Small residential developments have begun arriving on the edge of downtown Jamaica, but YIMBY has seen few projects as large as the eight-story mixed-use building planned for 178-02 Hillside Avenue.
Hudson Companies has acquired the development site spanning 1041-1047 Fulton Street, in southern Clinton Hill, for $7.2 million. According to Brownstoner, the developer plans to build a 39-unit all-affordable building designed by Marvel Architects. The site’s previous owners filed permits last year for a six-story market-rate building, but new applications are impending. The property’s former two- and three-story buildings were demolished last November.
Last summer, YIMBY brought you renderings of 215 Chrystie Street, a 28-story, 370-hotel-room mixed-use tower now under construction on the Lower East Side. According to Bowery Boogie, concrete and rebar are up to the second floor. Ian Schrager and Witkoff are developing, and Herzog & de Meuron is the design architect. Completion is scheduled for late 2016.
As the clock ticks down to the state’s 421-a renewal deadline on June 15, developers are wondering how they’ll fare if condos no longer qualify for the tax abatement. Companies building lower cost apartments on the fringes of the city will likely be the hardest hit, since the tax break helps attract buyers to less desirable neighborhoods.
Kenjoy Realty is placing two connected single-story warehouse properties at 11-01 38th Avenue and 37-37 11th Street, in northern Long Island City, on the market for $12.5 million. The assemblage is being marketed as a development site, boasting roughly 86,000 square feet of commercial building potential, according to Commercial Observer. The marketing team states that the site is ripe for a hotel development.
