After entering into contract nearly a year ago, Extell Development has closed on the purchase of the single-story, 128,250-square-foot Gristedes grocery store at 350 East 86th Street, on the Upper East Side, for $93 million. The acquisition was funded with a $55 million mortgage, Commercial Observer reported. The developer also owns the neighboring four- and five-story tenement buildings at 1645-1651 First Avenue. Combined with the new acquisition, the 20,650-square-foot assemblage now supports 206,500 square feet of new mixed-use development up to 210 feet above street level. The developer is apparently planning a 20-story, 200-plus-unit condominium project at the site, although there aren’t many details on it. Demolition permits haven’t been filed for any of the Extell-owned properties, but Gristedes is expected to vacate the premises later this year.
Since rising above street level in March of 2016, the 23-story, 120-unit mixed-use project under development at 56 Fulton Street, on the corner of Cliff Street in the Financial District, has grown to 10 stories. The construction progress can be seen thanks to a photo taken by Tectonic. The 128,540-square-foot tower will eventually host 5,865 square feet of ground-floor retail space and 120 rental apartments, ranging from 450-square-foot studios to 1,250-square-foot two-bedrooms. Twenty percent of them, or 24 units, will rent at below-market rates through the housing lottery. Amenities include storage for 61 bikes, a fitness center, laundry facilities, a lounge, a dining room for events, a game room, and an outdoor terrace on the 23rd floor. The Parkland Group and Socius Development Group are the developers. Goldstein, Hill & West Architects is the design architect, with Andrés Escobar designing the interiors. Completion can probably be expected in early 2017.
The Town of Hempstead’s Department of Planning & Economic Development has launched a request for proposals (RFP) to develop a five-acre assemblage of dilapidating properties located at the northwestern corner of Merrick Road and Grand Avenue, in Baldwin. That’s in Nassau County, on the South Shore of Long Island. The aim is for mixed-use project, consisting of commercial space and residential apartments, according to LI Herald. Public recreational space is also part of the vision. The current stretch of street is made of vacant lots, and a mix of underutilized, vacant, and dilapidating single- and two-story commercial buildings. There appears to be bipartisan support for a mixed-use development this time around after similar attempt to build there failed last decade.
City blocks on the fringes between Queens and Brooklyn tend to be densely built out with low-rise, pre-war housing stock, leaving few empty lots for ground-up development. One such lot at 55-35 Metropolitan Avenue, which separates the neighborhoods of Ridgewood to the south and Maspeth to the north, has sat empty for more than half a century. The new rowhouse, developed by Shaoyun Chen, stands three stories tall, its plain cornice rising slightly above its neighbors. Permits list two residential units taking up 2,396 square feet of the 5,643-square-foot structure. A 1,623-square-foot retail space is located at the lower floor. Though the retail space would be the only one of its kind on the wholly-residential block, it is not out of place, given that most buildings on the other side of the street have ground level retail, as well. The building occupies 60 percent of its site, leaving space for a 35-foot yard in the rear.
The 15-story, 211-unit mixed-use building under development at 145 Clinton Street, located on the corner of Grand Street on the Lower East Side, is now three stories above street level, as seen in photos shot by Tectonic. The latest building permits indicate the project – which is one piece of the mixed-use mega-development known as Essex Crossing – will encompass 283,178 square feet. There will be 73,000 square feet of commercial-retail space across the cellar through second floors. Planet Fitness has already pre-leased 22,000 square feet on the second floor, and a food market is expected to take 30,000 square feet on the ground floor.