Midtown-based Bridgewater Capital has acquired the vacant 38.8-acre swath of land at 1 Nassau Place, on Staten Island’s South Shore neighborhood of Tottenville, for $30 million. According to The Real Deal, the developer plans to rezone the property, likely through the Urban Land Use Review Procedure (ULURP), to build a multi-building residential complex with roughly 220,000 square feet of big-box retail space. Under current zoning, the property could accommodate 3.5 million square feet of industrial or commercial space (in the form of office and retail). Bridgewater hopes to have a partner in the residential component, which would include senior units, and is currently negotiating with New Hyde Park-based Kimco Realty to partner in the retail portion. The site is located directly north of the Nassau station on the Staten Island Railway.
Property owner Peggy Hernandez has filed applications to renovate and expand the dilapidated, vacant tenement building at 497 3rd Street, in Park Slope, located seven blocks north of the 7th Avenue stop on the F and G trains. First reported by DNAinfo, the building would be expanded by 3,254 square feet and would grow from four to six stories. The ground floor would be converted into 455 square feet of retail space and the rest of the expanded structure would have four residential units. There would be one apartment per floor on the second through fourth floors, and a duplex unit on the top two floors. The apartments should average 1,363 square feet apiece, which means condominiums are in the works. Selim Vural’s TriBeCa-based Studio Vural is designing. The property sits outside of Park Slope’s historic districts, so the Landmarks Preservation Commission’s approval is not required.
Earlier this month, the developers behind the Pacific Park mega-development in Prospect Park – a partnership between Greenland Holdings and Forest City Ratner – proposed the idea of transferring 1.1 million square feet of development rights to 590 Atlantic Avenue in order to build a massive office tower. Now, another site is under consideration for an office development, according to DNAinfo. It’s the site at the southwestern corner of Atlantic and Sixth avenues – 674 Atlantic Avenue, or 2 Sixth Avenue. A 764-unit, mixed-income residential building, with a mix of rentals and condos along with retail space, has long been approved for the site. Now the developers are seeking to transfer commercial development rights to the location so a second office building could be built. The Empire State Development Corporation would have to approve the transfer of air rights. The change in plans also requires an environmental study, and the affordable residential units that were expected at the site would be built elsewhere.
Back in August of 2015, YIMBY reported on applications for a 10-story, 53-unit residential building at 255 East Houston Street, on the Lower East Side, but now landlord Samy Mahfar is taking the project through Urban Land Use Review Procedure (ULURP) in order to build commercial-retail space. According to Bowery Boogie, the latest plans call for 13-story building on East Houston and an eight-story counterpart at 171 Suffolk Street. As proposed, the entire project would encompass 93,015 square feet and includes 7,240 square feet of ground-floor retail space. There would be a total of 63 residential units and 20 percent of them would be rented through the affordable housing lottery. Stephen B. Jacobs Group is designing and completion is tentatively scheduled for 2020. An existing four-story building must first be demolished.
Last month, news broke that Madison Equities and Pizzarotti-IBC are planning an 86-story, 245-unit residential tower at 45 Broad Street, in the Financial District, and now The Real Deal has the first look at the 1,100-foot building. CetraRuddy is designing the project, and the renderings are being used in EB-5 materials, which means the design is likely preliminary. The developers are seeking to raise $75 million in financing through the program. The first five floors, or roughly 50,000 square feet, will be dedicated to commercial space, and the residential units will come in studio, one-, two-, and three-bedroom configurations. The project’s 20,000 square feet of amenities will include a pool, a fitness center, an outdoor garden, and lounges with entertainment areas. New building applications and a groundbreaking are expected later this year, with completion slated for 2018. AMS Acquisitions is another partner in the project.