NYC Sees Residential Change

NYC Sees Residential Change

A number of changes are taking place among the residential landscape across the city. Here are just a few.

West 57th Street Office Building to be Converted for Residential Use

The Feil Organization, which owns the century-old office building at 140 West 57th Street along Billionaires’ Row, is reportedly considering converting the property for residential use. This news comes after months of speculation as the organization has stopped renewing leases on the property. Floorplans for the small 14-story building have also been reportedly drawn up as well, though it is still possible that the property may be getting prepped to serve as a boutique office space or even a hotel.

The property, which features double-height windows that once provided light to working artists, was landmarked in 1999 along with its nearly identical neighbor located at 130 West 57th street. Converted into office space in 1998, the property was purchased by Feil in 2009 from 432 Park Avenue developer Harry Macklowe for $59 million. Regardless of what is done with the building, the three-story Morton Williams at the building’s base is not likely to go anywhere soon. The supermarket reportedly has 20 years remaining on its lease.

Essex Crossing’s Condos Available for Purchase

The first residential building to hit the market in Essex Crossing is located at 242 Broome Street. Developed by Delancey Street Associates, the 14-story building boasts 55 apartments ranging in price from $1.275 million to more than $7 million. After decades of planning, the former Seward Park Urban Renewal Area is now opening for residents, with the first condos in the megaproject being officially put on the market.

Designed by SHoP Architects, the building is currently under construction. Once it is completed, it will boast 55 one- to three-bedroom apartments with 11 deemed “affordable” and placed in the city’s affordable housing lottery sometime next spring.

The interiors of the units are designed in such a way that they are meant to “balance serenity with modernism.” As such, they will offer a number of luxurious touches, such as radiant heated flooring, Calacatta marble finishes, custom vanities and high ceilings. The building will also offer a number of communal amenity spaces, such as an entertainment room, a fitness center and a roof deck. These features are expected to be completed by 2018.
Thanks to the building’s location at the corner of Broome and Essex streets, it will also be situated at the western edge of the Essex Crossing map. This will put it right at other planned amenities for the development, including a cultural center and a fancy bowling alley.

East New York Creates 710 Affordable Apartments

East New York continues with its redevelopment plans as BRP Companies completes its renovation of 469 low-income apartments. Plans are also in the works to develop an additional 242 units at Liviona Commons. BRP purchased 63 buildings with 486 affordable apartments for $100 million in 2013. Since then, $180 million has been invested into East New York with plans to create an additional 50,000-square-feet of community and retail space. The project is being completed along with the help of the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation.