Excavation work for the foundations of 159 Broadway in Williamsburg, Brooklyn is nearing completion. Excavators have extracted a large amount of dirt from the property, which sits directly next to the 144-year-old landmarked Williamsburgh Savings Bank. The 26-story mixed-use residential project, which is designed by Stonehill & Taylor Architects and developed by Cornell Realty Management LLC, will yield 133,340 square feet and stand 277 feet tall.
Flying under the radar for some time, excavation work on 159 Broadway Avenue is beginning to make some progress in Williamsburg. Today, YIMBY also has the first rendering for the impressively-scoped project, thanks to the construction fencing. Situated across from Peter Luger Steakhouse and immediately south of the Williamsburg Bridge, the site sits adjacent to the Williamsburgh Savings Bank. The 144-year old landmarked, domed structure will soon be surpassed by its future 133,340 square foot, 277-foot tall neighbor. This upcoming tower is set to become one of the tallest buildings in the neighborhood. It is being designed by Stonehill & Taylor Architects and is being developed by Cornell Realty Management LLC.
While YIMBY normally covers aggregate new building applications on an annual basis, this year, we have released our first mid-year pipeline report, and the results are surprisingly positive. After two years of declining applications following the frenzies of 2014 and 2015, the preliminary numbers for 2018 appear to be signaling a major uptick in activity. Year-over-year filings of new residential units have grown substantially, rising from 9,134 in the first six months of 2017, to 15,305 in 2018 — an increase of 67.5%.
Permits have been filed for a 26-story hotel and residential tower at 159 Broadway, in Williamsburg, Brooklyn. Rising above the Williamsburg Bridge’s final stretch in Brooklyn, the structure would be a highly visible addition to the neighborhood. The J, M, and Z trains all ride just past the site. Their first stop in Brooklyn, Marcy Avenue, is just four blocks away. Cornell Realty will be responsible for the development, after purchasing the site for $26.2 million.