S.W. Management has acquired the vacant development site spanning 1179-1183 Second Avenue and 249-251 East 62nd Street, on the Upper East Side, for $64.3 million. According to Crain’s, the property lot at the corner of Second Avenue and East 62nd Street, at 253 East 62nd Street, is not included in the acquisition, although its former five-story predecessor was demolished just last year. The site that was newly acquired can accommodate 87,650 square feet of development potential as-of-right. A future building could include ground-floor retail space and residential units above. Plans for the site have not been disclosed. Sometime between 2009 and 2011, five tenement buildings ranging between three and five stories were demolished at the site.
Early last year, the Newark City Council approved plans to build a 2.5-acre park in the city’s downtown. It would connect Prudential Center to the Ironbound’s Peter Francisco Park by bridging over Newark Penn Station, but it would also serve as the centerpiece of a multi-building mixed-use development of the surrounding vacant blocks. Last week, the city of Newark struck a deal with Edison Properties and J&L Parking Corporation to development the buildings, Newark Patch reports. Details on the new buildings are sparse, but there will be a significant number of residential units, retail space, and possible office space. Construction is expected to commence later this year and completion is tentatively set for July of 2018. The Newark Community Economic Development Corporation will head the construction of the park, being designed by MKW + Associates.
It was in September of 2015 that YIMBY last brought you a construction update on the 82-story, 139-unit supertall residential tower underway at 53 West 53rd Street, in Midtown. At the time, foundation work was well underway at the site, and now the structure is up two stories above street level, as seen in photos by Tectonic (h/t Curbed). The luxury tower, dubbed 53W53, is being designed by Ateliers Jean Nouvel. Thierry Despont is designing the interiors of the residential units. The apartments will come in one- to six-bedroom configurations, and the largest listing is currently a seven-bedroom penthouse. Amenities include a pool, a library, a wine vault, a fitness center, and a lounge. The Museum of Modern Art (MoMA) will also be located on the bottom floors of the building. Hines and Pontiac Land Group are the developers, and completion is expected in 2017.
A 500,000-square-foot office building in the Flatiron District is getting some upgrades. 41 Madison Avenue, located between East 25th and 26th streets, was built by Samuel Rudin in 1972 and now the Rudin Management Company is renovating its public spaces, and YIMBY has the first renderings.
YIMBY recently spotted plans to convert a four-story factory to apartments at 222 Varet Street in East Williamsburg.