Vornado Realty Trust has purchased the seven-story Otis Elevator Building at 260 11th Avenue, in West Chelsea, for roughly $80 million in stock units, according to Bloomberg Business, and is leasing the land under the building for 99 years. Vornado is planning to convert the building into office space; an expansion is also possible as the building has available development rights.
Bauhouse Group has acquired 109,000 square feet of additional air rights for their development site spanning 426-432 East 58th Street, in Midtown East, for $37.9 million. The most recently released plans depict a 95-unit Foster + Partners-designed condominium tower, measuring 268,000 square feet and standing over 900 feet tall. The developer is moving forward with an as-of-right project, according to The Real Deal.
The Covenant House, a facility that caters to homeless youth, is planning to redevelop the small block at 460 West 41st Street, in Hell’s Kitchen, replacing their current eight-story facility, a vacant six-story building, and an undeveloped lot. DNAinfo reports the new building will house Covenant’s new national headquarters facility, in additional to a large residential portion that’s 40% affordable and includes 100 units of supportive housing.
Restoration Hardware is planning to convert the five-story, 25,000 square-foot building at 55 Gansevoort Street, in the Meatpacking District, into a 14-key boutique hotel. According to Crain’s, the ground floor of the building will feature a restaurant. Delshah Capital owns the five-story building, but Restoration Hardware — whose flagship store is located around the corner of 9th Avenue — has leased the entire property.
Back in 2013, YIMBY brought you news of the six-story, five-unit condominium building planned at 52 Wooster Street, in SoHo, and then in mid-2014, we posted an update noting steel-frame construction was underway. Now, a tipster has sent along a better rendering of the project, as well as the link to its teaser site.