In January of 2016, filings were submitted to the Attorney General’s office for a 91-story, 275-unit luxury residential tower with retail space at 125 Greenwich Street, in the Financial District. Since then, foundation work has been underway and its developers – Michael Shvo, Vector Group, New Valley, and Bizzi & Parters Development – have been in talks to secure a roughly $500 million construction loan. Now, the New York Post reports $175 million in financing has been raised through the EB-5 program. New details also reveal the highest occupied floor will stand 990 feet above street level, although a crown will push the pinnacle of the supertall tower to a yet-to-be-determined height. Condominiums are expected to range from studios to a triplex penthouse. Rafael Viñoly Architects is the design architect. Completion is expected in 2018.
In the next few weeks, O’Neill Properties Group is expected to break ground on the 5.8-million-square-foot mixed-use mega-development planned on 418 acres along the Raritan River in Sayreville, New Jersey. The New York Times reports the project, dubbed the Pointe, will include 2,000 residential units, up to 1,000 hotel rooms, 750,000 square feet of office space, and 2.4 million square feet of commercial-retail space. Also approved is 226,000 square feet of Times Square-style digital signage across seven billboards.
Charlotte, N.C.-based SunCap Property Group has filed applications for a two-story, 362,474-square-foot commercial warehouse at 46-06 57th Avenue, in the western industrialized section of Maspeth known as Haberman. The enormous building will stand 60 feet in height and will have a lobby, offices, a distribution area, and storage space on the ground floor. The second floor will contain a parking garage with 225 parking spaces. It’s not known who will operate in the warehouse, but the property owner currently operates a FedEx Ground distribution center at 29-01 Borden Avenue, in Long Island City. The new building is being designed by Long Island-based Baldassano Architecture. The 513,221-square-foot swath of land is currently vacant.
Brooklyn-based property owner Yanes Gertrudis has filed applications for a small, two-story manufacturing building at 169 Williams Avenue, in northern East New York, located in the manufacturing district southeast of the Broadway Junction transportation hub. The 34-foot-tall building will measure 4,806 square feet in total. There will be 2,612 square feet of manufacturing space on the ground floor, and 2,000 square feet of office space on a mezzanine level and the second floor. Ross William’s Brooklyn-based W.D. Ross P.C. is the architect of record. The 25-foot-wide, 2,500 square-foot parcel is currently vacant.
Property owner Leon Chang has filed applications for a three-story, two-unit residential building at 2372 Boynton Place, in southern Gravesend, located a block from the Avenue X stop on the F train. The new building will encompass 4,500 square feet and will boast 3,873 square feet of residential space. One apartment will span the ground floor and the second will take up the second and third floors. If residential space is divided as such, the ground floor unit will measure 1,290 square feet and the second unit will measure a spacious 2,583 square feet. Jung Wor Chin Architect is the architect of record. The 25-foot-wide lot is currently occupied by a two-story, single-family, wood-framed structure. Demolition permits have already be filed to raze it.