The Rabsky Group is purchasing the single-story, 92,221 square-foot warehouse at 101 Varick Avenue, in East Williamsburg, for $48 million, with prospects to redevelop the 141,863 square-foot property into commercial space. A new office building could measure 280,000 square feet, and would include multiple tenants and ground-floor retail space, according to The Real Deal. The existing warehouse is currently being leased as warehouse, storage, and office space. The deal is expected to close in February.
As SL Green is developing Midtown’s largest commercial property at One Vanderbilt across the street from Grand Central Terminal, the company is also building the neighborhood’s smallest ground-up project at 719 Seventh Avenue, just one block north of Times Square’s northern terminus. Despite its diminutive four-story size, the retail building will assert itself via a 150-foot-tall, 5,000-square-foot array of digital billboards. On-site demolition is complete, and excavation is well underway. Pavarini McGovern LLC is listed as the construction manager.
It has been about three months since we checked in on the coming Robert A.M. Stern creation at 220 Central Park South. Progress has been made since then. Photos taken by our friend Tectonic show the tower portion of the building, which rests on West 58th Street, is several stories taller, approaching the 10-story mark on its way to 66 stories.
Construction is chugging along on the banks of Newtown Creek in north Brooklyn, where Greenpoint Landing will eventually span 10 acres with 5,000 apartments. YIMBY swung by the megaproject earlier this month and caught up on the progress at three affordable rental buildings: 33 Eagle Street, 21 Commercial Street, and 5 Blue Slip.
Back in May, YIMBY reported on applications for a 21-story, 71-unit mixed-use building at 145 Madison Avenue, between East 31st and 32nd Streets in Midtown South. According to DNAinfo, Kahen Properties will rent 21 of the residential units at below-market rates, which would satisfy the inclusionary housing bonus and increase the project’s allowable FAR. The latest filings call for a 59,085 square-foot structure, which includes 2,779 square feet of retail on the ground floor and residential units averaging 793 square feet each. The Stephen B. Jacobs Group is the architect of record. Permits have been approved to demolish the existing six-story commercial building.