New York-based Lotus Equity Group has acquired the Bears and Eagles Riverfront Stadium at 450 Broad Street, in Downtown Newark, for $23.5 million, NJ Advance Media reports. The 6,014-seat stadium (and presumably the four-story parking garage to the south), located two blocks from the New Jersey Transit’s Newark Broad Street station, is expected to be demolished to make way for a mixed-use tower. The development could accommodate between 1,000 and 1,500 residential units and will contain commercial spaces. The commercial uses haven’t been finalized yet, but plans include a possible hotel and retail space. A construction timeline has not been disclosed. The baseball stadium was construction only 17 years ago.
After a decade of delays, Triangle Equities finally landed financing and broke ground last month on Lighthouse Point, a sprawling mixed-use project next to the St. George Ferry Terminal on Staten Island. Now, YIMBY has new images of the residential, retail, and office complex under construction on the North Shore.
It was in December that YIMBY last brought you a construction update on the two-towered, 800-unit residential development under construction at 626 First Avenue, between East 35th and 36th streets in Murray Hill. The residential towers – now standing 41 and 48 stories – have since topped out, as seen in photos by Tectonic. The apartment units should average 906 square feet apiece and will be accompanied by 94,700 square feet of amenities, including a 38,000-square-foot public park. There will also be 4,100 square feet of ground-floor retail space. JDS Development Group is the developer of the 825,000-square-foot complex, and SHoP Architects is behind the design. Completion is expected in early 2017.
This past December, the city launched a Request for Proposals (RFP) for the commercial development site at 2325 Third Avenue, in East Harlem. The plot is part of the mixed-use mega-development E125 that will turn two blocks, the ones bound by East 125th and 127th streets and Second and Third avenues, into roughly 1,000 residential units, up to 700,000 square feet of commercial space, and at least 30,000 square feet of community facilities. The Real Deal reports property owner Park-It Management is filings applications to move forward with another piece of the project at 213 East 125th Street. The existing two-story, nearly 20,000-square-foot commercial property will be expanded into a 14-story, 80-unit mixed-use building. The 96,539-square-foot structure will include 19,211 square feet of commercial-retail on the ground and second floors, and 6,212 square feet of community space on third floor. The apartment units should average 889 square feet apiece. SRA Architecture + Engineering will be designing.
BLDG Management has acquired the three properties spanning 211-215 East 38th Street, in Midtown East, for $36.7 million, which reportedly completes a development assemblage that also includes the two buildings at 203-209 East 38th Street. The developer plans to demolish the entire assemblage to make way for a new residential tower with ground-floor retail space, according to The Real Deal. The site measures 17,944 square feet, which means it can accommodate up to 179,440 square feet of development potential. Other details, including the architect have not been disclosed. What must first be demolished is a two-story brick structure, three four- to five-story tenement buildings, and a five-story parking garage.