An investment group has acquired, for $76.5 million, Brooklyn Law School’s four-story, 40,000-square-foot office building at One Boerum Place, located on the corner of Fulton Street in Downtown Brooklyn. The group includes Avery Hall Investments, Allegra Holdings, and Aria Development Group, the Wall Street Journal reported. Although plans are not final, the development team expects to build a 160,000-square-foot mixed-use tower at the site. The project would include residential units and commercial space, possibly in the form of retail and/or offices. Demolition permits have not been filed for the 13,290-square-foot site’s current building, although groundbreaking is expected sometime next year.
The Stagg Group has filed applications for a 13-story, 163-unit mixed-use building at 150 Van Cortlandt Avenue East, located on the corner of St. George Crescent in the West Bronx’s Bedford Park section. The project will encompass 149,580 square feet and will include 5,135 square feet of community facility space on the basement level. The first through 13th floors will contain residential units averaging 791 square feet apiece, indicative of rentals. Marin Architects is the architect of record, The Real Deal reported. The 17,907-square-foot site is occupied by a single-story commercial structure. Permits state that demolition began in October.
Construction is now 12 stories up on the 62-story, 426-unit mixed-use tower under development at 242 West 53rd Street, in Midtown’s Theater District. The progress on construction, first reported by Curbed NY, can be seen thanks to photos posted to the YIMBY Forums by Tectonic. Building permits indicate the project will eventually encompass 542,276 square feet, rising 674 feet to its main roof, not including the bulkhead. There will be 16,514 square feet of retail space across the ground floors, followed by 426 residential units on the fourth through 59th floors. The apartments, which are confirmed to be rentals, should average 1,024 square feet apiece. Algin Management is the developer and CetraRuddy is the architect. Completion is anticipated for 2018.
Construction has topped out on the 23-story, 120-unit mixed-use building under development at 56 Fulton Street, located on the corner of Cliff Street in the Financial District. Progress on the structure, including façade installation, can be seen thanks to photos posted to the YIMBY Forums. The latest building permits indicate the 128,540-square-foot tower stands 237 feet to its main roof, or 272 feet to the top of its bulkhead. There will be 5,865 square feet of retail space on the ground floor, followed by rental apartments, averaging 797 square feet apiece. Twenty percent of the apartments, or 24 units, will rent at below-market rates through the affordable housing lottery. The Parkland Group and Socius Development Group are the developers. Goldstein, Hill & West Architects is behind the design and completion is expected next year.
The low-slung warehouses and factories along the Greenpoint waterfront are not long for this world. A 40-story tower is replacing an envelope factory between India and Huron Streets, and now an 11-story, mixed-use building will rise on an industrial site two blocks south at 13 Greenpoint Avenue, next to Transmitter Park.