Exploring New Developments in NYC

Exploring New Developments in NYC

Some new developments and modifications to developments are underway throughout the city. Here is a look at a few of the developments you can expect to see.

Sunset Park Megaproject Undergoing Changes

A massive mixed-use development designed by architect Raymond Chan is still planned for Sunset Park’s Eighth Avenue, though some of the specifics have recently been changed. Situated between 61st and 64th streets and dubbed Eighth Avenue Center, the development was originally designed to house a three-story Chelsea Market-style retail space, a 17-story office tower, a 10-story 150-room hotel and two 15-story residential towers offering a total of 350 apartments. Plans have been recently changed, however, to include a mall, an 11-story hotel with 150 rooms and a 12-story residential tower with 250 apartments.

The original plans for the development also called for the construction of a public school at the site. With the city’s School Construction Authority changing its mind about financing a public school at the site, Chan has now announced plans to build a private 489-seat pre-K school at the site instead. The site will also offer a 2,500-car garage, a digital library without books, a healthcare facility and a green space.

Midtown’s Crown Building to Offer “Ultraluxury” Condos

Despite slowdowns in the high-end residential market, developer Michael Shvo and Armanhotels chief Vladislav Doronin have announced plans to move forward with plans to bring luxury residences and a hotel to the Crown Building located near the southeast corner of Central Park. According to plans filed with the Attorney General’s office, floors four through 24 of the 57th Street building of will be converted into an Arman Hotel. A total of 26 apartments in the name of Arman New York Residences will also be added.

Initial hints of the upcoming development were first made in April 2015 after Shvo and Doronin purchased the upper floors from Jeff Sutton and GGP for $500 million. Sutton and GGP reportedly purchased the tower for $1.775 billion at the beginning of the year. Despite the cooling market that left the nearby One 57 and Baccarat Hotel & Residences in sticky situations, Shvo and Doronin then announced plans to develop “ultraluxury” condos at the site in June.

Greenpoint’s 40-Story Waterfront Tower Nears Completion

Construction of a 400-foot residential tower in the Greenpoint waterfront area is underway. Featuring a mix of rental and condo apartments, the 40-story building is situated on West Street between Heron and India streets. Being developed by Mack Real Estate Group and Palin Enterprises along with Urban Development Partners, the building will feature a mix of 95 studios through three-bedroom condos on floors 28 to 50 while the first 27 floors will feature 287 rentals. A smaller five-story building on the site will also offer 81 additional apartments. Formally known as The Greenpoint, the development will also feature a parking garage, a courtyard and nearly 30,000-square-feet of luxury amenities.

East Harlem Development to Offer 400 Affordable Apartments

L+M Development Partners recently revealed plans for a fully-affordable residential project that will span an entire city block in East Harlem. Formally known as Lexington Gardens II, the project will offer 20 percent of its units at 30 percent of AMI while another 30 percent will be made available to families making 50 percent of AMI. Another 30 percent will go to families making 80 percent of AMI while the remainder will go to families making 130 percent AMI.