By Sabina Mollot
The plans for the soon-to-be demolished former Peter Stuyvesant Post Office have been revealed — it, along with a now vacant shop next store, are to become an eight-story apartment building with 114 apartments.
The plans were announced by Benenson Capital Partners (Benenson) and Mack Real Estate Group (MREG) who are partnering on the development of the property, which will also have 15,400 square feet of ground floor retail.
Benenson has owned the property at 432 East 14th Street, between First Avenue and Avenue A, since the 1940s, and recently filed demolition plans. The post office closed almost a year ago and has since moved into a smaller space a block west.
The new building, across the street from Stuyvesant Town, will be designed by Robert Laudenschlager of SLCE Architects.
“We are delighted to work with Mack Real Estate Group on this exciting new project, which we believe will maximize the long-term value of a property that has been part of our portfolio for many years,” said Richard A. Kessler, Chief Operating Officer of Benenson, in an official statement. “The Macks share our multi-generational investment philosophy, and we look forward to creating an outstanding building by combining our expertise.”
In a press release, the partners touted the location as a prime spot due to its proximity to the L train connecting the trendy Brooklyn neighborhoods of Bushwick and Williamsburg to the East Village.
Mack predicted the building would be attractive to millennials, while noting its mission of building in “improving neighborhoods that show sustained positive demographic trends supporting long-term rental growth in excess of inflation.
“In New York, the L train corridor has many of the attributes we’re looking for,” said Richard J. Mack, CEO of Mack Real Estate Group. “We believe that this corridor will be attractive to millenials – currently the most significant demographic force in American real estate. More importantly, as both families are long term investors, we are dedicated to developing an asset that is stylistically contextual to the neighborhood as it is today and yet timeless enough to appeal to future generations of urban dwellers.”
The building’s amenities will include an exercise room, recreation room, outdoor recreation spaces, private dining room, a quiet lounge and a bicycle storage room.
Pre-development work for the project is currently underway, with the partners expecting construction to be underway this spring.
No information was available yet on what the rents would be or what stores might end up in the retail space in the building, according to a spokesperson for the partnership.