The South Bronx was once known for burned-out buildings and entrenched poverty, but it’s now becoming a hub for new construction of both affordable and market-rate housing. A project that appears to be market-rate is headed to Longwood, a neighborhood in the southeastern Bronx.
Taconic Investment Partners, TH Real Estate, and Squire Investments have acquired, for $109 million, the 14-story, 114,000-square-foot commercial building at 817 Broadway, located on the corner of East 12th Street in Greenwich Village. The new owners plan to let the leases of existing office and retail tenants expire so that a top-down renovation can begin, Real Estate Weekly reported. The building would get a redesigned lobby, a complete façade restoration, renovated retail and office space, and upgraded mechanical infrastructure. A construction timeline has not been disclosed. A $102 million acquisition and construction loan has already been secured.
Related Companies has filed applications for two single-story retail buildings at 505-511 West 27th Street, in West Chelsea. The building at 505 West 27th Street would be built under the elevated High Line park and measure 9,875 square feet, spanning through to West 28th Street. The other building, at 511 West 27th Street, would be adjacent to the park and measure 5,204 square feet. Kevin Byrne’s Bronx-based architecture firm is the architect of record. Two three-story commercial buildings must first be demolished at 509-511 West 27th Street. Demolition permits were filed in earlier this year.
As we head into the Thanksgiving weekend, New York City can be thankful for 11 newly designated landmarks. On Tuesday, the Landmarks Preservation Commission voted on 11 of the 12 calendared sites in Midtown East.
Construction has topped out on the five-story, eight-unit mixed-use project under development at 300 Washington Street, located on the corner of Third Street in Hoboken, New Jersey. The new building will have retail space on the ground floor and residential units on the upper four floors, although it’s not known if the apartments will be rentals or condominiums. Hoboken-based Minervini Vandermark Architecture is behind the design, Jersey Digs reported. Completion can probably be expected in 2017. The project is six blocks from Hoboken Terminal.