711 Montgomery Street in Jersey City has sold to Sequoia Development Group for an undisclosed amount. The sellers, Florida-based Rescore Montgomery LLC, had purchased the site in April 2015 for $4.5 million. Sequoia Development Group joined a partnership with Grid Real Estate to work on the development. The 16-story project is expected to yield 309 apartments, and today YIMBY has the first look at renderings.
Permits have been filed for a seven-story mixed-use building at 119 Second Avenue, in the East Village. The development will rise on the site of a tragic explosion from 2015, which claimed two fatalities. After the event, three buildings were demolished and cleared. The new project will fill one of the three addresses. Nexus Development is heading the project, partnering with Immobiliare Capital and Premier Equities. According to the Real Deal, Nexus purchased 119 and 121 Second Avenue in 2017 for $9.15 million. 123 Second Avenue was sold to Ezra Wibowo in 2016.
New information has been revealed about 80 Flatbush, in Downtown Brooklyn, by Alloy Development. The release brings new renderings, as well as a construction timeline and design revisions in response to a substantial voluntary review process. The proposal will begin the formal public review through ULURP, i.e. the Uniform Land Use Review Procedure, in early to mid-March. Architecture Research Office will be responsible for the design of the school, to be included in the base.
Permits have been filed for a 24-story mixed-use building at 147-07 94th Avenue, in Jamaica, Queens. YIMBY last reported on the site in October 2016, when Phoenix Realty Group and Artimus Construction purchased it for $34 million. The site is one block away from the Jamaica LIRR Train Station, and the Sutphin Boulevard-Archer Avenue-JFK Subway Station, serviced by the E, J, and Z trains. Sutphin Boulevard Subway Station is six blocks further, serviced by the F train. Artimus Construction will be developing.
Financing has been secured for a new eleven-story conversion at 25-11 49th Avenue, in Long Island City, Queens. The site was sold to Normandy Real Estate Partners and Keystone Equities in September 2016 for $39.1 million, at over $200 per buildable square foot. The rendering reveals their plan is to refurbish the existing two-story facility, build up eight stories along half the extant area, while using the other half of the roof for green space.
