The redevelopment of the Dime Savings Bank in Williamsburg, Brooklyn, will result in one of the neighborhood’s tallest buildings, and today YIMBY has fresh renderings for the project, designed by Fogarty Finger Architects. Yesterday, The Real Deal reported that Charney Construction & Development and Tavros Capital Partners have acquired a $150 million loan to fund construction and renovation work on the historic bank and new 22-story tower. The developers purchased the site in March of 2016 for $80 million.
SoHo-based Tavros Capital is currently in the process of assembling a site with significant development potential on the corner of 23rd Street and 45th Avenue, in the Court Square section of Long Island City. Over the summer, the development firm purchased the townhouses at 45-03 23rd Street and 45-07 – 45-09 23rd Street for $11.25 million, and has since entered into contract on two additional properties, while waiting for two more. Plans include a mixed-use building with retail, office, and residential components, The Real Deal reported. The site can accommodate up to 167,000 square feet of mixed-use development as-of-right, though an additional 83,000 square feet of air rights could be acquired. Tavros expects the assemblage to cost between $30 and $35 million once complete.
Construction is underway on the ground floor of the 11-story, 55-unit mixed-use building being developed at 11-51 47th Avenue, in the Hunters Point section of Long Island City, located on the corner of 21st Street and Jackson Avenue. The construction can be seen in photos in a post by The Court Square Blog. Dubbed the Jackson, it will eventually measure 70,000 square feet. It will feature 1,226 square feet of retail space on the ground floor, followed by one- to four-bedroom condominiums on the floors above. On average, the apartments should measure 962 square feet apiece. Amenities are to include a fitness center, a children’s playroom, a residents’ lounge, a rooftop terrace, storage for bikes, and a 22-car parking garage. Charney Construction & Development, Ascent Development, and Tavros are the developers, while Fogarty Finger is behind the design. Completion is expected in early 2017.
Back in October of 2015, news broke that Tavros Development Partners, Charney Construction & Development, and 1 Oak Development were in contract to acquire the Dime Savings Bank assemblage in Williamsburg, located two blocks north of the Marcy Avenue stop on the J/M/Z trains. The $80 million sale has closed, according to Commercial Observer. The development site includes the properties at 263-277 South 5th Street, 262-272 South 4th Street, and 205 Havemeyer Street, and some site are currently occupied by low-rise commercial structures. The Dime Savings Bank of Williamsburg building, the existing two-story bank at 209 Havemeyer Street, was not part of the deal. The 50,000-square-foot site could accommodate a new 230,500-square-foot mixed-use building, although plans for the site have not been disclosed.
In August of 2014, YIMBY reported on applications for an 11-story, 56-unit residential building at 11-51 47th Avenue (a.k.a. 13-33 Jackson Avenue), in the Hunters Point section of Long Island City, located directly above the 21st Street – Van Alst Avenue stop on the G train. Then last December, YIMBY reported that excavation was imminent following the demolition of the site’s former two-story warehouse. Now, the New York Times has the latest details on the Fogarty Finger-designed project, which will be clad in exposed concrete and industrial-esque windows. We also have a few words from Chris Fogarty himself, Director of Fogarty Finger.