Since New York’s earliest days, church organizations have held a considerable amount of the city’s real estate, which they use not only for direct religious services, but also as a means of generating income. Over the past year, we witnessed the destruction of one of the oldest properties of the kind, as the 119 year old Bancroft Building has been reduced to a pile of red brick rubble.
Earlier this year, it was revealed that HFZ Capital is planning to convert the 19- and 13-story buildings at 88 and 90 Lexington Avenue, in NoMad, into condominiums. Now, construction appears to be well underway at both properties, per Tectonic. Both buildings, formerly rental apartments, are being combined to share a lobby and amenity space. The shorter building has also receive a totally new façade, which appears to be mostly complete. Workshop/ADP is designing, and completion is slated for 2016.
Early last year, YIMBY reported on the demolition of the 10-story Bancroft building at 3 West 29th Street, in NoMad, and now the New York Post has revealed what HFZ Capital has planned for the development assemblage. A 64-story, 800-foot-tall mixed-use tower is planned on the 30th Street side, where a 12-story commercial building has yet to be demolished at 8-16 West 30th Street. The neighboring Marble Collegiate Church is also in on the project, and will operate offices in the skyscraper’s limestone-clad base. A small plaza is also rendered on the 29th Street side, immediately adjacent to the church. Moshe Safdie is designing, and the project reportedly requires approval from the LPC.
Earlier this spring, YIMBY reported on the approval of the planned residential conversion of the 24-story 212 Fifth Avenue, in NoMad, and now the project is underway, according to The New York Times. Madison Equities, Thor Equities, and Building and Land Technology are developing, and 48 condominiums are being carved out of the structure, ranging from two to four bedrooms apiece. Helpern Architects is designing, and a spring 2016 delivery date is anticipated.
Moin Development and SBE have received a $109 million loan for their planned SLS Hotel at 444 Park Avenue South, in NoMad, Commercial Observer reports. The former 14-story office building is being expanded to 20 stories and converted to 190 hotel rooms; multiple restaurants are also planned. Fortress Investment Group provided the loan, which recapitalizes and restructures existing debt. Completion is slated for Spring 2016.