Confusion over the future of the 421-a tax exemption has slowed down new residential construction, but commercial development is alive and well across New York City, particularly in the outer boroughs. Yesterday, YIMBY spotted plans for a 16-story hotel in the industrial area just north of Queensbridge Houses in Long Island City.
Slate Property Group has developed a slew of condo projects in prime Williamsburg, and now they’re setting their sights a little further east. The firm has filed plans to erect a seven-story, mixed-use building at 198 Johnson Avenue, on the parking lot of an older affordable housing development.
Last summer, news broke that Tishman Speyer was in contract to buy the development assemblage at 434-444 Eleventh Avenue and 550 West 37th Street, located between West 36th and 37th streets, in the Hudson Yards District. Real Estate Weekly reports the developer has closed on the purchase of 434-444 Eleventh for $163.5 million. 550 West 37th Street sold in a different transaction at an undisclosed price. Plans for the site call for a 1.3-million square-foot office tower. The exact height of the building is probably still being hammered out and the design architect is currently unknown. Ultimately, the site could accommodate up to 1.7 million square feet of development if the maximum number of air rights are purchased. The site is vacant, with the exception of a single-story commercial property at 550 West 37th Street. The two single-story buildings at 446-552 Eleventh Avenue are not (yet) part of Speyer’s assemblage.
Back in November of 2013, YIMBY revealed renderings of Hudson Lights, a multi-building mixed-use development, in downtown Fort Lee, New Jersey. The three-block project is bound by Main Street, Lemoine Avenue, Bruce Reynolds Boulevard, and Park Avenue (formerly Martha Washington Way). Its first phase, which includes 140,000 square feet of commercial-retail and 276 rental apartments in the form of 12- and three-story buildings, is now wrapping up construction. NorthJersey.com reports 75 percent of the retail space is now leased. CycleBar, SeeSaw, Linwood Wine & Liquor, CVS, a Capital One bank, a Coldwell Banker office, multiple restaurants, and an eight-screen iPic movie theater have all leased space. Opening is expected this summer. The approved second phase of the project will include two taller buildings with an additional 201 residential units, a 175-key hotel, and 50,000 square feet of retail space. Illinois-based Tucker Development Corp. is the developer.
Long Island-based property owner Gurwinder Singh has filed applications for a two-story, 5,512-square-foot multi-use commercial building at 100-08 103rd Avenue, in Ozone Park, located two blocks from the 104th Street stop on the A train. There will be 1,807 square feet of retail space on the ground floor and an equal amount of medical office space on the second floor. Jamaica-based Gerald Caliendo is the architect of record. The 60-foot-wide zoning lot is partially occupied by a two-story building at 100-10 – 100-12 103rd Avenue, although the vacant 20-foot-wide section to the east of the structure will be the site of the new building.
