By Sabina Mollot
Construction will soon start on the eight-story, 114-apartment building that’s planned for the space that once housed the Peter Stuyvesant Post Office.
Additionally, according to the developer, Benenson Capital Partners, construction will end in late 2016 or early 2017 and the building will be 80/20 (market rent vs. affordable housing, respectively). The information was recently published on the owner’s website, which EVGrieve first reported.
The local blog also published a rendering for the project, the first one to be seen publically, which depicts the East 13th Street side of the property, with the ground floor façade covered, trellis-like, in what appear to be plantings.
In related news, on December 18, 2015, the Department of Buildings approved an application for a sub-division of the property’s existing tax lots to three new condominium subdivisions. One was for a commercial unit, the other two residential.
What this means, a spokesperson for the DOB explained, is that the lot is broken into three properties, which is done for certain tax purposes within the Department of Finance. The spokesperson said he couldn’t say whether this meant there would be condos in the traditional sense (owned units as opposed to rental).
Meanwhile, apparently the project hasn’t been moving as quickly as the owners had expected since they’d originally predicted construction would begin last spring.
Benenson has partnered with Mack Real Estate Group (MREG) on the project, which will also have 15,400 square feet of ground floor retail.
The property at 432 East 14th Street is across from Stuy Town between First Avenue and Avenue A. Benenson filed to raze the building last January, after the post office moved out nearly a year before that, relocating a block west.
The company announced last year that the new building would be designed by Robert Laudenschlager of SLCE Architects.
Calls to Benenson for comment were not returned, while Mack, through a spokesperson, declined to comment.
They had more to say last January in a press release announcing their partnership.
“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, Benenson CEO, at the time. “The Macks share our multi-generational investment philosophy, and we look forward to creating an outstanding building by combining our expertise.”
Mack had predicted the building would be draw millennial residents, due its proximity to the L train.
“In New York, the L train corridor has many of the attributes we’re looking for,” said Richard J. Mack, CEO of Mack. “We believe that this corridor will be attractive to millennials – currently the most significant demographic force in American real estate.”
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.