Metropolitan Realty Associates and TIAA are in contract to acquire the four-story, 342,000-square-foot industrial property at 47-25 34th Street, located on the corner of 48th Avenue in the Dutch Kills section of Long Island City. The property is being sold for $90 million, according to Crain’s. The eventual new owners plan to convert the building into modern office space to the tune of more than $10 million. The property is currently 55 percent vacant, with the occupied portion is being utilized as warehouse and showroom space. The sale comes two years after Brickman acquired the building for $60 million. Future office tenants will be located two blocks from the 33rd Street stop on the 7 train.
YIMBY can now bring you news that foundation work is underway at 200 East 59th Street, at the corner of Third Avenue on the northern edge of Midtown East, courtesy of photos posted to the YIMBY Forums by Vertical_Gotham. It’s the site of a 35-story, 67-unit mixed-use building being developed by Macklowe Properties, which YIMBY recently revealed a full rendering for last week. As reported earlier, the 490-foot-tall tower will measure 109,581 square feet, of which 14,861 square feet will be utilized for retail space on the cellar through second floors. The apartments above, which will be condominiums, should average 1,490 square feet apiece. Amenities include storage for 36 bikes, a lounge, a terrace on the third floor, and a fitness center. CetraRuddy is behind the architecture. Completion is expected in late 2017.
In February, YIMBY reported on developer Edward Minskoff’s plans for a new condominium building at 11-19 Jane Street, where a two-story garage building now sits. The site is between Greenwich Avenue and West 4th Street/Eighth Avenue in the Greenwich Village Historic District. That means the demolition and new construction both need the approval of the Landmarks Preservation Commission. Though the commission heard the proposal on Tuesday, a decision will have to wait.
It will be out with the old and in with the new in a historic part of Chelsea. On Tuesday, the Landmarks Preservation Commission approved demolition of the existing structures at 21 West 17th Street and 16 West 18th Street and the construction of new residential buildings to replace them. The site is between Fifth and Sixth Avenues in the Ladies’ Mile Historic District.
Office conversions are slowly making their way into the industrial zone between Crown Heights and Prospect Heights. Developer Joel Gluck plans to convert a two-story warehouse at 813 Bergen Street to offices.