Filings for new residential buildings have slowed to a crawl as the real estate lobby and the construction unions fight over the future of the 421-a tax abatement, but commercial development is alive and well across the city. Yesterday, we spotted plans for a six-story office building at 77 Chrystie Street on the Lower East Side.
The project would replace a five-story apartment building with a storefront between Hester and Grand streets, down the block from the Grand Street stop on the B and D trains.
The 25-foot-wide building would have 10,520 square feet of commercial space and 1,973 square feet of medical offices. The ground floor would have retail, followed by medical facilities on the second floor, and offices on the third through sixth floors. The plans also call for seven units, which might mean that the offices will be condos. Typically office space is rented by the square foot, but in Chinatown and Flushing, developers build commercial condos to appeal to Chinese tenants, who value ownership.
The developer is Chun Cheng, who lists a business address on Madison Street in Chinatown. He picked up the 2,000-square-foot lot for $1,425,000 in 2007.
Demolition plans have not yet been filed for the site’s current apartment building. Suresh Manchanda’s L&C Associates applied for the permits.
New office development in Chinatown is unusual, but we noticed plans for another small, six-story office project on Eldridge Street last month.
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