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Proposed Superskinny Tower in Midtown East Boasts Unique, Full-Floor Green Spaces

24 Apr 2015, 2:33 pm

By Veronica Grecu, Associate Editor

As New York City is running out of buildable space, “superskinny” or “pencil” structures are becoming more and more popular when it comes to new construction projects.

303 E. 44th St. - Midtown East - rendering

303 E. 44th St. – Midtown East – rendering

Earlier this year, Manhattan-based Triangle Assets filed plans with the New York City Department of Buildings for a slender residential tower at 303 E. 44th St. in Midtown East, near the United Nations.

The 1,851-square-foot site is currently occupied by a three-story mixed-use building. According to the New York Daily News, Triangle Assets‘ new pencil tower will feature 2,600-square-foot floor plates. This means that the proposed tower’s footprint will be around 30 percent smaller than the size of those other skinny structures that are popping up in the city—such as 432 Park at 57th Street, which is going up from a base of 93 feet by 93 feet.

Designed by the architectural firm ODA, the superskinny tower will stand 41 stories tall. If approved for construction, it will offer 44 luxury apartments, a sauna, spa, swimming pool, fitness center, lounge and business center. The lower floors will have one- and two-bedroom units, and full-floor apartments will begin on the 22nd floor. The 40th and 41st floors will be occupied by a duplex.

Apart from being extremely slender, the residential tower proposed at 303 E. 44th St. will stand out with its floating full-floor gardens. As revealed by the Daily News, design plans call for six “green” gaps built in the façade, each 16 feet high and featuring canopied green terraces built around the core of the tower.

If the Department of Buildings votes in favor of Triangle Assets’ project proposal, construction at the 96,774-square-foot tower is scheduled to start in September and wrap up by late 2017.

Rendering credits to ODA Architects

Luxury Rental Tower with Swimming Pool Underway in Murray Hill

20 Apr 2015, 5:11 pm

By Veronica Grecu, Associate Editor

225 East 39th Street - Midtown Manhattan NYC

225 East 39th Street – Midtown Manhattan NYC

A new luxury residential tower is under construction in Manhattan’s Murray Hill neighborhood, where a six-story Hertz parking garage used to be.

More than one year after filing for full demolition permits for the former garage at 225 East 39th St.—which has an alternate address of 222 East 40th St., according to PropertyShark—, real estate development company Fisher Brothers broke ground on the 36-story rental tower.

Last year Commercial Real Estate Direct reported that Northwestern Mutual Life Insurance Co. had provided $186 million in permanent financing for the apartment building, with the developer expected to spend another $115 million to complete the project.

Designed by Handel Architects to achieve LEED certification, 225 East 39th St. will measure nearly 375,000 square feet and will feature 372 rental apartments, including 75 affordable units set aside for New Yorkers earning 60 percent of the Area Median Income (which translates into an annual income of $35,280 for a single applicant or $50,340 for a family of four, as reported by DNAInfo.com New York).

The rental tower is scheduled for completion by summer 2017, the developer announced. It will offer a list of high-end amenities such as swimming pool, fitness center and yoga studio, library, residents’ lounge areas, children’s playroom, and rooftop terrace. At least 72 parking spaces and 186 bike spaces are included in the project.

According to project details listed on the developer’s website, Fisher Brothers’ former subsidiary Plaza Construction serves as general contractor for the luxury high-rise.

Rendering courtesy of the Fisher Brothers

Low-Income Affordable Housing Project Underway in Brooklyn

13 Apr 2015, 2:42 pm

By Veronica Grecu, Associate Editor

Work is now underway on a new supportive housing development in Brooklyn’s Ocean Hill neighborhood.

Henry Apartments - Building A

Henry Apartments – Building A

The housing project, called the Henry Apartments, is being constructed by a joint venture between Alembic Community Development and Services for the Underserved (SUS)—a nonprofit organization that supports veterans and individuals and families facing a wide range of challenges, from homelessness to physical and mental disabilities—working in partnership with the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC).

According to an official statement announcing the start of construction, the total development cost of the Henry Apartments is $61.9 million, with financing coming from Mayor Bill de Blasio’s Housing New York: A Five-Borough, 10-Year Housing Plan, as well as HDC and HPD grants. Richman Housing Resources will act as tax credit syndicator and Wells Fargo will act as lender.

Located at 768-770 Decatur St./1696-1712 Broadway, Henry Apartments will sit on a long vacant land formerly owned by the city. As previously reported by Brownstoner, the site is immediately close to Henry Distributors, a seller of hardware and building materials. Allegedly, business owner Stan Henry is a partner in the construction project along with Alembic Community Development.

Henry Apartments - construction site

Henry Apartments – construction site

The mixed-use project consists of two, six-story buildings (Building A and Building B) that will offer 134 affordable housing units. According to official information, 78 units will be set aside for formerly homeless families and individuals, while the remaining residences will be occupied by extremely low- and low-income individuals earning from $29,400 to $50,340 annually. Renters will pay only 30 percent of their monthly income toward rent payments.

Amenities at Henry Apartments include laundry facilities, building elevators and below-grade bicycle storage. Each building will have its own urban farming area, as well as landscaped outdoor space with seating and tables.

Henry Apartments will also include 7,000 square feet of street-level commercial space which most probably will be occupied by SUS.

Rendering via SUS on Flickr

BDG Enters the Bronx with 40KSF Retail Complex

6 Apr 2015, 5:49 pm

By Veronica Grecu, Associate Editor

The bland corner of Southern Blvd. and Hunts Point Ave. in the Bronx is set for a complex makeover project that will add a new urban retail center in the borough.

Rendering of The Crossing in the Bronx

Rendering of The Crossing in the Bronx

Called The Crossing, the retail complex is being constructed by the Blumenfeld Development Group (BDG) and was designed by the architectural firm Studio 5. The project marks the company’s first-ever venture into the Bronx and is scheduled for completion in 2016.

“BDG has brought its unique commitment to development excellence to landmark buildings in Manhattan, Staten Island and Queens,” said in a prepared statement David Blumenfeld, president of BDG Construction Corp. “Our arrival in the Bronx marks the beginning of a unique opportunity for the company and a great experience for the community,” he added.

The Crossing is located near the Hunts Point Ave. station on the #6 Lexington Ave. local/Pelham Express subway line which counts approximately 3.2 million riders annually. At 40,000 square feet of space the project will be the largest retail space of this kind an area, which has been underserved for a long time—even though rent prices have been traditionally lower here than in other boroughs.

The Crossing is being built on a 19,000-square-foot triangular that used to serve as a gas station with enclosed workshop. According to PropertyShark, the property is owned by the Prusik Group, a retail development and investment company who previously worked with BDG to co-develop two urban retail projects in the New York City metropolitan area.

In a press release, BDG said several brand names already signed as tenants at The Crossing. So far the list of tenants includes Dollar Tree, Dunkin Donuts, McDonald’s and Red Lobster.

Rendering courtesy of the Blumenfeld Development Group


IHG, Sam Chang Continue New York City’s Hotel Glut

30 Mar 2015, 7:11 pm

By Veronica Grecu, Associate Editor

There’s a plethora of hotels in New York, but the city’s robust hospitality market will always make room for more.

A new Crowne Plaza is scheduled to open in Midtown Manhattan in 2017, InterContinental Hotels Group (IHG) announced last week. Owned by LRR Holdings, LLC—a Nevada-based hospitality company controlled by Lance Steinberg and Frank Chan—and operated by IHG, the new hotel will be located on West 36th Street, in the famous Garment District. Once open, it will be the brand’s fourth hotel in New York City, following the two Crowne Plazas in Times Square and another one located at JFK airport.

The upcoming Crowne Plaza on 36Thstreet will offer 251 guest rooms. It will also include an 80-foot glass atrium at the entrance, flexible meeting space, a fitness center, as well as restaurant and bar space.

111 E. 24th Street - Manhattan, New York City

111 E. 24th Street – Manhattan, New York City

Meanwhile, one of the busiest hotel developers in the city plans to build another budget hotel in Manhattan. New York YIMBY reported that Sam Chang recently filed plans with the Department of Buildings to develop a 13-story structure on a 6,000-square-foot parcel that is currently used as a parking lot operated by Champion Parking. The site, located at 111 E. 24th St. in the Flatiron District, was leased by Chang in November last year. According to the Commercial Observer, Chang landed a 99-year triple-net lease for the parking lot, for an annual rent of $900,000. The site is owned by Demetrios and Fania Samuel.

Chang has teamed up with architect Gene Kaufman, who created the design. Reportedly, the new hotel will encompass more than 38,000 square feet of space, and will offer 120 budget guest rooms located on floors two through 13. Most of the hotel’s first floor will most likely offer retail or restaurant space.

Image via Google Street View

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