The Rabsky Group is purchasing the single-story, 92,221 square-foot warehouse at 101 Varick Avenue, in East Williamsburg, for $48 million, with prospects to redevelop the 141,863 square-foot property into commercial space. A new office building could measure 280,000 square feet, and would include multiple tenants and ground-floor retail space, according to The Real Deal. The existing warehouse is currently being leased as warehouse, storage, and office space. The deal is expected to close in February.
Renderings have been revealed (h/t Curbed) of Djem Land LLC’s planned 12-unit residential development at 171-173 Bayard Street, in northern Williamsburg, located a block north of the Brooklyn-Queens Expressway. Although it will appear as a single structure, the project will technically have two separate buildings, each to rise four stories and 50 feet in height, and to contain six units apiece. The residential square-footage will total 8,228 square feet, which means individual units will average a rental-sized 686 square feet. Elmhurst-based InFocus Design and Planning is the architect, and two single-story brick structures were demolished early last year.
Last month, the leasehold interest of the 45-story, 468-key DoubleTree Suites hotel (by Hilton New York City – Times Square) was purchased for $540 million by Indianapolis-based Maefield Development, according to The Real Deal. The mixed-use building at 1568 Broadway, between West 46th and 47th Streets in Times Square, currently contains ground-floor retail space and the Palace Theatre, which was designated an interior landmark in 1987. Last November, YIMBY brought you news of the proposed retail and lobby expansions, and the restoration (and raising) of the Palace theater for entertainment purposes. The building is set to receive a significant overhaul, which includes the hotel portion as well as the installation of a new, state-of-the-art LED screen.
As SL Green is developing Midtown’s largest commercial property at One Vanderbilt across the street from Grand Central Terminal, the company is also building the neighborhood’s smallest ground-up project at 719 Seventh Avenue, just one block north of Times Square’s northern terminus. Despite its diminutive four-story size, the retail building will assert itself via a 150-foot-tall, 5,000-square-foot array of digital billboards. On-site demolition is complete, and excavation is well underway. Pavarini McGovern LLC is listed as the construction manager.
It has been about three months since we checked in on the coming Robert A.M. Stern creation at 220 Central Park South. Progress has been made since then. Photos taken by our friend Tectonic show the tower portion of the building, which rests on West 58th Street, is several stories taller, approaching the 10-story mark on its way to 66 stories.