National Resources has received $12.5 million in financing from CIT Real Estate Finance to begin construction of Phase II of The Pearl, on the southern end of Edgewater, New Jersey. Given what has already been built, three residential buildings of five or six stories are likely in the works; phase II will total 63 residential units, per Commercial Observer.
Racebrook Capital has begun construction of the nearly 200,000 square-foot animal transportation facility, dubbed “The Ark”, at John F. Kennedy International Airport, in Queens, per the Commercial Observer. Abandoned Building 78 is being converted into the facility, and Gensler, along with other partners, is designing. The $48 million project is expected to open in late 2016.
Property owner Jack Schwartz has filed applications for two four-story, four-unit residential buildings spanning the vacant lots 1520-1522 48th Street, in central Borough Park. AA Buildings & Inspection Services, the concrete contractor, is the architect of record, and in 2009, a three-story residential structure was demolished.
Per The New York Times, Sorgente Group is converting the five-story commercial loft building at 60-66 White Street, in Tribeca, into eight luxury units. Interior work is underway, and the building will be renovated to environmentally friendly standards. Multiple units are already in contract, and completion is expected by 2016.
Property owner Ben Kaftari has filed applications for a nine-story, 50-unit mixed-use building at 172-02 Hillside Avenue, in Downtown Jamaica. The building will measure 57,750 square feet, with roughly 6,410 square feet counting towards community space, and another 4,400 square feet for commercial-retail. Frank Denner is designing, and an existing single-story auto-shop structure must first be removed.
