The neglected 4.5-story building at 109 Gates Avenue, in southern Clinton Hill, has been acquired by an unknown buyer for $2.9 million, according to Brownstoner. The buyer reportedly plans to renovate the landmarked building into luxury rental apartments, with a retail unit on the ground floor. Back in 2003, the LPC approved a restoration of the building to its current state, the first renovation since 1908.
Henry Cheng, head of 162 Realty Management LLC, has filed applications for a three-story, two-unit mixed-use building at 43-50 162nd Street, in East Flushing, located four blocks from the Broadway station on the LIRR. The building will measure 7,240 square feet, which includes 1,079 and 1,811 square feet of community and retail space, respectively, on the ground floor. On the second and third floors, two full-floor residential units will average a spacious 2,175 square feet. Flushing-based Thee Shiun Ken is the applicant of record, and the site’s two-story predecessor was demolished over the summer.
Earlier this year, YIMBY found an on-site drawing for a new development coming to 44 Kent Street, in Greenpoint. The plans were originally created for Cayuga Capital, but the firm sold the property for $8,750,000 last year to an LLC. Now, we can reveal that Pinny and Moishe Loketch of the Loketch Group are the new developers, and the design has also seen major changes, with Nataliya Donskoy’s ND Architecture and Design taking over the project.
The Port Authority has approved a multi-billion-dollar plan to replace the Port Authority Bus Terminal between 8th and 9th Avenues and West 40th and 41st Streets, in Midtown West, according to the New York Post. The project will cost between $7 and $10 billion dollars, and funding will come from the sale of air rights, residential units, and commercial spaces. A design competition is expected to be held, and a team will be chosen by September of 2016.
Over a year ago, YIMBY brought you a construction update on the 13-story, 82-rental-unit mixed-use building planned at 282 South 5th Street, in Williamsburg, when foundation work was underway. Today, the building is structurally complete and receiving the last bits of cladding, according to Brownstoner. The base will include 31,458 square feet of commercial space, in addition to 6,887 square feet of community facility space. Midwood Investment & Development is developing, Morris Adjmi is designing, and completion is expected next year.