Macy’s is about to sell five stories of their nine-story building at 422 Fulton Street and the parking garage at 11 Hoyt Street (aka 217 Livingston Street) to Tishman Speyer for $170 million, according to Crain’s. Macy’s will consolidate commercial operations to 310,000 square feet, spanning the basement to the fourth floor, and Tishman will fund extensive renovations for those floor. As for the five upper floors Tishman is purchasing, those will be converted to office space and five more floors will be added up top. In the end, 10 stories of integrated office space is planned.
Staten Island-based Leon Dasilva has filed applications for four two-story, multi-family residential buildings at 48-31 – 48-37 65th Street, in northern Maspeth, three blocks south of Queens Boulevard. The entire development will span 8,980 square feet in residential space, and each building will have two full-floor units averaging 1,120 square feet apiece. Joseph Sultana’s JLS Designs is the applicant of record.
Madison Realty Capital has closed on the seven-story, 400,000 square-foot industrial building at 14 53rd Street, in Sunset Park on the waterfront, for $82.5 million, according to Crain’s. The building, located four long-blocks from the R train’s 53rd Street stop, is being renovated to accommodate office and manufacturing tenants. The renovations will include exterior and interior upgrades, as well as a roof deck.
The Dupler Group is putting the land under a five-story office building at 222-226 East 46th Street, in Midtown East, on the market as a 99-year lease; the property is being valued at around $30 million. The site contains 72,000 square feet of development rights, and a developer could demolished the existing structure for a 33-story residential tower with as many as 96 rental units. Newmark Grubb Knight Frank is marketing the property, per The Real Deal.
The government of the United Arab Emirates is planning a 27-story mixed-use tower at 315 East 46th Street, a long-stalled construction site between First and Second Avenues in Midtown East.