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1179 Second Avenue

Residential Development Site At 1179-1183 Second Avenue Purchased, Upper East Side

S.W. Management has acquired the vacant development site spanning 1179-1183 Second Avenue and 249-251 East 62nd Street, on the Upper East Side, for $64.3 million. According to Crain’s, the property lot at the corner of Second Avenue and East 62nd Street, at 253 East 62nd Street, is not included in the acquisition, although its former five-story predecessor was demolished just last year. The site that was newly acquired can accommodate 87,650 square feet of development potential as-of-right. A future building could include ground-floor retail space and residential units above. Plans for the site have not been disclosed. Sometime between 2009 and 2011, five tenement buildings ranging between three and five stories were demolished at the site.


Triangle Park

Deal Reached For Triangle Park Multi-Building Mixed-Use Development, Newark

Early last year, the Newark City Council approved plans to build a 2.5-acre park in the city’s downtown. It would connect Prudential Center to the Ironbound’s Peter Francisco Park by bridging over Newark Penn Station, but it would also serve as the centerpiece of a multi-building mixed-use development of the surrounding vacant blocks. Last week, the city of Newark struck a deal with Edison Properties and J&L Parking Corporation to development the buildings, Newark Patch reports. Details on the new buildings are sparse, but there will be a significant number of residential units, retail space, and possible office space. Construction is expected to commence later this year and completion is tentatively set for July of 2018. The Newark Community Economic Development Corporation will head the construction of the park, being designed by MKW + Associates.


1873 Starr Street/176 Woodward Avenue, rendering by Aufgang Architects

New Developers To Build Five-Story, 130-Unit Residential Project At 1873 Starr Street, Ridgewood

In October of 2015, YIMBY reported on applications for a five-story, 130-unit residential building at 1873 Starr Street, in western Ridgewood, located five blocks from the Jefferson Street stop on the L train. Now, Slate Property Group has sold the development site to Valyrian Capital and MGM Property Group for $18.5 million, according to Real Estate Weekly. The new owners plan to move forward with the approved project, which measures 141,929 square feet in total and will include 5,009 square feet of ground-floor retail space along with 3,000 square feet of community facility space. The apartment units should average 650 square feet apiece, with 45 of them to be rented at below-market rates. Amenities include a gym, a roof deck, a laundry room, and a garage for 64 bikes and 65 cars. Aufgang Architects is designing the building.


815 Broadway

Five-Story, 57,800-Square-Foot Office Conversion Planned At 815 Broadway, Bushwick

Property owner Transition Acquisitions is planning to convert the five-story, 57,800-square-foot former Globe Exchange Bank building, located at 815 Broadway in far-western Bushwick, into office space, Commercial Observer reports. The property is currently vacant and boasts 41,673 square feet of commercial space. According to the Schedule A, 15,600 square feet of retail space will span the ground floor, medical offices will be located in the cellar level, and the rest of the building will full-floor contain office spaces. Boaz Golani’s Bronx-based BMG Design Build is the architect of record. The current owner acquired the building in July of 2015 for $15.1 million and the conversion is expected to be complete in the spring of 2017.


125 Greenwich Street

Financing Underway For 91-Story, 275-Unit Supertall Residential Tower At 125 Greenwich Street, Financial District

In January of 2016, filings were submitted to the Attorney General’s office for a 91-story, 275-unit luxury residential tower with retail space at 125 Greenwich Street, in the Financial District. Since then, foundation work has been underway and its developers – Michael Shvo, Vector Group, New Valley, and Bizzi & Parters Development – have been in talks to secure a roughly $500 million construction loan. Now, the New York Post reports $175 million in financing has been raised through the EB-5 program. New details also reveal the highest occupied floor will stand 990 feet above street level, although a crown will push the pinnacle of the supertall tower to a yet-to-be-determined height. Condominiums are expected to range from studios to a triplex penthouse. Rafael Viñoly Architects is the design architect. Completion is expected in 2018.

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