Downtown

Italian American Museum, rendering courtesy Oved Group

Demolition Permits Filed for 185, 187, and 189 Grand Street, Little Italy, Manhattan

Demolition permits have been filed for the home of the Italian American Museum, who operate out of 185, 187, and 189 Grand Street in Little Italy, Manhattan. However, this is not a disappointment for the institution. They had been trying to sell their current location for years, on the condition that they are provided with rent-free space within the replacement. They were finally successful in February 2017, when their buildings were purchased for $14.8 million by Oved Group and Nexus Building Development Group.

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The 2020 skyline

New York YIMBY’s 2018 Construction Report: New Building Applications Finally Stabilize After Two Years of Massive Drops

Last year, YIMBY’s pipeline report showed a dramatic decrease in new building filings, with 2015’s multi-family count of 32,702 units falling precipitously, to 19,356 in 2016. Fortunately, the hemorrhaging of pipeline additions has nearly come to a complete stop, and 2017 saw filings for 19,180 multi-family units, a drop of under one percent. The full report, covering all 2,030 new building applications filed last year, is downloadable in Excel format at the following link.

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150 Rivington Street rooftop, design by GLUCK+

Construction Update, New Renderings for 150 Rivington Street, Lower East Side, Manhattan

A new seven-story residential building is starting to rise above its townhouse neighbors on the Lower East Side of Manhattan. 150 Rivington Street is located in a quiet spot of the bustling neighborhood, three blocks away from the Delancey-Essex Street Subway Station, serviced by the F, J, M, and Z trains. Cogswell Lee Development will be responsible for the development, which replaces the old Streitz Matzo Factory.

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Site 4 North of Essex Crossing, 180 Broome Street, rendering by Handel Architects

$200 Million Construction Loan Secured for 180 Broome Street, Essex Crossing, Lower East Side

Delancey Street Associates has closed a deal for funding the construction of 180 Broome Street, on the Lower East Side. The capital comes from Wells Fargo and M&T Bank, along with equity from DSA and Goldman Sachs Urban Investment Group. The loan secures $200 Million out of the projected total construction cost of $300 million. Essex Crossing is being developed by Delancey Street Associates, which is comprised of BFC Partners, L+M Development Partners, Taconic Investment Partners, and Goldman Sachs.

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