New York City has a number of large-scale real estate projects in the works, headed by numerous Manhattan developers, including Joseph Chetrit’s Chetrit Group, L+M Development, Sumaida + Khurana, and Kenneth Horn’s Alchemy Properties.
Half of permits filed during the month of April were for projects greater than 100,000 square feet, according to PropertyShark. The other half consisted of filings for residential projects, as well as a Brooklyn office, school expansions, and hotels. These projects,whether launched by larger or smaller firms, are important constructional developments, offering New Yorkers housing and schooling options, as well as a closer proximity to retail outlets.
One of New York City’s more prolific affordable developers L+M Development Partners filed a permit application for a 59-story, 266,000-square-foot residential tower, which will be located in the Financial District (23 Park Row). Joe and Rachelle Friedman, the founders of J&R Music and Computer World, partnered with L+M Development Partners to construct the apartment complex, which will hold 108 apartments. Also, COOKFOX Architects have been slated to design the property.
A 19-story,174,000-square-foot Downtown Brooklyn office building may be erected at 540 Fulton Street if the Dushey family’s Jenel Management has anything to say about it. The future office building will have three levels of retail space, and it will be replacing the two-story, 26,000-square-foot retail establishment that stood there one year ago prior to demolition.
The Tel Aviv, Israel-based property management firm Sumaida + Khurana and the Chelsea-based firm LENY are planning an 80-unit, 34-story, 123,000-square-foot condo tower in Hell’s Kitchen (609 West 56th Street). Also, on the base floor, there will be retail outlets available. In addition to the Hell’s Kitchen property, they 823 11th Avenue.
In partnership with Shifra Hager’s Cornell Realty Management, Joseph Chetrit’s Chetrit Group acquired a number of retail properties near Penn Station in a deal with investor Charles D. Cohen. After parting ways, the Chetrit Group filed a permit for a 122,000-square-foot hotel, which will have approximately 33 floors and 300 rooms. The proposed hotel is expected to be located at 249-263 West 34th Street.
Another hotel is planned for Long Island City, where investment firm Brooklyn North Capital filed a permit for a 198-key Red Lion Hotel. Expected to open in 2019, the building will stand 14 floors and will have 61,000 square feet of space. The investment firm purchased the site, located at 38-15 9th Street, for $4.7 million in March.
iStar, which is a real estate finance firm and developer, is planning to construct a 135-unit, 107,000-square-foot supportive housing project just minutes from Coney Island’s boardwalk. They leased the promising space from the city’s Economic Development Corporation last year. In months and years to come, iStar plans to build 1 million square feet of housing in the area.
The New York City School Construction Authority is planning a five-story, 96,000-square-foot expansion of P.S. 19 in North Corona, Queens (40-10 99th Street) and they’re planning to add a five-story, 67,000-square-foot building at P.S. 46 Edgar Allen Poe branch in Fordham, Bronx (2760 Briggs Avenue). These changes will bring forth more space for cafeterias, classrooms, auditoriums, offices, and an outdoor playground.