When YIMBY last reported on the 23-story, 120-unit mixed-use rental project at 56 Fulton Street, between Cliff and Gold streets in the Financial District, $61.75 million in financing had just been landed. That was back in December of 2014. Today, we can report actual construction progress. A photo sent to us by a reader shows the work being done, and that work has reached the second floor.
Uncertainty over the future of the 421-a tax abatement is driving developers to focus on condos and commercial projects, because rentals are hard to finance without the tax break. Yesterday’s crop of filings brought yet another application for a small commercial building in Lower Manhattan. Milwaukee restaurateur and former Soho bar owner Karl Kopp filed plans for a seven-story retail project at 277 Mott Street, between Houston and Prince Streets in Nolita.
Last year, we reported that New York City’s population had increased by 52,700 people between 2013 and 2014, hitting 8,491,079, and nearing what the city had previously projected for 2020. Today, the American Community Survey released updated data as of July 1st, 2015, showing another large increase of 55,211, putting the five boroughs’ population at 8,550,405 — just 502 people short of the official 2020 projection.
Osher Niyazov, doing business as a Forest Hills-based LLC, has filed applications for a 10-story, 38-key hotel building at 79 Eldridge Street, on the Lower East Side. The new building will measure 16,969 square feet in total and individual hotel rooms should average 346 square feet apiece. Guest amenities will include a fitness center and a café in the cellar. Queens-based Julien Flander is the applicant of record, although Ellipses Design will be responsible for the architecture. The Lo-Down reports New Jersey-based Shew Foo Chin acquired the vacant 25-foot-wide lot for $5.3 million this past February. The specific hotel brand has not been revealed.
Another piece of the puzzle that is the Howard Hughes Corporation’s plan to revitalize the South Street Seaport is one step closer to fitting into place. On Tuesday, the Landmarks Preservation Commission approved the relocation of the Tin Building.
