In late 2014, YIMBY brought you new renderings of the Foster + Partners-designed 41-story, 897-foot-tall office tower under development at 425 Park Avenue, between East 55th and 56th streets in Midtown, and now project has secured its anchor tenant with a city-wide record-breaking lease. According to Real Estate Weekly, Chicago-based Citadel will take roughly 200,000 square feet in the 670,000-square-foot building, with rents as high as $300 per square foot on the tower’s penthouse floors. The project, being developed byL&L Holding and GreenOak Real Estate, is aiming for L.E.E.D. Gold and WELL certifications. This past summer, the developers secured a $556 million construction loan and the site’s 32-story office predecessor has since been significantly demolished. The lower portion of the existing structure will be utilized in the new building and completion is expected in late 2018.
Ironstate shelled out $150 million last year for a 49-year lease at 363 Lafayette Street in NoHo, right in the heart of New York University’s territory. Now, they’re planning a nine-story office building on the site between Great Jones and Bond streets.
Bronx Borough President Ruben Diaz Jr. is proposing to redevelop the Orchard Beach pavilion, an individual landmark, that currently serves as the focal point for Pelham Bay Park, in the East Bronx. The structure, which was completed in 1936, would be transformed to allow for more event space, food concessions and retail space, according to The Real Deal. Nearby the pavilion, the park includes picnic areas, the Pelican Bay Playground, and a beachfront. The pavilion portion of the project is being estimated to cost $40 million, although plans have been in the works for some time to upgrade the rest of the beach, which could cost up to $200 million in total. Diaz has designated $10 million in capital toward the project. The Landmarks Preservation Commission would have to approve any alterations to the Orchard Beach pavilion.
In 2013, Jerry Karlik’s JK Equities acquired the RKO Keith’s Theatre, an individual landmark at 135-27 – 135-35 Northern Boulevard in Downtown Flushing, for $30 million. The developer received approval to redevelop the severely dilapidated structure in 2015, but now Karlik is putting the development site back on the market, Crain’s reports. A new developer could build a 16-story, 269-unit mixed-use building with 24,493 and 15,727 square feet of commercial and community facility space, respectively. A buyer could also take advantage of a previously granted tax break. Studio V Architecture was behind JK Equities’ proposal, although a new owner could always choose to design a different building and go back to the Landmarks Preservation Commission for approval. Cushman & Wakefield is marketing the site.
Isaac Silber, doing business as an anonymous Brooklyn-based LLC, has filed applications for two four-story, eight-unit residential buildings at 83-85 Stanhope Street, in central Bushwick, located three blocks from the Central Avenue stop on the M train. Each of them will have 5,457 square feet of residential space, which means units will average a rental-sized 682 square feet apiece. Each building will also have a fifth-floor penthouse level to which one of the fourth-floor units will have access. Midtown East-based Michael Avramides is the architect of record. Two two-story townhouses must first be demolished.