Retail

Financing Underway For 91-Story, 275-Unit Supertall Residential Tower At 125 Greenwich Street, Financial District

6:30 am on March 17, 2016 By Reid Wilson

In January of 2016, filings were submitted to the Attorney General’s office for a 91-story, 275-unit luxury residential tower with retail space at 125 Greenwich Street, in the Financial District. Since then, foundation work has been underway and its developers – Michael Shvo, Vector Group, New Valley, and Bizzi & Parters Development – have been in talks to secure a roughly $500 million construction loan. Now, the New York Post reports $175 million in financing has been raised through the EB-5 program. New details also reveal the highest occupied floor will stand 990 feet above street level, although a crown will push the pinnacle of the supertall tower to a yet-to-be-determined height. Condominiums are expected to range from studios to a triplex penthouse. Rafael Viñoly Architects is the design architect. Completion is expected in 2018.

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.

New Rendering Of Four-Story, Eight-Unit Mixed-Use Project At 325 Henry Street, Cobble Hill

6:00 am on March 16, 2016 By Reid Wilson

Back in December of 2014, YIMBY reported on the Landmarks Preservation Commission approval of the four-story, eight-unit mixed-use building at 112 Atlantic Avenue, in northern Cobble Hill (within the Cobble Hill Historic District), after initial plans for the site were rejected the month before. Curbed NY now has a new rendering of the project, which is reportedly now under construction and using the address 325 Henry Street. The latest filings describe a 25,244-square-foot structure with 6,000 square feet of ground-floor retail space. The condominium units will begin on the second floor and should average a very spacious 2,169 square feet apiece. There will also be six bike storage spaces and an eight-car automated parking garage in the cellar. BKSK Architects is designing, and Avery Hall Investments and OTL Enterprises are the developers. Completion is probably expected later this year or in 2017.

Construction Update: 52 Wooster Street, SoHo

7:30 am on March 15, 2016 By Evan Bindelglass

When YIMBY last reported on the six-story, five-unit residential project at 52 Wooster Street, located at the corner of Broome Street in the SoHo-Cast Iron Historic District, a teaser site had just been launched. Now, thanks to photos from our friend Tectonic, we can see that much more has been accomplished.

12-Story, 430-Unit Residential Building Complete At 365 Bond Street, Gowanus

2:00 pm on March 14, 2016 By Reid Wilson

Back in January, construction was wrapping up on the 12-story, 430-unit residential building at 365 Bond Street, in Gowanus, and now Real Estate Weekly reports the building is nearly complete. Curbed NY also has new renderings of the project, dubbed 365 Bond. The rental apartments will come in a variety of configurations, including studio-, one-bedroom, and townhouse-style layouts, although details for the larger apartments haven’t been made available yet. There will be roughly 40,000 square feet of amenities in the form of a fitness center, a spinning room, a yoga room, multiple lounges, a library, a recreation room, multiple rooftop terraces, a waterfront esplanade, an interior courtyard, and residential and bike storage.There will also be 1,240 square feet of retail space on the ground floor. The Lightstone Group is the developer and Goldstein, Hill & West Architects designed the building. MARKZEFF and Weintraub Diaz Landscape Architecture also aided in the design process. Occupancy is expected in April, and construction is currently underway on another 270-unit residential building at 363 Bond Street.

Seven-Story, 50-Unit Condominium Project Now Planned At 221 East 138th Street, Mott Haven

1:00 pm on March 14, 2016 By Reid Wilson

In June of 2015, YIMBY reported on applications for a 10-story, 57-unit mixed-income rental project at 221 East 138th Street, in Mott Haven, but now Tahoe Development is swapping plans for a seven-story, 50-unit market-rate condominium building. Welcome2TheBronx reports the developer is abandoning plans to include affordable units due to cost concerns. It would also be the first market-rate condo project in the South Bronx since the 2008 financial crisis. The condos will come in studio, one-, and two-bedroom layouts, and the new building will contain ground-floor retail space as previously planned. Hudson Square’s Michael Muroff Architect is the architect of record. The existing two-story warehouse is currently being demolished.

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.

Foundation Work Underway At 27-17 42nd Road, Long Island City

4:30 pm on March 11, 2016 By Vitali Ogorodnikov

The story of development at 27-17 42nd Road is a testament to the ongoing rapid change within Long Island City’s landscape. When Star Tower was first proposed in 2008, it would have lived up to its name by shining on the Court Square skyline as its tallest residential building, offering luxury unmatched by any competitor in the area. As foundation work is underway for its successor, the neighborhood is at a point where a 25-story tower becomes infill, obscured by taller neighbors from nearly all directions. The perimeter basement wall appears complete, and work is in progress on interior foundations. The Department of Buildings lists 184 condominium units spread across 221,266 square feet of floor space. Hiwin USA is listed as the owner of the property while Milestone Construction is the contractor. When the 258-foot-tall building opens its doors in 2017, it will barely make a dent on the skyline, yet it will successfully fulfill its urban role as a building that respects its neighbors while maintaining an independent identity.

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.

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