Office

Developers To Convert Two Long Island City Industrial Buildings At 21-09 Borden, 21-00 49th Avenues Into Office Space

1:00 pm on March 23, 2016 By Reid Wilson

In February, Related Companies and GreenOak Real Estate purchased the seven-story, 168,000-square-foot industrial building at 21-09 Borden Avenue, in southern Long Island City, for $62.5 million. The Real Deal now reports the developers have secured a total of $60.8 million in loans, some of which will be used to convert the property into an office building. The two developers also purchased the Paragon Building – a six-story, 108,000-square-foot former industrial building at 21-00 49th Avenue, in southern Long Island City – for roughly $47.5 million. The property is located two blocks to the north and is also expected to be converted into office space. An architect and targeted completion dates have not been disclosed.

Deal Reached For Triangle Park Multi-Building Mixed-Use Development, Newark

11:00 am on March 22, 2016 By Reid Wilson

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.

Rendering of new entrance to 41 Madison Avenue. Credit: Rudin/SOM.

Revealed: Public Space Renovations at 41 Madison Avenue, Flatiron District

7:30 am on March 22, 2016 By Evan Bindelglass

A 500,000-square-foot office building in the Flatiron District is getting some upgrades. 41 Madison Avenue, located between East 25^th and 26^th 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.

Five-Story, 57,800-Square-Foot Office Conversion Planned At 815 Broadway, Bushwick

10:00 am on March 21, 2016 By Reid Wilson

Property owner Transition Acquisitions is planning to convert the five-story, 57,800-square-foot former Globe Exchange Bank building, located at 815 Broadway in far-western Bushwick, into office space, Commercial Observer reports. The property is currently vacant and boasts 41,673 square feet of commercial space. According to the Schedule A, 15,600 square feet of retail space will span the ground floor, medical offices will be located in the cellar level, and the rest of the building will full-floor contain office spaces. Boaz Golani’s Bronx-based BMG Design Build is the architect of record. The current owner acquired the building in July of 2015 for $15.1 million and the conversion is expected to be complete in the spring of 2017.

Two-Story Manufacturing-Office Project Coming To 169 Williams Avenue, East New York

3:00 pm on March 16, 2016 By Reid Wilson

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.

BIG Plans Revealed For Two Penn Plaza Transformation

8:00 am on March 16, 2016 By Nikolai Fedak

Among the numerous hulking eyesores in New York City, Two Penn Plaza manages to make a particularly negative impact, and its placement above Penn Station helps cement the latter’s status as an architectural failure. But now we have a first look at plans to transform the structure completely, created by Bjarke Ingels Group/BIG for developer Vornado.

Landmarks Approves New Six-Story Commercial Building at 134 Wooster Street, SoHo

7:00 am on March 16, 2016 By Evan Bindelglass

It was back in December that YIMBY told you of Premiere Equities’ plans for a new commercial building at 134 Wooster Street, located between Houston and Price streets in the SoHo-Cast Iron Historic District. Those plans went before the Landmarks Preservation Commission on Tuesday and were approved with very little fuss.

Former renderings of 98-81 Queens Boulevard - RJ Capital Holdings

Reveal For Five-Story, 100,000-Square-Foot Office Building At 98-81 Queens Boulevard, Rego Park

11:00 am on March 14, 2016 By Reid Wilson

RJ Capital Holdings is planning to develop a five-story, 100,000-square-foot multi-use commercial building at the right triangle-shaped block at 98-81 Queens Boulevard, in Rego Park, located four blocks from the 67th Avenue stop on the M/R trains. Commercial Observer has revealed a rendering of the project, which has not yet been filed with the Department of Buildings. The project will feature a mix of commercial uses, including medical office space and ground-floor retail. There will also be an underground parking garage. Multiple low-rise buildings will have to be demolished first, including the Ohr Natan Synagogue, whose lease expires in February of 2017, and commercial buildings at 98-69 and 98-83 Queens Boulevard and 66-02 99th Street. The developer acquired the assemblage in 2013 for $9 million.

Industry City’s Proposed Rezoning Will Include Retail, Two Hotels, But No Dormitory, Greenwood

3:00 pm on March 11, 2016 By Reid Wilson

A year ago, news broke that Jamestown, Belvedere Capital, and Angelo Gordon announced plans to infuse $1 billion to renovate and redevelopment parts of the the 16-building, six-million-square-foot industrial complex, dubbed Industry City, located west of the Gowanus Expressway, in Greenwood. Crain’s now reports the developers are scrapping plans to build a 150,000-square-foot student dormitory at the 32-acre site. The complex’s proposed rezoning still includes the construction of significant retail space and two hotel buildings. Renovation work currently under way includes new windows, elevators, and interiors, and the complex is presently home to manufacturing uses and office space of a variety of sorts. The developers expect to begin the city’s Urban Land Use Review Procedure (ULURP) before 2017.

Four-Story, Multi-Use Commercial Building Planned At 219 Park Avenue, Brooklyn Navy Yard

11:00 am on March 10, 2016 By Reid Wilson

Back in 2012, former property owner Harvey Stashower filed plans for a small, two-story commercial building with a caretakers apartment at 219 Park Avenue, located directly below the BQE on the southern edge of the Brooklyn Navy Yard. Those plans never came to fruition, but now an anonymous Brooklyn-based LLC filed applications for a four-story, 9,525-square-foot multi-use commercial project. The latest plans call for 5,000 square feet of warehouse and office space in addition to 4,525 square feet of medical offices. The ground floor and a mezzanine level will feature a commercial warehouse and office space, the second and third floors will contain the medical offices, and the fourth floor and a mezzanine level will contain another office unit. Rego Park-based Diego Aguilera Architects is the architect of record.

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