When Ben Shaoul’s Magnum Real Estate Group shelled out $270 million for two luxury rental buildings in the Upper East Side and Gramercy last year, it was only a matter of time until they became condos. Now construction is moving along at 385 First Avenue in Gramercy, and the property has a teaser site and a new name: Luminaire.
Earlier this year, developer and architect Cary Tamarkin filed applications for a 12-story, 32-unit mixed-use building at 550 West 29th Street, in West Chelsea. Now, a tipster has informed YIMBY that the project is making significant strides, and building permits have been granted. Highline Development Group is the property owner, and CORE will eventually be handling sales. According to filings with the DOB, the building will measure 55,368 square feet, and will include a 5,065 square-foot retail component on the ground floor. Above, residences will average 1,572 square feet apiece. Demolition of the site’s former occupant was completed over the summer.
Over the summer, Silverstein Properties began demolishing the low-rise commercial building at 520 West 41st Street/514 Eleventh Avenue, in Midtown West, to make way for a 1,400-unit mixed-use development. Now, the developer has tasked CBRE to market and sell the property, which could potentially be worth close to $500 million, according to Crain’s. The project is currently being processed through ULURP, as a rezoning is required, and Silverstein eventually agreed to allot 375,000 square feet for affordable housing. YIMBY revealed the original proposal in July of 2014.
Back in June, Kuafu Properties was in contract to purchase the assemblage spanning 143-161 East 60th Street, on the northern edge of Midtown East, and now the Chinese developer has closed on the acquisition, according to Commercial Observer. The site has a nearly 20,000 square-foot footprint, and roughly 280,000 square feet of development potential. Kuafu plans to build a luxury residential tower with a large retail base, although the existing six low-rise buildings must first be demolished.
Nine stories of condos may replace a little brick walkup on the corner of Second Avenue and East 45th Street. Architect Karl Fischer filed applications earlier today for a 100-foot-tall building at 843 Second Avenue.
