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.
The huge two-building, 392-unit rental development at 525 West 52nd Street in Hell’s Kitchen looks like it could be ready for tenants soon. Tectonic brings YIMBY a look at how construction is coming along at the site between 10 and 11th avenues.
Another piece of the puzzle has fallen into place for Lower East Side megaproject Essex Crossing. Applications have been filed for a 25-story, mixed-use building at 180 Broome Street, between Delancey, Clinton, and Suffolk streets.
Foundation work appears to be complete for the 25-story, 195-unit mixed-use building being developed as part of the Essex Crossing mega-development, at 115 Delancey Street, on the Lower East Side. A tower crane was also installed at the site, the Lo-Down reported, which means vertical growth is imminent. The latest building permits indicate the structure will encompass 498,688 square feet and stand 285 feet above street level. The building will have 139,493 square feet of commercial-retail space – in addition to bel0w-grade space that isn’t counted in documents — spread across the cellar through fourth floors. The cellar level, the ground floor, and mezzanine levels will contain retailers, including the new home of the Essex Street Market. This portion will form a third of the Market-Line, a bi-level, 150,000-square-foot retail complex that will connect below-grade to two other buildings in the Essex Crossing development.
Foundation work is now underway for the 14-story, 55-unit mixed-use building under development at 242 Broome Street (a.k.a. Site 1), located on the corner of Ludlow Street on the Lower East Side. The construction progress can be seen thanks to photos posted to the YIMBY Forums by user rbrome. The latest building permits indicate the new building will encompass 180,646 square feet. There will be 40,326 square feet of commercial-retail space across portions of the cellar through third floors. A bowling ally operated by Splitsville Luxury Lanes is expected to lease a significant amount of space. In addition, there will be 17,735 square feet of community facility space on the second through fourth floors. The space was once reserved for the Andy Warhol Museum, but plans for it have fallen through.