Last month, the Chetrit Group began converting the 37-story, 855,000-square-foot Sony Tower – the office building at 550 Madison Avenue, between East 55th and 56th streets, in Midtown – into 113 condominiums, a 170-key hotel, and 25,451 square feet of retail space. Now, Olayan America (the U.S. branch of Saudi Arabia-based Olayan Group), with minority investor Chelsfield, is in contract to acquire the tower for more than $1.3 billion, according to The Real Deal, officially stopping the project in its tracks. The new owners will not follow through with the conversion and will lease the building as office space. Chetrit is selling the building, most likely because of the cooling ultra-luxury residential market, for at least $200 million more than what they payed for it in 2013. The soon-to-be new owners have secured $300 million in mezzanine debt and a $600 million mortgage for the acquisition. The sale is expected to close in May.
Property owner Chang Xiong Chen has filed applications for four two- to three-family residential buildings at 76-09 – 76-15 45th Avenue, in northern Elmhurst, located seven blocks from the Elmhurst Avenue stop on the M/R trains. The two inner buildings will be three-story, two-family houses, each measuring 2,415 square feet. They will be bookended by three-story, three-family buildings, each of which will measure 3,905 square feet. Across the entire development, the apartments – coming in full-floor and multi-floor layouts – should average 901 square feet apiece. Dezhang Fang’s Flushing-based Fang Architect is the architect of record. At nos. 76-11 and 76-15, two two-and-a-half-story houses must first be demolished. Permits were filed to do so back in August of 2015.
Brooklyn-based Waterfront Property Management has filed applications for a five-story, 12-unit mixed-use building at 597 Marcy Avenue, in northern Bedford-Stuyvesant, located two blocks from the Myrtle-Willoughby Avs. stop on the G train. The structure will encompass 17,888 square feet, and will include 3,150 square feet of ground-floor retail space. There will also be 3,400 square feet of doctors’ offices on the second floor. The residential units will be located on the third through fifth floors, averaging 889 square feet apiece. Amenities include 3,454 square feet of recreational space in the cellar, in addition to storage space for 12 bicycles. Maspeth-based Genaro R. Urueta is the architect of record. Demolition permits were filed in 2014 to remove the existing single-story building.
Tomer Erlich, doing business as an anonymous Brooklyn-based LLC, has filed applications for a four-story, 10-unit residential building at 1141 Lafayette Avenue, in central Bushwick, located two blocks from the Kosciuszko Street stop on the J train. The structure will measure 11,440 square feet, which means its residential units should average 817 square feet apiece, indicative of relatively large rental apartments (for new construction in the area). Robert Bianchini’s Forest Hills-based ARC Architecture + Design Studio is the architect. The 37-foot-wide assemblage consists of a vacant lot (1141 Lafayette) and a four-story townhouse (1143 Lafayette), which received demolition permits earlier this month.
Brooklyn-based Stuyvesant Group, headed by Adam Cohen, has filed applications for a six-story, five-unit mixed-use building at 321 West 136th Street, in northern Harlem. The structure will measure 13,024 square feet, of which 2,497 square feet will be used as community facility space on the basement and cellar levels. The five floors above will host full-floor residential units, averaging a spacious 1,706 square feet apiece, indicative of condominiums. Jose Lockhart’s Brooklyn-based Tecnico Engineering is the applicant of record. Demolition permits were filed in January for an existing two-story brick townhouse.