Rye Brook, N.Y.-based Brantwood Capital has filed applications for an eight-story, eight-unit mixed-use building at 500 West 22nd Street (a.k.a. 197 Tenth Avenue), in West Chelsea. The structure will encompass 33,662 square feet and will feature 1,959 square feet of retail space on the ground and cellar levels. We can’t calculate the size of the residential units, which will likely be condominiums, but there will be a full-floor unit on the second floor, two on the third floor, followed by full-floor units on the fourth through sixth floors, topped by two duplex units across the seventh and eighth floors. The top apartments will also feature rooftop terraces. Norman Cox’s Brooklyn-based Union Street Studio is the architect of record. Demolition permits were filed earlier this month for a four-story building (previously two tenement buildings).
In February of 2015, the property owners of the development site at 22-43 Jackson Avenue (a.k.a. 45-60 23rd Street), located in the Court Square section of Long Island City, placed the property on the market, asking $29 million. Now, Circle F Capital is in contract to acquire the site for nearly $25 million, according to The Real Deal. The developer is planning a 10- or 11-story mixed-use building, with condominium units and 25,000 square feet of retail space. The plot, which is currently occupied by a single-story office building, can accommodate up to 76,000 square feet of development potential. Demolition permits have not been filed for the existing building, nor have new building applications for the new one.
Back in December of 2015, it was reported that AB & Sons and Sioni Group were in contract to acquire 235,000 square feet of air rights (from the landmarked Haier Building) for their development assemblage at 989-993 Sixth Avenue, located on the corner of West 37th Street, in the Garment District section of Midtown. They have since closed on the purchase for an undisclosed amount, and now, the development team is planning a roughly 80-story mixed-use building, which could likely include retail space near the street level, a hotel, and residential units, according to The Real Deal. The site could boast up to 375,000 square feet of as-of-right development potential if the 21-story, 90,000-square-foot office building at 989-991 Sixth is demolished. The building reportedly won’t be demolished until at least 2019, probably due to existing leases. The corner lot at 993 Sixth Avenue is occupied by a partially built 18-story hotel project, which will also probably be demolished (it’s five stories in height).
Uncertainty over the future of an important tax exemption for residential construction, 421-a, is forcing developers in the outer boroughs to focus on building office and retail space. The latest example comes to us from East Williamsburg, where the Loketch Group aims to put up a six-story office and medical building.
HFZ Capital is planning to convert the Belnord – a 13-story, 218-unit rental building at 225 West 86th Street, on the Upper West Side – into 213 condominium units. The developer recently filed their plans with the Attorney General’s office and expects the future condominiums to be worth a total $1.3 billion, according to The Real Deal. HFZ acquired the residential portion of the block-encompassing building – bound by West 86th and 87th streets, Broadway, and Amsterdam Avenue – for $575 million last year. The ground-floor sections contain retail space and will be left untouched. The property is an individual landmark (and is also listed on the U.S. National Register of Historic Places), which means any exterior alterations must be approved by the Landmarks Preservation Commission.