In August of 2015, news broke that Tishman Speyer was acquiring five stories of Macy’s nine-story commercial building at 422 Fulton Street, along with the parking garage at 11 Hoyt Street/217 Livingston Street, in Downtown Brooklyn, for $170 million. Macy’s is expected to consolidate their retail space into 278,000 square feet on the lower half of the building (basement through fourth floors). Speyer would then expand and convert the upper portion into 10 stories of office space. The Wall Street Journal now has the first glimpse of the renovations, which Speyer has agreed to fund (as part of the deal), that will go into Macy’s portion of the building. Macy’s and FRCH Design Worldwide are designing their space. Work is expected to begin imminently, and the renovation is expected to be complete in 2019. It was recently reported that Speyer would be utilizing the EB-5 program to raise roughly $60 million in financing.
Last month, YIMBY revealed new renderings of the 23-story, 303-unit mixed-use building planned at 38 Sixth Avenue, in Prospect Heights, located within the 15-building Pacific Park mega-development. Curbed NY now has an update on the entire project, but more specifically photos revealing that this portion of Pacific Park is finally rising. The structure is currently two stories above street level. It will eventually encompass 341,595 square feet and will feature 8,700 square feet of retail space and medical offices on the ground floor. The rental apartments, averaging 957 square feet apiece, will all rent at below market-rates. There will be a mix of studios, one-, two-, and three-bedroom apartments. A partnership between Forest City Ratner and Greenland USA is developing, and SHoP Architects is behind the design. Completion is expected in late 2017.
Simon Cheung, doing business as an anonymous Flushing-based corporation, has filed applications for two three-story, two-unit residential building at 67-21 – 67-23 185th Street, in Utopia, located three blocks south of the Long Island Expressway. Each building will measure 2,875 square feet, with one unit taking up the ground floor and the second unit spanning across the second and third floors. The apartments will likely be geared towards families and will have multiple bedrooms. Theeshium E. Ken’s Flushing-based Paul Mok Engineering is the applicant of record. The site’s former single-story, single-family house was demolished last year.
Staten Island-based Pete Rock Inc. has filed applications for three three-story, two-family houses at 114 Sinclair Avenue and 193-197 Sheldon Avenue, in Woodrow, located on the southern end of Staten Island. Each will measure 3,629 square feet, and will be occupied by a single unit on the ground floor and a second unit on the second and third levels. The units will spacious in size and should feature multiple bedrooms. All of the houses will also come with a garage big enough for a single vehicle. Staten Island-based Joseph M. Morace is the architect of record. The block-thru plot of land was subdivided into three separate tax lots in March, although a small house still must be demolished on the Sheldon Avenue side.
The Beechwood Organization is developing a six-story, 195-unit apartment-hotel on a vacant plot of land on the western end of Meadowbrook Point, a 720-unit senior residential community they recently finished at 1100 Corporate Drive, in Nassau County’s East Garden City. According to Real Estate Weekly, the building, dubbed The Vanderbilt, will host 178 residential units and 17 hotel suites. The residential units will be rental apartments, coming in studio, one-, and two-bedroom configurations. Amenities include an English garden, a fitness center, a yoga room, a library, entertainment rooms, a café, meeting rooms, and a private courtyard featuring a pool and restaurant. Stonehill & Taylor Architects will be designing the interiors. The foundation was recently laid, and construction is expected to finish in late 2018.