A major milestone was recently reached by a 1.8-million-square-foot mixed-use development under construction in downtown Flushing, Queens.
In February, Related Companies and GreenOak Real Estate purchased the seven-story, 168,000-square-foot industrial building at 21-09 Borden Avenue, in southern Long Island City, for $62.5 million. The Real Deal now reports the developers have secured a total of $60.8 million in loans, some of which will be used to convert the property into an office building. The two developers also purchased the Paragon Building – a six-story, 108,000-square-foot former industrial building at 21-00 49th Avenue, in southern Long Island City – for roughly $47.5 million. The property is located two blocks to the north and is also expected to be converted into office space. An architect and targeted completion dates have not been disclosed.
Property owner Transition Acquisitions is planning to convert the five-story, 57,800-square-foot former Globe Exchange Bank building, located at 815 Broadway in far-western Bushwick, into office space, Commercial Observer reports. The property is currently vacant and boasts 41,673 square feet of commercial space. According to the Schedule A, 15,600 square feet of retail space will span the ground floor, medical offices will be located in the cellar level, and the rest of the building will full-floor contain office spaces. Boaz Golani’s Bronx-based BMG Design Build is the architect of record. The current owner acquired the building in July of 2015 for $15.1 million and the conversion is expected to be complete in the spring of 2017.
Brooklyn-based property owner Yanes Gertrudis has filed applications for a small, two-story manufacturing building at 169 Williams Avenue, in northern East New York, located in the manufacturing district southeast of the Broadway Junction transportation hub. The 34-foot-tall building will measure 4,806 square feet in total. There will be 2,612 square feet of manufacturing space on the ground floor, and 2,000 square feet of office space on a mezzanine level and the second floor. Ross William’s Brooklyn-based W.D. Ross P.C. is the architect of record. The 25-foot-wide, 2,500 square-foot parcel is currently vacant.
It was back in December that YIMBY told you of Premiere Equities’ plans for a new commercial building at 134 Wooster Street, located between Houston and Price streets in the SoHo-Cast Iron Historic District. Those plans went before the Landmarks Preservation Commission on Tuesday and were approved with very little fuss.