Earlier this year, YIMBY revealed the initial design for a 10-story, 83-unit mixed-use building at 196 Orchard Street, on the Lower East Side, but now Magnum Real Estate Group and Real Estate Equities Corporation have made changes to the project. The Real Deal reports an 11-story, 94-unit structure is now planned. Ismael Leyva remains the design architect, while Incorporated Architecture & Design is designing the interior. Units will be condominiums, ranging from studios to three-bedrooms, and a 30,000 square-foot Equinox gym will be located on the ground and second floors. Over the last few months, demolition of the site’s low-rise predecessors has wrapped up, and excavation equipment has arrived. Completion is expected in the second half of 2017.
Real Estate Equities
Earlier this year, YIMBY revealed renderings of Magnum Real Estate Group and Real Estate Equities’ 10-story, 83-unit mixed-use building planned at 196 Orchard Street, on the Lower East Side. Now that demolition is complete on the site’s old commercial buildings, excavation work appears imminent, per Bowery Boogie. A pile driver has appeared on-site as well as other excavation equipment. Once complete, the building will also have 13,463 square feet of retail space on the ground floors, and Ismael Leyva is designing.
Since YIMBY revealed Magnum Real Estate Group’s plans for 196 Orchard Street back in February, Real Estate Equities has partnered with Magnum to develop the 10-story, 83-unit mixed-use building. The two developers will soon close on the assemblage for $108 million, reports The Real Deal. Demolition of the existing single-story buildings should follow.