By Maria Rocha-Buschel
Tenants, local elected officials and housing advocates last Friday rallied against a plan from Madison Realty Capital that would demolish a five-story, 20-unit apartment building on Fifth Avenue in a historic district and replace it with a building almost four times as tall as the existing structure but with fewer apartments.
The plan from the developer would replace the building at 14-16 Fifth Avenue, which was constructed in 1848, with a 244-foot, 21-story tower with 18 units of luxury housing.
Advocates at the rally last week condemned the project, arguing that the proposed building was an inappropriate size compared to other buildings in the neighborhood. The demolition of the building would also include the loss of at least 10 rent-stabilized units, which would then be replaced by fewer units, all of which would be unaffordable.