New York

The Sovereign

Local Politicians Spearhead Request by 26th Floor Resident Of The Sovereign for 250-Foot Height Limit in Vicinity

On Friday, Crain’s reported on a rezoning proposal to downzone Sutton Place and institute a 260-foot height limit on new developments in the area. What wasn’t reported was the real cause behind this not-so-arbitrary figure: the leader of the East River Fifties Alliance, Alan Kersh, happens to live on the 26th floor of The Sovereign, which at 47 stories tall, is almost double the height limit its residents want to force on new buildings in the blocks to the south.

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446 Park Avenue in September 2014, image via Google Maps

Permits Filed: 446 Park Avenue, Bed-Stuy

Park Avenue in Brooklyn begins underneath the elevated, dark Brooklyn-Queens Expressway in Clinton Hill and runs east into Bed-Stuy, where it transitions into an odd mix of warehouses, little brick apartment buildings, and aging 19th century wood frame houses. Much of the avenue was originally developed for workers at the Navy Yard, which sits a block away, but Orthodox Jews have settled the area over the last few decades. And now, even the once-desolate industrial blocks just east of the highway are becoming populated with new residential buildings. Yesterday, applications were filed for a five-story building there at 446 Park Avenue, between Kent and Franklin Avenues.

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263 West 34th Street

Four-Story, 35,000 Square-Foot Retail Project Planned At 257-263 West 34th Street, Midtown

Cornell Realty Management is planning to build a four-story, 35,000 square-foot retail project at 257-263 West 34th Street, in the Garment District, according to Crain’s New York Business. According to The Real Deal, which reported on the assemblage last month, Chetrit Group and Cornell Realty acquired the three-story retail building at 261-263 West 34th Street together last March for an undisclosed amount. 259 West 34th Street was also recently acquired for $20.5 million. Chetrit and Cornell have since cut their partnership and, through a deal, have split their properties into separate ownerships. Cornell’s retail project will be clad in glass and construction is expected to begin sometime this year. A total of three small retail buildings must first be demolished.


555 Broome Street

Financing Complete For 25-Story, 115-Unit Mixed-Use Project At 565 Broome Street, Hudson Square

Over the summer summer, YIMBY partially revealed renderings for the planned 25-story, 115-unit residential building at 565 Broome Street (a.k.a 100 Varick Street), in Hudson Square. The developers have now secured a $320 million construction loan for the project, according to Crain’s, and Cindat (the U.S. branch of Beijing-based China Cinda Asset Management Co.) also acquired a $135 million stake in the project. The development team – SHVO, Bizzi & Partners Development, Halpern Real Estate Ventures, Aronov Development, and Itzhaki Acquisitions – recently acquired the two-story annex at 555 Broome for $9 million, completing the assemblage.

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