That’s because the 22,000-square-foot plot at 111 Montgomery Street in the Crown Heights section of Brooklyn is hitting the market for a potential developer looking to likely build condominiums. The site has the zoning potential for 168,000 square feet of residential development, according to TerraCRG, the Brooklyn-based brokerage tapped by PWR Holdings, which is also the owner of LIVWRK, to market the property.
Brooklyn has been in dire need of condo units in the $1 million to $1.5 million range, Mr. Cohen told CO, as a result of pent-up demand for rental units throughout the borough. The site at 111 Montgomery Street was previously studio apartments heavy, which Mr. Cohen added would likely change with a new developer.
The plot is zoned for 162 units in a 12-story building, according to marketing materials by the brokerage. That breaks down to 38 studios, 65 one bedroom units, 53 two bedroom units and six three bedroom units. That comes out on average to roughly $1,150 per square foot, which Mr. Cohen said stands well below $1,800 per square foot in other areas of Brooklyn.
The new facility, a 14-story, 102,000-square-foot building at 432 W. 58th St., was acquired from Mount Sinai Medical Systems, which was using it as a medical research facility.
La Scuola plans to completely renovate the building, installing a brand new glass facade and atrium, 28 classrooms, a gym, a media center, a library, specialized labs, peformance studios, a garden and a dining facility, before moving in next year.
“This unique, new, capacious, fully modern facility will prove to be among the most important Italian educational and cultural institutions outside of Italy, easily the one with the largest body of students studying Italian in the US,” said Carlo Mantica, COO of the school.
So I covered the New Subway stop at Hudson Yards , did an overview Hudson Yards , and photographed...just about every project along the High Line. I don't know the names of the high line sites , could someone post a link to the individual threads or list the names. I will be doing Queens on Wednesday....
NEW YORK | 475 West 18th Street | 120 FT | 10 FLOORS
Project: 475 West 18th Street
Quote:
SHoP's design calls for a 120-foot-high, 10-story condo that would have ground-floor retail space. In renderings that the firm created for the contest, dark wooden beams can be seen on the exterior, and a warm blonde wood is used throughout the interior (including on the walls and the floor). According to a press release, the firm also hopes to "reduc[e] overall energy consumption by at least 50 percent relative to current energy codes.," and will seek LEED Platinum certification for the building. They're partnering with engineering firm Arup, and the developers are 130-134 Holdings LLC and Spiritos Properties.
In an interview with the Wall Street Journal, SHoP principal Chris Sharples explained that, contrary to what people might think, "every element of the building, right down to the elevator core, can be constructed in wood." That's thanks to the fact that the material used nowadays—mass timber—is more innovative than its lumber predecessors. Here's what the USDA has to say (keeping in mind that this competition was produced, in part, with help from two wood industry groups):
Mass timber wood products are flexible, strong, and fire resistant, and can be used as a safe and sustainable alternative to concrete, masonry, and steel. Using wood helps to reduce greenhouse gas emissions by storing carbon and simultaneously offsetting emissions from conventional building materials. Wood can also help struggling rural forest communities.
Anshel Friedman and Aaron Karpen filed plans Thursday for a 12-story, 100,000-square-foot residential building with ground-floor retail at 541 Fourth Avenue in Park Slope.
The building is slated to contain 125 residential units, according to plans filed with the city Thursday. They’ll occupy the third through 12th floors of the building, which will house 10 to 14 apartments apiece. The two commercial spaces on the ground level of the new building will total 10,800 square feet. The building will have a 26-car garage and storage space for 59 bicycles.
The developers are planning to have a pet spa on the cellar level. Recreation rooms for residents are also planned for the cellar, first and second floors. The units will be rentals, and the developers hope to start construction in December, said Karl Fischer, the architect of record.
NEW YORK | 41-62 Bowne Street | 158 FT | 14 FLOORS
Project: 41-62 Bowne Street
Quote:
Yin Chou Hu, a Bayside-based Chinese developer, filed plans for a 14-story, 88,000-square foot building in Flushing. The project at 41-62 Bowne Street will include 84 condominium apartments across just over 64,000 feet of residential space, about 754 square feet per unit. Seven apartments are planned for each of the third through 14th floors. The building’s ground floor will contain offices and retail totaling about 12,000 square feet. And its second floor will house school facilities.
NEW YORK | 155 West 23rd Street | 130 FT | 12 FLOORS
Project: 155 West 23rd Street (Renovation)
Quote:
A partnership between the Kaufman Organization and Goldman Sachs has closed on a deal to take control of 155 W. 23rd St. Kaufman and Goldman Sachs paid about $45 million to ground-lease the 12-story, 82,000-square-foot office building for 99 years from real estate developer Gary Barnett.
The building is the fifth that Kaufman has ground-leased from Mr. Barnett. Last year, the company, which owns 6 million square feet of commercial properties in the city, purchased a 99-year ground lease on four nearby office buildings—19 W. 24th St., 119 W. 24th St., 15 W. 27th St., and 45 W. 27th St.—from Mr. Barnett for about $150 million. Kaufman partnered with Principal Real Estate on that deal.
The properties, including 155 W. 23rd St., were all once owned by brothers Frank and Michael Ring, eccentric landlords who left the buildings, along with nine others in the area, to deteriorate. Even as the midtown south neighborhood became one of the hottest office districts in the city, the Ring buildings remained nearly vacant. After a complex series of deals and lawsuits, Mr. Barnett eventually acquired the 14-building portfolio in 2013.
Kaufman plans to spend $10 million refurbishing 155 W. 23rd St. into a desirable space for office tenants, according Fredric Leffel, the firm's president. Work will begin immediately and is expected to be completed by the end of next year.
Note: With the ones currently in the pipeline that are significant. Many more from the 12 floor to 20 floor range not included. Should increase as the permit frenzy is still on crack in terms of 25+ floors.
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1) 17 towers over 25 floors.
2) 10 will be 40+ floors
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NEW YORK | 111 Montgomery Street | FT | 12 FLOORS
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