Taconic Investment Partners, TH Real Estate, and Squire Investments have acquired, for $109 million, the 14-story, 114,000-square-foot commercial building at 817 Broadway, located on the corner of East 12th Street in Greenwich Village. The new owners plan to let the leases of existing office and retail tenants expire so that a top-down renovation can begin, Real Estate Weekly reported. The building would get a redesigned lobby, a complete façade restoration, renovated retail and office space, and upgraded mechanical infrastructure. A construction timeline has not been disclosed. A $102 million acquisition and construction loan has already been secured.
Related Companies has filed applications for two single-story retail buildings at 505-511 West 27th Street, in West Chelsea. The building at 505 West 27th Street would be built under the elevated High Line park and measure 9,875 square feet, spanning through to West 28th Street. The other building, at 511 West 27th Street, would be adjacent to the park and measure 5,204 square feet. Kevin Byrne’s Bronx-based architecture firm is the architect of record. Two three-story commercial buildings must first be demolished at 509-511 West 27th Street. Demolition permits were filed in earlier this year.
Construction is now 24 stories above street level on the 33-story, 270-unit mixed-use building under development at 120 Nassau Street, located on the corner of Jay Street in Downtown Brooklyn. The progress on construction can be seen thanks to photos posted to the YIMBY Forums. The latest building permits indicate the 425-foot-tall tower will measure 312,093 square feet. The base will include 57,904 square feet of commercial space, in the form of retail on the ground floor and office space on floors two through eight. The residential units elsewhere in the tower should average 854 square feet apiece, indicative of rentals. The Clarett Group is the developer and Woods Bagot is the architect. Completion can probably be expected in late 2017.
Construction has topped out and façade installation is underway on the seven-story, 27-unit residential redevelopment underway at 1004 Gates Avenue, in Ocean Hill. The building’s design has also slightly changed, as seen in a rendering courtesy of a tipster. The latest building permits indicate the project measures 28,708 square feet, which means its residential units should average 1,063 square feet apiece. The apartments, rentals, will boast layouts with two- to three-bedroom configurations. The Brooklyn-based Loketch Group is the developer and Williamsburg-based Ellipses Design is behind the design. Occupancy is expected in early 2017.
Cornell Realty Management has filed applications with the Department of City Planning seeking to rezone the development sites at 40 Crown Street and 931 Carroll Street, both of which are located in western Crown Heights. A 16-story, 390-unit mixed-use building is proposed at the 40 Crown Street site. That building would measure 400,000 square feet and include 15,000 square feet of retail. A 16-story, 128-unit residential building is proposed at the 391 Carroll Street site.