In early 2015, Wharton Properties and General Growth Properties (GGP) acquired, for $1.75 billion, the Crown Building – a 25-story, 385,600-square-foot multi-use commercial building – at 730 Fifth Avenue, located on the corner of West 57th Street in Midtown. Now, it’s been disclosed that developer Michael Shvo and Russian investor Vladislav Doronin are planning to acquire a large portion of the building for a mixed-use conversion project, the New York Post reported. The duo want to convert the upper floors of the current office building into an Aman hotel and 23 ultra-luxury condominium units. Wharton and GGP recently bought out the last remaining office tenant. The current owners plan to lease the remainder of the property that isn’t sold to Doronin and Shvo as retail. The retail space is currently being newly renovated and is expected to take up at least the first four above grade levels. Late last year, it was reported that Bulgari signed a 15-year lease on the ground floor.
It’s been nearly a year since we checked in on Related’s rental development at 261 Hudson Street, and a lot has happened since then. Thanks to photos from our friend Tectonic, we can see that façade work on the 12-story project is nearly complete.
Back in March of 2015, CB Developers, SK Development, and Ironstate Development acquired, for $25.2 million, the three five-story tenement buildings at 587-591 Third Avenue, located between East 38th and 39th streets in Murray Hill. Around that time, the developers filed applications for a 20-story, 74-unit mixed-use building at the site. Now, the team has submitted preliminary applications (called CPS-1 documents, which are associated with marketing) with the state Attorney General’s office for a condominium project, according to The Real Deal. Filings with the Buildings Department describe a 96,166-square-foot building in the works. It will have 4,231 square feet of retail space on the ground and cellar levels, and its residential units should average 972 square feet apiece. Edgar L. Rawlings’ Lower East Side-based Rawlings Architects is the architect of record. Demolition permits were filed for the existing tenements back in 2014.
Back in December of 2015, updated renderings were revealed of the 11-story, 44-unit mixed-use building under development at 613 Baltic Street, in northern Park Slope, located six blocks south of the Atlantic Avenue-Barclays Center stop on the D/N/R trains. Now, construction is underway on the fifth floor of the structure, as seen in a photo by our friend Tectonic. The structure, dubbed the Baltic, will encompass 83,154 square feet, and will include 3,157 and 2,163 square feet of retail and community facility space, respectively, on the ground floor. The residential units will be condominiums, averaging 1,339 square feet apiece, and two- and three-bedroom apartments are currently on the market. Amenities include a fitness center, landscaped gardens and terraces, a roof deck featuring lounges, grills, and dining areas, a movie theater, storage for 22 bikes, and a 10-car garage in the cellar. JDS Development Group is the developer and VOA Architecture is behind the design. Completion is expected in 2017.
Back in June of 2014, YIMBY revealed renderings of the planned 28-story mixed-use building at 577 Ninth Avenue (a.k.a. 400 West 42nd Street), located between West 41st and 42nd streets, on the southern end of Hell’s Kitchen. Construction has since kicked off at the site and the building is now 14 stories above street level, as seen in a photos posted to the YIMBY Forums. New details on the project have also been disclosed by The Real Deal. Once complete, the 218,872-square-foot building, dubbed Pod Times Square, will feature a 665-key hotel, 48 residential units, and 25,000 square feet of retail space across the cellar through second floors. The building will be operated by BD Hotels under the Pod Hotels brand. The apartments will be rented fully furnished by the hotel as Pod Pads. The one- and two-bedroom apartments will be located on the 23rd through 27th floors and will measure between 400 and 800 square feet apiece. Guest amenities include storage for 52 bikes, a lounge, private storage rooms, a fitness center, laundry facilities, and an indoor/outdoor recreational area on the 28th floor. Friedman Group and Landis Group are the developers, while SLCE Architects is the architect of record. Completion is expected in 2017.