139 Orchard Street

Developers Acquire Stalled 16-Story, 98-Key Hotel Project at 139 Orchard Street, Lower East Side

In 2011, D.A.B. Group defaulted on the mortgage for their 16-story, 98-key hotel project at 139 Orchard Street, located on the Lower East Side. The developer eventually lost control of the site and abandoned construction on the structure, although the building topped out before work stopped. The latest development is that Fortuna Realty Group and Elk Investors won an auction to acquire the stalled-out project for $30.75 million, The Real Deal reports. Buildings applications indicate the hotel will measure 39,064 square feet. The new owners plan to finish construction on the building as a hotel. Completion is expected sometime in 2017.


The former Citicorp Center (aka Citigroup Center) at 601 Lexington Avenue as seen in December 2015. Photo by Evan Bindelglass.

Landmarks Calendars Seven Midtown East Buildings for Designation

New York City is full of amazing stories of transformation. Many neighborhoods are dramatically different from the way they were 100 years ago. That’s certainly true of Midtown East, the area around Grand Central Terminal, and it is on the cusp of a new era of transformation. Various city agencies are managing that transformation, which included a rezoning plan abandoned in 2013. It also includes preservation. That’s where the Landmarks Preservation Commission comes into play.

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Major Streetscape Improvements Proposed for Long Island City

The ongoing transformation of Long Island City is astounding. In the decade between 2006 and 2015, more than 8,600 housing units have been completed in the area, with well over 22,000 more on the way. Between 2012 and 2015, prices for prime development sites have jumped by 269 percent. As the neighborhood rapidly transitions from commercial/industrial to high-density residential, the local street grid, characterized by odd angles, must undergo a significant transformation. The city government began to address this need in 2010, when Jackson Avenue, the area’s principal thoroughfare, was upgraded with a green median, while a small triangular park was created at the intersection of 27th Street, Hunter Street, and 43rd Avenue.

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