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).
A thrift store just moved into a warehouse at 387 Bushwick Avenue, across from Bushwick Houses in East Williamsburg, but it may not be there for long. The thrift store and two neighboring buildings will likely bite the dust for a seven-story apartment building.
Filings for new construction in Jamaica, Queens, have dropped off since the 421-a tax exemption expired in January. But one optimistic developer has taken the plunge and filed plans for a mixed-use building at 177-14 Wexford Terrace, on the southern edge of Jamaica Estates.
TCX Development is planning a 15-story, 72-key hotel at 92-18 150th Street, located at the corner of Archer Avenue in downtown Jamaica, strategically located two blocks from the Jamaica Center-Parsons/Archer Station on the E/J/Z trains and five blocks from the Jamaica hub station on the Long Island Rail Road. The project, which does not currently have new building applications with the city’s Department of Buildings, should measure 35,000 square feet, with hotel rooms averaging 250 square feet apiece, Commercial Observer reports. It will feature a 2,000-square-foot rooftop bar and a 1,500-square-foot restaurant. ARC Architecture + Design Studio is responsible for the design. The developer has already demolished the site’s single-story predecessor. TCX acquired the site for $1.7 million in August of 2015.
Bluestone Group, Altmark Capital, and Princeton Holdings have acquired, for $14.1 million, the six-story, 84,650-square-foot industrial building at 780 East 135th Street, in Port Morris, located five blocks from the Cypress Avenue stop on the 6 train. The previous owner was using the building as a storage facility, although the property is being delivered vacant. The new owners are considering converting it into creative office space or artists’ lofts, according to Commercial Observer. The exact plans for the structure have not yet been finalized or official disclosed.