After Chetrit Group landed a $60 million acquisition and pre-development loan for their development site spanning 541-545 West 37th Street, in Midtown West, the developer is planning to move forward with their plans, which YIMBY reported on nearly a year ago. The site boasts 373,000 square feet of building potential, and conceptualized as a 50-story mixed-use tower featuring 100 residential units and 350 hotel rooms. Two three-story buildings must first be demolished.
In February, applications were filed for a two-story commercial building at 102-05 Roosevelt Avenue, in North Corona, and now new building applications call for a three-story, three-unit mixed-use building. The building will measure a total 4,930 square feet, which includes 2,465 square feet of ground-floor retail. Long Island-based Issa Khorasanchi is the applicant of record, and Hector Burgos is the property owner. An existing single-story retail building must first be demolished.
Fazio Builders, doing business has Victory Highland LLC, has filed applications for multiple three-story, six-unit residential buildings at 7 Highland Avenue, in Silver Lake near the St. George ferry terminal. Three buildings have been filed, which means 18 residential units will split across 23,675 square feet of space, for 1,315 square-foot units on average. Staten Island-based Moss & Sayad Architects is the applicant of record.
Last year, YIMBY revealed renderings of The Iconic Group’s planned five-story, seven-unit mixed-use building at 170 South 1st Street, in western Williamsburg. Now Brownstoner reports the project is under construction, with steel framing above street level. The building will measure 16,183 square feet, and includes 4,130 and 435 square feet of warehouse/retail and community space, respectively. ND Architecture & Design is the architect of record, and completion is likely expected in 2016.
Vornado Realty Trust has purchased the seven-story Otis Elevator Building at 260 11th Avenue, in West Chelsea, for roughly $80 million in stock units, according to Bloomberg Business, and is leasing the land under the building for 99 years. Vornado is planning to convert the building into office space; an expansion is also possible as the building has available development rights.