Savanna has closed on the purchase, for an undisclosed sum, of The Falchi Building, a five-story, 711,000-square-foot commercial building at 31-00 47th Avenue, in Long Island City’s Blissville section. It was earlier reported that the developer was in contract for more than $255 million, Commercial Observer reported. The new owner plans to conduct a $35 million renovation on the property. Retail will be installed on the ground floor, while the office spaces throughout the rest of the structure will be modernized. Improvements include new amenities, upgrades to infrastructure and common areas. The building is currently 90 percent leased.
An anonymous Brooklyn-based LLC has filed applications for a four-story, six-unit residential building at 659 Quincy Street, in the heart of Bedford-Stuyvesant. The project will measure 4,620 square feet and its residential units should average 660 square feet apiece, indicative of rental apartments. De-Jan Lu’s Greenwich Village-based architecture firm is the architect of record. The 20-foot-wide, 2,000-square-foot lot is vacant. The city’s Department of Housing Preservation and Development demolished the site’s two-story predecessor, a townhouse, in 2014.
The de Blasio administration is looking for a development team to construct up to 200 affordable residential units at 3265 Atlantic Avenue, also known as the Dinsmore-Chestnut site, in the Cypress Hills section of East New York. The 81,175-square-foot site, located on the corner of Chestnut Street, is vacant. The property was excluded from the East New York rezoning approved earlier this year, Crain’s reported. It’s expected that the site will eventually receive an individual rezoning, which would be required if the current plans go forward. The city’s Department of Housing Preservation and Development released a request for proposals yesterday. Proposals are due March 22, 2017.
Kushner Companies, LIVWRK, and the CIM Group have closed on the purchase, for $345 million, of the 135,000-square-foot development site at 85 Jay Street, in DUMBO. The full-block property, currently vacant, could accommodate up to 1.1-million square feet of mixed-use development, the New York Post reported. The new owners plan to develop the site within current zoning laws. A project “with mixed uses” is planned, although plans are very preliminary. It was reported earlier that the site could host as many as 1,000 residential units. The team is in the process of hiring architects and consultants.
In late November, Related Companies filed applications for a four-story, 21-unit residential building at 19-14 20th Avenue, in the Ditmars section of Astoria. Now the developer has filed applications for a second building: a four-story, 32-unit residential structure, at 18-12 20th Avenue. All 53 of the new residential units will rent at below-market rates to veterans, with 20 percent set aside for homeless soldiers. Gran Kriegel Associates will be responsible for the architecture. Two single-story parking garages will have to be demolished for the new structures. Both buildings will be part of Related’s revamp of the seven-building, 444-unit Marine Terrace residential complex, which will get comprehensive renovation of its own.