Downtown

Developer Successfully Assembles Air Rights For Supertall Mixed-Use Tower At 80 South Street

6:30 am on February 12, 2016 By Reid Wilson

This past summer, the U.S. branch of Beijing-based China Oceanwide Holdings made a deal with Howard Hughes Corp. to acquire the development site at 80 South Street, in the Financial District, for $390 million. Now Curbed reports the developer has received approval from the City Planning Commission to transfer 426,940 square feet of air rights to the site. That means a mixed-use building of up to 1,067,350 square feet could be built, of which 512,300 square feet could contain residential units. That could mean a supertall tower at the site along the South Street Seaport. Applications have not been submitted to the Department of Buildings yet, but the latest document suggest the developer will be taking full advantage of the site and a large commercial component is being planned. A design architect has not yet been revealed. A number of low- and mid-rise buildings would first have to be demolished.

Construction Wraps On Seven-Story, 41-Unit Hotel Project At 88 Allen Street, Lower East Side

6:30 am on February 11, 2016 By Reid Wilson

In the beginning of January 2015, YIMBY reported on applications for a seven-story, 41-key hotel at 88 Allen Street, on the Lower East Side, and now construction on the project is wrapping up. Bowery Boogie reports scaffolding has recently been removed from the structure, and it appears façade installation is nearing the finish line. The new building encompasses 20,200 square feet and hotel rooms should average 321 square feet apiece. There will also be an open rooftop bar on the seventh floor. Sun Sun Property Investment is the developer and AMA Architect is the architect of record. Opening can probably be expected in the next few months.

13-Story, Five-Unit Mixed-Use Building Tops Out At 347 Bowery, East Village

11:00 am on February 10, 2016 By Reid Wilson

YIMBY first reported in early 2014 on filings for Urban Muse’s planned 13-story, five-unit mixed-use project at 347 Bowery, on the corner of East 3rd Street in the East Village. When we last checked in in November, the structure was eight stories above street level, and it has since topped out, EV Grieve reports. The building will eventually contain five three-bedroom condo units ranging between 2,100 and 4,000 square feet each. Within the two-story retail podium, there will be two 2,000 square-foot retail units and one 6,800 square-foot retail unit. Annabelle Selldorf is behind the project’s design, and completion can be expected sometime later this year.

First Look At Eight-Story, 114-Unit Mixed-Use Project At 435 East 13th Street, East Village

11:00 am on February 8, 2016 By Reid Wilson

In the final days of 2014, YIMBY reported on applications for an eight-story, 114-unit mixed-use building at 435 East 13th Street (a.k.a 432-438 East 14th Street), in the East Village, and nearly a year later, crews demolished the site’s old two-story post office building. Now, EV Grieve has the first glimpse of the project, which will encompass 135,186 square feet and two buildings, per the latest filings. Located on both ends of the block-thru parcel, each building will feature 8,700 square feet of ground-floor retail space. The residential units will average 769 square feet apiece and 20 percent of them will rent at below market-rates. Benenson Capital Partners and Mack Real Estate Group are developing, and SLCE Architects is designing the project. Completion is anticipated for early 2017.

A rendering of the proposal for 46-74 Gansevoort Street as seen from the Whitney Museum of American Art. All renderings courtesy BKSK Architects.

Architects Tout Gansevoort Market Plan As Return to History

8:00 am on February 5, 2016 By Evan Bindelglass

In November, a plan for a commercial revitalization of the south side of a block of Gansevoort Street, in the Meatpacking District, went before the Landmarks Preservation Commission. In a rare, but hardly unheard of occurrence, the hearing was paused before the commissioners could discuss the proposal. With the continuation of that session likely to come soon, YIMBY sat down with the architects behind it to talk about its place in the history of the area.

Citigroup In Contract To Acquire Their 39-Story, 2.7-Million Square-Foot Headquarters At 388-390 Greenwich Street, TriBeCa

4:00 pm on February 4, 2016 By Reid Wilson

In early 2015, renderings were revealed of the planned renovations at Citigroup’s headquarters at 388-390 Greenwich Street, in TriBeCa, and now the company is in contract to acquire the the 39-story, 2.7-million square-foot office complex. According to Real Estate Weekly, Citigroup will purchase the properties from SL Green Realty Corp. for $2 billion. The renovations include connecting the tower portion at 388 Greenwich to the 10-story structure at 390 Greenwich. The transformation will include a new façade on large portions of the existing buildings, a single lobby that serves both sections, plaza renovations, a rooftop terrace, and amenities like a fitness center. The sale is expected to close in December of 2017 and renovations should be complete by 2019.

Four-Story Church At 126 Forsyth Street Seeking Partner For New Mixed-Use Building, Lower East Side

10:00 am on February 4, 2016 By Reid Wilson

The Spanish Delancey Seventh Day Adventist Church, located at the four-story building at 126 Forsyth Street, on the corner of Delancey Street on the Lower East Side, is looking for a development partner that would demolish the existing structure for a new building. The 5,000 square-foot lot could accommodate a new mixed-use building of up to 32,500 square feet, where a maximum of 27,000 square feet could be used as residential space. The lot is subject to a 120-foot height cap, according to Curbed NY. The church is requiring the first three floors of the new building to be designed, owned, and operated by the church as a house of worship, although zoning allows for retail space to be built as well. It should be noted that the rest of the building could potentially end up being a hotel or office space if a developer chooses against building residential units.

Developer Plans Four-Story Office, Retail Conversion At 61-63 Crosby Street, SoHo

3:00 pm on February 3, 2016 By Reid Wilson

Chicago-based L3 Capital has acquired the four-story, 20,600-square-foot mixed-use property at 61-63 Crosby Street, in SoHo, for $42 million. The new owner plans to convert the building into office space, although the ground-floor will remain as retail space. The co-op building has seven apartments, which will all be vacated before the sale closes, according to The Real Deal. The property comes with 3,300 square feet of air rights, which could be used in an expansion. Any alterations to the buildings will have to be approved by the Landmarks Preservation Commission because they sit within the SoHo-Cast Iron Historic District Extension.

New Renderings Of Six-Story, 82-Unit Mixed-Use Project Underway At 438 East 12th Street, East Village

6:30 am on February 3, 2016 By Reid Wilson

Last summer, excavation kicked off at 438 East 12th Street, in the East Village, where a six-story, 82-unit mixed-use building is under development by Douglas Steiner. Then in December, the developer secured a $130 million construction loan for the project. The Real Deal now reports the project has received approval from the Attorney General’s office, putting the valuation of the project’s 82 units at $215 million. When completed in 2017, the 151,943 square-foot building will have 8,376 and 961 square feet of ground-floor retail and medical offices, respectively. The units above will average 1,315 square feet apiece, and will come in one- to four-bedroom layouts. The amenities, located on the ground and cellar levels, will include a pool and spa, a gym, a library, and a children’s playroom, as well as courtyard and rooftop gardens. Perkins Eastman affiliate S9 Architecture is the designing architect and Paris Forino is designing the interiors.

Extell Acquires Mixed-Use Development Site At 530 Sixth Avenue, Greenwich Village

6:00 am on February 3, 2016 By Reid Wilson

Extell Development has acquired the four-story, 17,000 square-foot commercial building at 530 Sixth Avenue, located on the corner of West 14th Street in Greenwich Village. According to Crain’s, the site could accommodate 126,750 square feet of residential space in the form of a new building. Zoning also allows for commercial and community space, and retail would more than likely be included in a new building. The developer acquired the property for an undisclosed amount from the Duell family, who has already sold a number of other properties around Manhattan to Extell chief Gary Barnett. Development plans have not yet been disclosed and the building’s commercial tenants remain operative for the time being.

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