BLDG Management has acquired the three properties spanning 211-215 East 38th Street, in Midtown East, for $36.7 million, which reportedly completes a development assemblage that also includes the two buildings at 203-209 East 38th Street. The developer plans to demolish the entire assemblage to make way for a new residential tower with ground-floor retail space, according to The Real Deal. The site measures 17,944 square feet, which means it can accommodate up to 179,440 square feet of development potential. Other details, including the architect have not been disclosed. What must first be demolished is a two-story brick structure, three four- to five-story tenement buildings, and a five-story parking garage.
Somerset Partners is renovating the single-story commercial building at 2430 Third Avenue, on the corner of East 134th Street in Mott Haven, into a coffee shop. According to DNAinfo (h/t Curbed NY), the NYC-based coffee chain Filtered Coffee, co-owned by Karen Paul and Aaron Baird, will operate the new café. Both the interior and exteriors of the structure are being renovated and repurposed. New entrances are being added in addition to a skylight, per the latest filing with the Department of Buildings. Vladimir Constant’s NoMad-based The Hudson Group is the applicant of record, although Barcelona-based Alonso Balaguer is designing the project. The shop’s grand opening is scheduled for April 2.
When YIMBY last reported on the 23-story, 120-unit mixed-use rental project at 56 Fulton Street, between Cliff and Gold streets in the Financial District, $61.75 million in financing had just been landed. That was back in December of 2014. Today, we can report actual construction progress. A photo sent to us by a reader shows the work being done, and that work has reached the second floor.
New building applications were filed yesterday for a seven-story apartment building with ground floor retail at 701 Washington Avenue, on the eastern, Crown Heights side of the commercial thoroughfare.
Uncertainty over the future of the 421-a tax abatement is driving developers to focus on condos and commercial projects, because rentals are hard to finance without the tax break. Yesterday’s crop of filings brought yet another application for a small commercial building in Lower Manhattan. Milwaukee restaurateur and former Soho bar owner Karl Kopp filed plans for a seven-story retail project at 277 Mott Street, between Houston and Prince Streets in Nolita.