Residential

Rendering of 426-432 East 58th Street by Foster + Partners.

New Owner Acquires Development Site at 428-432 East 58th Street, Midtown East

6:30 am on December 14, 2016 By Reid Wilson

Gamma Real Estate has acquired, through a foreclosure auction for $98 million, the development site at 428-432 East 58th Street, located in the Sutton Place section of Midtown East. Gamma paid $86 million for the property and another $12 million for air rights, The Real Deal reported. Bauhouse Group assembled the site in 2015, with a $130 million acquisition loan from Gamma, and planned to develop a 900-foot-tall condominium tower at the site. The developer later defaulted on the property, which ultimately concluded in the bankruptcy auction held yesterday. It has not been revealed what the new property owner intends to do with the site, which boasts over 260,000 square feet of development rights. Demolition permits are on file for the site’s three five-story townhouses.

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277 Milford Street

Three-Story, Six-Unit Residential Project Planned at 277 Milford Street, East New York

11:30 am on December 13, 2016 By Reid Wilson

Kew Gardens-based Empire Home Sales has filed applications for a three-story, six-unit residential building at 277 Milford Street, in the heart of East New York. The project will measure 6,810 square feet and its residential units should average 860 square feet apiece, indicative of family-sized configurations. It’s unclear if the apartments will be rentals or condominiums. Paul Lombardi’s Brooklyn-based Design Studio Associates is the architect of record. The 40-foot-wide, 4,000-square-foot lot is vacant.

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26 Suydam Street

Four-Story, Two-Family Townhouse Coming to 26 Suydam Street, Bushwick

10:00 am on December 13, 2016 By Reid Wilson

An anonymous Brooklyn-based LLC has filed applications for a four-story, two-family townhouse at 26 Suydam Street, in western Bushwick. The new building will measure just 3,015 square feet. One of the apartments will be located on the ground floor, while the second will spread across the second through fourth floors. Olabanji B. Awosika’s Jamaica-based architecture firm is the architect of record. The 18-foot-wide, 1,242-square-foot lot is occupied by a three-story townhouse. Demolition permits have not been filed.

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1 Flatbush Avenue

19-Story, 183-Unit Mixed-Use Building Rises to Ninth Floor at 1 Flatbush Avenue, Downtown Brooklyn

8:00 am on December 13, 2016 By Reid Wilson

Construction is now nine floors above street level on the 19-story, 183-unit mixed-use building under development at 1 Flatbush Avenue, located on the corner of Fulton Street in Downtown Brooklyn. Progress can be seen thanks to photos posted to the YIMBY Forums by Tectonic. The latest building permits indicate the project will encompass 133,936 square feet and rise 206 feet to its main roof, not including bulkhead elements.

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