Exploring Upcoming New York City Residential Developments

Exploring Upcoming New York City Residential Developments

A number of developments are on the horizon in New York City. Here is a look at just a few.

Construction Begins on Ceruzzi’s 803-foot Midtown Condo

Construction has begun on an 803-foot skyscraper being developed by Ceruzzi Properties. Located at 138 East 50th Street, the land was originally going to be used to construct a new hotel. The developers have since changed their mind and decided to build a skyscraper with over 63 floors and 124 apartments instead. Foundation work for the project got underway in September of last year and the project has recently started to show significant progress toward completion. Designed by Pelli Clark Pelli Architects, the building will boast spacious apartments offering around 1,706 square feet of space. Plans also call for the development of retail space on both the ground and cellar levels.

Ceruzzi purchased the property from Extell in the summer of 2014 with the original plan of building ga 52-story hotel with 763 rooms. The new plan for an apartment skyscraper is expected to be completed sometime next year.

Gramercy Condo to Bring 65 Apartments to Second Avenue

Being developed by Silverback Development, a new Gramercy condo located at 351-359 Second Avenue on the corner of East 21st Street will bring 65 apartments to the area. Upon completion, the building will boast 80,000 square feet as it rises 145 feet above the ground. The building will offer 65 condo apartments, with three-quarters of the condos being priced below $2.5 million. Most of the units will reportedly be studios and one-bedroom condos, with the option to combine some of the units into larger apartments.

Silverback has partnered with the land owner to work on the development of the new project. The owner reportedly purchased the corner lots for $32.75 million in 2013. He also purchased 8,200 square feet of air rights from neighboring properties. Silverback expects to spend $100 million on construction, with work kicking off next year and lasting until 2020.

Extell’s East Village Rental Nearing Completion

Located at 500-524 East 14th Street, Extell’s rental project on East 14th Street features two seven-story buildings with a total of 150 apartments. 106 of the apartments will be located in the larger, wider building of the two while 44 will be located in the smaller one. A 27,000-square-foot Target is planned at the base of 500 14th Street while a Trader Joe’s is rumored to be in negotiations as part of the project.

The Homage Brings Six-Story Mixed-Use Building to Park Slope

A six-story mixed-use building called The Homage is aptly named as it pays homage to the neighborhood’s townhouses. Located on Third Street just off of Seventh Avenue, the building will replace a neglected brownstone located at 497 Third Street. The project is being completed by Kaito Management with the help of architecture firm Studio Vural. The goal of the project is to capture the historic elegance of the block through the use of features such as extra-wide sidewalks and Renaissance revival limestone. The building will feature commercial space on the ground floor with the rest being dedicated to 1,088-square-foot full-floor two-bedroom condos. All units will have balcony and roof access.