The Vorea Group has signed a 99-year ground-lease, worth roughly $350 million, for the 10,000-square-foot development site at 23-20 Jackson Avenue, located on the corner of Pearson Street in the Court Square section of Long Island City. The developer plans to build a mixed-use commercial building measuring between 50,000 square feet and 65,000 square feet, according to the Wall Street Journal. The lower floors will contain 30,000 square feet of retail space while the upper floors will feature offices. The site, currently occupied by a single-story commercial building, can accommodate up to 50,000 square feet of leasable commercial square-footage. Neither demolition permits nor new building applications have been filed. Real Estate Weekly reported on the details of the lease.
A deteriorating Brooklyn residential building could finally meet its end in the near future. Last Tuesday, the Landmarks Preservation Commission heard a proposal to demolish the three-story structure at 476 Washington Avenue, in Clinton Hill. However, the proposal for its replacement was not met with the commissioners’ approval.
In 2008, non-profit Pratt Area Community Council and BFC Partners finished construction on a six-story, 48-unit affordable building at 15 Quincy Street in Clinton Hill. Now a charter school may replace the low-income development between Classon and Grand Avenues, right next to the border with Bed-Stuy.
Wilfred Realty Corp. has filed applications for an eight-story, 190-unit mixed-use complex at 1880 Bathgate Avenue, in the West Bronx’s Tremont section. The 173,627-square-foot project will include two eight-story components, a western one along Bathgate Avenue and an eastern one along Firefighters Boulevard. There will be 21,820 square feet of retail and 2,460 square feet of community facility space across the ground floors. The residential units above should average 786 square feet apiece, indicative of (likely below-market-rate) rental units. SLCE Architects is the architect of record. The 36,101-square-foot assemblage consists of multiple single- and two-story warehouses. Demolition permits were filed in August. The Tremont station on Metro-North Railroad is three blocks away.
Joint venture PH Urban Renewal, comprised of developers L+M Development Partners and Low-Income Housing Corporation, is proposing to develop a mixed-use tower at 25 Columbus Drive, in the Paulus Hook section of Jersey City. At this point, the project is expected to include up to 750 residential units, of which five percent (37 units) would be designated as affordable, the Jersey Journal reported. The tower’s base would feature a 35,000-square-foot, 200-student privately-funded public school for levels pre-K through first grade.