Back in December of 2015, it was reported that AB & Sons and Sioni Group were in contract to acquire 235,000 square feet of air rights (from the landmarked Haier Building) for their development assemblage at 989-993 Sixth Avenue, located on the corner of West 37th Street, in the Garment District section of Midtown. They have since closed on the purchase for an undisclosed amount, and now, the development team is planning a roughly 80-story mixed-use building, which could likely include retail space near the street level, a hotel, and residential units, according to The Real Deal. The site could boast up to 375,000 square feet of as-of-right development potential if the 21-story, 90,000-square-foot office building at 989-991 Sixth is demolished. The building reportedly won’t be demolished until at least 2019, probably due to existing leases. The corner lot at 993 Sixth Avenue is occupied by a partially built 18-story hotel project, which will also probably be demolished (it’s five stories in height).
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.