Office

New Developers Acquire Site Of Planned Commercial Project at 206 Kent Avenue, Williamsburg

6:00 am on August 15, 2016 By Reid Wilson

Two anonymous entities have acquired, for $33 million, the vacant 22,640-square-foot development site at 206 Kent Avenue, in northern Williamsburg, Commercial Observer reported. That’s the property bound by Kent and Metropolitan avenues and River and North 3rd streets, located a block in from the East River. The previous owner, Alliance Private Capital Group, was planning a 45,000-square-foot mixed-use commercial building with retail space on the ground floor and office space above. In fact, the grocery store Trader Joe’s signed a lease last year for 18,000 square feet of space across the ground and cellar levels. It hasn’t been confirmed if the new owners plan to follow through with the same project. New building applications haven’t been filed.

Three-Story, Two-Unit Mixed-Use Building Planned at 148 McClean Avenue, Arrochar, Staten Island

10:00 am on August 12, 2016 By Reid Wilson

Property owner Chris Reno, doing business as an anonymous Staten Island-based LLC, has filed applications for a three-story, two-unit mixed-use building at 148 McClean Avenue, in Arrochar. That’s located along Staten Island’s East Shore. The project will measure 4,840 square feet. It will feature 1,425 square feet of commercial-office space on the ground and cellar levels, followed by full-floor residential units on the two floors above. The apartments should average 959 square feet apiece. The project will come with three off-street parking spaces. Joseph Loccisano’s Staten Island-based Sanna & Loccisano Architects is the architect of record. The 40-foot-wide, 4,000-square-foot property is currently vacant.

New Rendering Revealed of Two-Building Office Complex Planned at 270 Richards Street, Red Hook

7:00 am on August 11, 2016 By Reid Wilson

An overhead rendering has been revealed of the planned two-building, four-story (plus penthouse) office complex, dubbed Red Hoek Point and located at 270 Richards Street, the former site of the Revere Sugar Refinery in Red Hook. The rendering, published by Curbed NY, shows off the project’s outdoor spaces, which will include a central plaza, waterfront esplanade, and landscaped rooftop terraces. YIMBY reported on the project’s new building applications in June. The filings described an office complex encompassing 1,135,610 square feet, of which 645,103 square feet will be commercial space for offices and retail. Thor Equities, the developer, is planning a 1,112-car parking garage in the cellar, although a variance must first be obtained to build it. Ground-floor retail and restaurant space will measure 23,000 square feet. Sir Norman Foster’s London-based Foster + Partners is the design architect, while Adamson Associates Architects is serving as the executive architect. Groundbreaking is expected this fall.

Partial Medical Office Conversion Planned at Two-Story, 57,000-Square-Foot Property, 99-01 Queens Boulevard, Rego Park

6:00 am on August 11, 2016 By Reid Wilson

The Blumenfeld Development Group has purchased, for $31.2 million, the two-story, 56,916-square-foot mixed-use commercial building at 99-01 Queens Boulevard, in Rego Park, from Vornado Realty. The new owner plans to convert the property’s vacant portions into a medical facility for Mount Sinai Hospital, according to Real Estate Weekly. The hospital has already signed a lease with Blumenfeld. The property currently features retail space on the ground and cellar levels, followed by commercial-office space on the second floor. Existing tenants, which will remain in the building, include Bank of America, New York Sports Club, and DeVry College of New York. Completion of the conversion is expected in early 2017.

Development Team Acquires 11-Story Watchtower Complex at 25-30 Columbia in Brooklyn Heights, Plans Creative Office Conversion

6:00 am on August 5, 2016 By Reid Wilson

Over the spring, a team of developers entered into contract to acquire, from the Jehovah’s Witnesses, the 11-story, 739,000-square-foot commercial complex known as the Watchtower, at 25-30 Columbia Heights, in Brooklyn Heights. The team – now a joint venture between the Kushner Companies, CIM Group, and LIVWRK – have closed on the purchase for roughly $340 million, Commercial Observer reported. The new owners plan to convert the complex into creative office space, likely similar to how some of the same developers transformed the five-building complex now dubbed DUMBO Heights. The redevelopment is expected to begin within a year. In addition to the acquisition of 25-30 Columbia Heights, the same partnership is remains in contract to buy the vacant, block-encompassing development site at 85 Jay Street, in DUMBO.

New Owners Plan Office, Retail Conversion at Six-Story, 115,000-Square-Foot Building, 17 Laight Street, TriBeCa

6:30 am on August 4, 2016 By Reid Wilson

Vanbarton Group is in contract to acquire the six-story, 115,000-square-foot mixed-use building, formerly home to the Tribeca Film Festival, at 13-17 Laight Street, in TriBeCa, for $90 million. The group plans to convert the building into a retail, office, and “lifestyle facility” space, the New York Post reported. Vanbarton is in the process of buying out all of the property’s existing commercial and residential tenants. The 13,867-square-foot lot also comes with 10,530 square feet of air rights, although it’s not known if an expansion is planned.

New Owners Plan Partial Office Conversion at Six-Story, 225,000-Square-Foot Industrial Property, 43-01 22nd Street, Long Island City

4:00 pm on August 3, 2016 By Reid Wilson

Back in May, Olmstead Properties and Newmark Holdings entered into contract to purchase the six-story, 225,000-square-foot manufacturing building at 43-01 22nd Street, located on the corners of 43rd and 44th avenues in the heart of Long Island City. The duo have now closed on the purchase for $61 million, Commercial Observer reported. They plan to convert the structure into office space, although roughly two-thirds of the property is currently leased to Reis Studios. The vacant portions are expected to be converted soon, but it’s not known when the currently leased space will get the conversion. Upgrades to the building will include a redesigned lobby, new windows and façade elements, and new mechanical infrastructure such as elevators.

Four-Story, 60,000-Square-Foot Factory Converted Into Retail-Office Property at 47-16 Austell Place, Long island City

10:00 am on July 29, 2016 By Reid Wilson

The four-story, 60,000-square-foot industrial building at 47-16 Austell Place, in southern Long Island City, has recently been converted for a variety of commercial uses, according to Commercial Observer. It hosts 10,000 square feet of ground floor retail space, of which a food café has already leased a portion. The floors above, with floor plates of 16,000 square feet, are geared towards office tenants and community facility uses. Joffrey Ballet Center, a dance school, has leased the fourth floor. Upgrades made to the building include renovations to the interior, a new roof, a revitalized façade with new windows, and a redesigned lobby. A rooftop lounge with landscaping is also being built and is expected to be complete in early 2017. The Vanbarton Group, which purchased the property for $7.7 million in 2015, is the developer. Montroy Andersen DeMarco is the architect.

New Owners Plan Commercial-Office Renovation at Seven-Story Property, 24-02 49th Avenue, Long Island City

11:00 am on July 26, 2016 By Reid Wilson

Innovo Property Group and Westbrook Parters have acquired, for $195 million, the seven-story, 640,000-square-foot office-industrial building at 24-02 49th Avenue, in southern Long Island City. The purchase was financed with a $136 million mortgage, Commercial Observer reported. The building is nearly completely leased, with the New York City Housing Authority (NYCHA) occupying 480,000 square feet across five floors. The new owners plan to not renew NYCHA’s lease, which expires in 2020. The plan is to renovate the property to include modern and creative office space. The property is right across the street from the Hunters Point Avenue station on the 7 train and the Long Island Rail Road.

Nine-Story Building Constructed as Part of 160-Unit Mixed-Use Redevelopment, 609 Broad Street, Newark

6:00 am on July 26, 2016 By Reid Wilson

L+M Development Partners’s mixed-use conversion of the four-story, 400,000-square-foot Hahne & Co. building, located at 609 Broad Street, at the corner of New Street in downtown Newark, is in the final stages of construction. Photos of the construction progress can be seen in a Jersey Digs report. Construction appears to have wrapped on the outside of the existing four-story structure, which will contain a mix of residential, retail, office, and community space. A new nine-story building — located at the corner of Halsey and New streets — is currently receiving its façade. The new construction component will feature ground floor retail space and residential units above. Between the two building, there will be 75,000 square feet of retail space, 160 apartments (40 percent of which will be set aside as affordable housing), and 100,000 square feet of community and community use space (50,000 square feet of which will be institutional and dedicated to Rutgers University). Whole Foods Market is expected to open their new 30,000-square-foot store in the building in 2017, which is when the rest of the project should be complete.

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