Earlier this week, YIMBY reported on applications to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street in Midtown. It was previously reported that Michael Shvo was in contract to acquire, from property owners General Growth Properties and Thor Equities, 90,000 square feet of office space (the entire office portion). That deal has since fallen through, and now, Gulaylar Group is in contract for the office space, according to The Real Deal. As part of the deal, the new owner will also develop the five-story office expansion. The sale is expected to close later this year. The lower portion of the building is currently undergoing a retail redevelopment. Its 23,400 square feet was leased to Coach in February and will become the retailer’s flagship store.
General Growth Properties and Thor Equities have filed to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street, in Midtown. The property’s commercial square footage – 109,543 square feet – will remain the same, because a portion of the space on the lower levels will be utilized to build the vertical expansion. As a result, the structure will see an increase in height from 227 feet to 292 feet. Coach has already secured a lease to take 23,400 square feet of retail space on the first few floors for its new flagship store, The Real Deal reports. Midtown South-based Marin Architects is the architect of record. In June of 2014, GGP and Thor acquired the building for $460 million, and it was reported last November that Michael Shvo is in contract to acquire the building’s existing 90,000 square feet of office space for north of $100 million. It doesn’t appear the future office space on floors 21 through 25 was part of the deal with Shvo.
In October of 2015, YIMBY reported on applications for an 11-story, 116-unit residential building at 3084 Webster Avenue, in Norwood, located six blocks from the Norwood – 205th Street stop on the D train. The Department of Buildings disapproved the applications last November and the developer, Stagg Group, has now filed applications for a slightly larger project with Midtown-based Marin Architects, a different architecture firm than before. The latest plans call for an 11-story, 118-unit mixed-use building which would encompass 133,845 square feet in total, roughly 20,000 square feet larger than the previous filing. There will be 4,325 square feet of retail space and 3,185 square feet of community facility space on the ground floor. The apartments above should average a family-sized 1,008 square feet apiece, and 20 percent of them will rent at below-market rates. A two-story warehouse in the back of the site assemblage must first be demolished.
A Key Food at the corner of Grand and Lorimer Streets in Williamsburg may be redeveloped in a six-story apartment building. New building applications were filed to erect a 107-unit residential building with ground floor retail at 575 Grand Street.
Most streets in the Lower East Side are crammed with 15-foot-wide tenement buildings dating as far back as the 1880s, but the one-block stretch of Attorney Street between Delancey and Rivington Streets was once more industrial, lined on the west side with an old brick factory converted to apartments, a 15-year-old residential building, and a series of crumbling brick garages. Now developer Morris Platt is going to fill a hole where one of those garages was demolished, at 91 Attorney Street, with an eight-story apartment building.