Office-to-residential conversions are usually expected of ornate, pre-war high-rises, or tall-ceiling industrial lofts. Such conversions are much more rare at mid-century office buildings, particularly ones that had no redeeming architectural value in the first place. Long Island City’s Luna LIC became one of the city’s only such projects when it opened its doors earlier this year. The nine-story office building was built in 1955 at 42-15 Crescent Street, at the foot of the Queensboro Bridge. Over the past few years, Meadow Partners redeveloped the property into an 11-story, 124-unit rental, and sold it to World Wide Group for a hefty profit. The architects at Avinash K. Malhotra Architects, also known as AKM Architects, opted for minimal intervention, rather than a total structural overhaul, which was sufficient to transform the poorly-aged eyesore into the latest addition to the growing residential community around Court Square.
YIMBY last checked in on the 65-story, 268-unit residential tower being built at 252 East 57th Street, in Midtown East, back in October of 2015, when the structure topped out at 715 feet above street level. Since then, glass installation has been rapidly underway to encapsulate the residential interiors, which will eventually contain a total of 93 condominiums and 175 rental apartments. YIMBY now has close-up renderings of the 632,828-square-foot tower.
In early 2015, the two-story expansion of the 11-story, 124-unit residential conversion project at 42-15 Crescent Street, in the Queens Plaza section of Long Island City, topped out, and later that year exterior construction largely wrapped up. World Wide Group is now acquiring the project from Meadow Partners for roughly $70 million, according to The Real Deal. World Wide will finish construction on the 111,000-square-foot building, which will have 7,596 square feet of ground-floor retail space. The apartments will be rentals and should average 761 square feet apiece. Amenities will include a lounge, bike storage, a gym, and rooftop recreational space. Avinash K. Malhotra Architects is designing. Completion is expected later this year.
Earlier this year, YIMBY revealed new renderings of World Wide Group’s and Rose Associates’ 65-story residential tower underway at 252 East 57th Street, in Midtown East, and now the tower has topped-out. The building will include 268 units, split between 93 condominiums and 175 apartments, and amenities include a porte cochére, a 34th-floor terrace and a 75-foot-long pool and spa. Retail will be included on the ground and second floors. SOM is the design architect, while SLCE Architects is serving as architect of record. Occupancy is expected in late 2016.
World Wide Group has placed an assemblage of buildings, spanning 143-161 East 60th Street, in Midtown East, on the market as a development site for what is being valued north of $300 million, according to Crain’s Business. Six buildings are included in the assemblage, most being townhouses in the four- and five-story range, but an 11-story building exists at No. 155. A 280,000 square-foot residential and retail building could be built, but the tower could be even larger if a developer chooses to satisfy the inclusionary housing bonus.