Innovo Property Group and Westbrook Parters have acquired, for $195 million, the seven-story, 640,000-square-foot office-industrial building at 24-02 49th Avenue, in southern Long Island City. The purchase was financed with a $136 million mortgage, Commercial Observer reported. The building is nearly completely leased, with the New York City Housing Authority (NYCHA) occupying 480,000 square feet across five floors. The new owners plan to not renew NYCHA’s lease, which expires in 2020. The plan is to renovate the property to include modern and creative office space. The property is right across the street from the Hunters Point Avenue station on the 7 train and the Long Island Rail Road.
Queens-based property owner David Mehrara, doing business as an anonymous LLC, has filed applications for a two-story, 3,990-square-foot commercial-retail building at 101-01 Roosevelt Avenue, in North Corona. The structure will contain a total of six retail units, averaging 408 square feet apiece, across both floors. The structure will be topped by a roof terrace. Dju La Lukovic’s Astoria-based DJL Architect is the architect of record. The 39-foot-wide, 1,323-square-foot property is currently occupied by a two-story residential structure. Demolition permits haven’t been filed. The site is directly below the 103rd Street-Corona Plaza stop on the 7 train.
Mild suffering for a long time or significant hardship for a shorter time. Those were the choices faced by the Metropolitan Transportation Authority when it came to post-Hurricane Sandy repairs on the L train tunnel under the East River. The MTA has opted for the latter option.
Days are numbered for the auto body shops, car washes, and gas stations near the High Line in Chelsea. They’re slowly being replaced with apartments, art galleries, and artisanal food shops. Last week, plans were filed for a new building that would replace a car stereo store on the corner of West 25th Street and Tenth Avenue.
Last month, Mount Sinai St. Luke’s Hospital (formerly just St. Luke’s) sold off five large, turn-of-the-century buildings in Morningside Heights to Delshah Capital for $111.5 million. Now, the firm has filed plans to convert the elaborate old structures to apartments.