Madison Realty Capital has acquired the vacant 29,000-square-foot lot at 69-02 – 69-08 Queens Boulevard, in Elmhurst, for $14.75 million. The purchase is the first of five properties that are currently being assembled for a mixed-use development, according to The Real Deal. Three other properties – the two-story structure at 46-12 70th Street, the single-story warehouse as 69-39 47th Avenue, and the restaurant at 69-20 Queens Boulevard – are currently in contract to be sold by their respective owners. The fifth property is a two-story cultural center at 69-23 47th Avenue. The single property Madison owns can accommodate roughly 145,000 square feet of development, but if successful in acquiring the entire assemblage, the developer could build a nearly 358,000-square-foot project. At that point, Madison plans to take a mixed-use rental project through the city’s Urban Land Use Review Procedure (ULURP).
New York City neighborhoods are shaped by a strange patchwork of zoning designed for ideal properties in convenient locations. But thousands of lots don’t fit into a perfect, rectangular mold. They’re irregularly shaped, up against the railroad tracks, in a flood zone, or cross between two different zoning districts. That last situation is what brought an Astoria developer to the City Planning Commission on Monday. Great Neck-based owner George Elliott hopes to build a five-story apartment building at 30-70 38th Street, between 30th and 31st avenues.
In October of 2015, YIMBY brought you renderings of the 10-story, 21-unit residential building under development at 325 West Broadway, in SoHo. Now, new photos from our friend Tectonic show that construction on the property is done. Dubbed XOCO 325, the 55,962-square-foot structure’s condominium units range from 1,055-square-foot one-bedrooms to 2,658-square-foot four-bedrooms. Amenities include a 24-hour concierge, a fitness center, private residential storage, bicycle storage, and a rooftop terrace. DDG is both the developer and design architect, although Thomas O’Hara’s HTO Architect is the architect of record. Occupancy has already begun. The property is located within the SoHo-Cast Iron Historic District.
Back in October of 2015, Six Sigma was in contract to buy the six-story, 55,000-square-foot commercial building at 517-523 West 29th Street, in West Chelsea, for $54 million. The developer has since closed on the purchase and has now filed exploratory applications with the Attorney General’s office to gauge the demand for a potential condominium project, The Real Deal reports. Although details are sparse, the project would include 61 condominium units and ground-floor retail space. It’s not clear if the existing building would be demolished for a new one, although the site can accommodate up to 74,000 square feet of development potential (which means it currently has 19,000 square feet of air rights). Nothing has been filed yet with the Department of Buildings.
In February of 2014, YIMBY revealed initial renderings of the planned 14-story, 280-unit block-thru residential project at 535 West 43rd Street (a.k.a. 546 West 44th Street), in Hell’s Kitchen. We brought you updated renderings of the 264,451 square-foot project in March of 2015, and now we have final renderings of the structure, on which construction is now wrapping. Dubbed 535W43, it will have rental apartments measuring an average of 787 square feet apiece. They will come in studio, one-, and two-bedroom configurations, and 62 of them will rent at below market-rates through the housing lottery.