The residential units above will be condominiums, averaging 1,611 square feet apiece.
The New York City Department of Housing Preservation and Development (HDP) has held meetings with community members of Edgemere, Queens, in an effort to revive the significantly disinvested and Hurricane Sandy-ravaged area. Edgemere is the neighborhood located between Beach 35th Street and Beach 50th Street, in the Rockaways. HDP has drafted a wish list for the neighborhood, which includes a bird sanctuary, playgrounds/park spaces, and retail corridors, according to the Wall Street Journal. The entire area is also in a flood zone, and both the city, who owns many vacant lots in the neighborhood, and home owners share the same concern for flood protection measures. Proposals for the area, which could include a rezoning that supports mixed-use corridors, densification, and/or affordable housing, are expected to be released this summer. The area is large and suburban in nature and benefits from stops on the A train at Beach 36th and Beach 44th streets.
Brooklyn-based property owner Yong Lin has filed applications for a four-story, six-unit mixed-use building at 2173 65th Street, in Mapleton, located three blocks from the Bay Parkway stop on the N train. The structure will measure 4,417 square feet, and will include an 871-square-foot retail space on the ground floor. The residential units above should average a rental-sized 591 square feet apiece, and amenities will include a laundry located in the cellar. Benjamin B. Lam’s Queens-based Lam & Lam Engineering is the applicant of record. The 24-foot-wide, 2,400-square-foot lot is currently vacant. The site’s predecessor, a two-story house, was demolished back in 2006.