Atlas Capital Group

23-30 Borden Avenue

Developer Acquires Large Manufacturing Site At 23-30 Borden Avenue, Long Island City

Developer Atlas Capital Group LLC, which done work across the country, has acquired the 276,705-square-foot warehouse at 23-30 Borden Avenue, in southern Long Island City, for $48 million. Bloomberg Business reports the warehouse serves as the home of Fresh Direct LLC, an online grocer, although the company will soon move to a new location currently being constructed in the Bronx. The Long Island City site is located within a manufacturing zone (M3-2) and currently yields 129,847 square feet of additional development rights under current zoning. But that could change if the developer initiates a zoning change or if the city moves forward with a general rezoning of the area, which could possibly allow for residential units to be built in this industrial section. Who is behind Atlas Capital Group, LLC? That will remain a mystery until the sale is complete.


550 Washington Street

Renderings Revealed For ULURP Proposal For 550 Washington Street Redevelopment, Hudson Square

Back in October, YIMBY brought you schematics of the proposed redevelopment options of 550 Washington Street, in Hudson Square, and now The Villager has renderings of the ULURP plans, which would include 1,596 residential units; 255,000 square feet of retail; and a 353-key hotel. The residential units would be spread across 1,334,100 square feet of space, and 500 of the units will go towards affordable and supportive housing. The project would also include elevated park space. COOKFOX Architects is behind the design. Westbrook Partners and Atlas Capital Group are developing.


550 Washington Street

First Look At Options for Redevelopment of 550 Washington Street, Hudson Square

Yesterday, the New York Times reported that 550 Washington Street would soon traverse ULURP as its owners, Westbrook Partners and Atlas Capital Group, want to redevelop the existing building in exchange for air rights from the failing Pier 40, which would also be saved. And now YIMBY has the first look at massing diagrams of the proposed plans, which reflect both the as-of-right redevelopment option, as well as what the site would look like if the ULURP application is approved.

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550 Washington Street

Developer Buys Out Large Stake In 550 Washington Street, Hudson Square

In May of 2014, YIMBY brought you renderings of TEN Arquitectos’ conceptual plans for the St. Johns Terminal building at 550 Washington Street, in Hudson Square. At the time, multiple owners complicated the redevelopment of the 1.1-million square-foot structure, which has 280,000 square feet of air rights, but now Westbrook Partners has bought out Fortress Investment Group’s ownership stake for more than $200 million, according to Crain’s. Atlas Capital Group, who tried to acquire additional air rights from Pier 40 last year, will retain their minority stake. Plans include a new residential tower, which may be built ground-up or as a conversion/expansion, but city approval is required before construction can begin.


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