After entering into contract nearly a year ago, Extell Development has closed on the purchase of the single-story, 128,250-square-foot Gristedes grocery store at 350 East 86th Street, on the Upper East Side, for $93 million. The acquisition was funded with a $55 million mortgage, Commercial Observer reported. The developer also owns the neighboring four- and five-story tenement buildings at 1645-1651 First Avenue. Combined with the new acquisition, the 20,650-square-foot assemblage now supports 206,500 square feet of new mixed-use development up to 210 feet above street level. The developer is apparently planning a 20-story, 200-plus-unit condominium project at the site, although there aren’t many details on it. Demolition permits haven’t been filed for any of the Extell-owned properties, but Gristedes is expected to vacate the premises later this year.
North Williamsburg is one step closer to getting its first new office building in half a century. Yesterday, the full City Council approved a special permit with a new kind of industrial and commercial zoning for the eight-story project at 25 Kent Avenue.
In 2006, a doctor involved in a bitter divorce destroyed his four-story townhouse on the Upper East Side. The explosion also killed the doctor, earning him the nickname “Dr. Boom.” Now, there is a new approved proposal for what will fill the vacant lot.
Willoughby Avenue between Central and Evergreen avenues in Bushwick used to be a reminder of the city’s worst years, with an odd mix of decrepit wood frame houses, vacant lots, and garages. But several new buildings have transformed the block in the last decade, and now another project is set to join the mix.
The New York City Economic Development Corporation (NYCEDC) and Mayor Bill de Blasio’s Executive Office of Housing and Economic Development (EOHED) have selected the team behind the Lowline proposal to lease the vacant, 60,000-square-foot Williamsburg Bridge Trolley Terminal, located under Delancey Street between Clinton and Norfolk streets on the Lower East Side. This marks the first city approval for the project, bringing it significantly closer to reality. The public park would take up roughly 43,500 square feet of the abandoned terminal.