311 First Avenue was included in last year’s sale of Gilman Hall to the CIM Group. (Photo by Sabina Mollot)
By Sabina Mollot
The building that used to house Mount Sinai Beth Israel’s Karpas Health Information Center has been sold and will soon be demolished.
The new owner filed an application to demolish the four-story property at 311 First Avenue and 18th Street, last October, and scaffolding now surrounds the property. There is not yet an application for new development although the razing of the building, which also has nine residential units, was said to be in preparation for an unspecified “plan.”
CIM Group, a Los Angeles-based real estate investment group and private equity firm, through an LLC called 305 First Avenue (NY), bought the property last March for $27.5 million from Mount Sinai, according to Acris records.
Construction site at 327 East 22nd Street (Photo by Sabina Mollot)
By Sabina Mollot
A building in Gramercy that at one time was the 21st Precinct has been torn down and will be replaced with a residential building. The four-story property, 327 East 22nd Street between First and Second Avenues, had already been gutted for a couple of years and covered with a scaffolding but was finally demolished last month.
In 2014, developer Sam Suzuki of Suzuki Capital had bought the building for $11.5 million, planning to turn the building into luxury condos. However, according to Acris property records, he sold it to Atalaya, an alternative investment advisor in May 2017, who then sold it in September 2017 to Bin Yu Wang for $12 million. A deed transfer filed in November 2017 now shows a Suzuki-connected “Gramercy 1860 LLC” to be the new owner. Suzuki, meanwhile, has taken out three mortgages totaling $11.3 million from lender Calmwater Capital, the records show.
Council Member Dan Garodnick and Mayor Bill de Blasio at a town hall on Tuesday (Photos by Maria Rocha-Buschel)
By Maria Rocha-Buschel
On Tuesday, the mayor was grilled about the proposed sanitation garage for East 25th Street by neighbors who attended a town hall.
The hotly-contested issue was the topic of discussion at numerous Community Board 6 meetings when it was first announced in 2012 but the plan has stalled in the last two years, and Mayor de Blasio said at the town hall, which was also hosted by Council Member Dan Garodnick, that the issue will be reviewed again once the next term for City Council begins.
“The fundamental problem is that the facilities are concentrated in Lower Manhattan so we need some kind of facility to serve this area and so far this seems like the most viable site,” he said. “But there should be a real conversation about what the community needs.”
Manhattan Borough President Gale Brewer and Council Member Robert Cornegy, pictured last year while introducing a bill that a rep for Cornegy recently insisted isn’t dead (Photos by Sabina Mollot)
By Sabina Mollot
Recently, a couple of City Council members proposed ideas on ways to combat “high rent blight” and promote retail diversity, or at least, keep the city from completely getting overtaken by chains.
This was at a hearing where the council members’ ideas, such as putting legislative restrictions on chain stores and imposing penalties on landlords who warehouse storefronts, were shot down by city planners.
According to the planners, as Town & Village previously reported, many stores that appear to be chains are actually individually owned franchises and as for lengthy retail vacancies, sometimes, the planners argued, they are not necessarily intentional on the part of property owners.
Meanwhile, a few legislators, including Council Member Robert Cornegy, the small business committee chair who’d chaired the aforementioned hearing on September 30, have come up with some legislative ideas to deal with the problem already.
Blackstone’s $5.3 billion purchase of Stuy Town also bought the firm a jumbo 700,000 square feet of air rights that could wind up being “just the tip of the iceberg” in Mayor Bill de Blasio’s plan to preserve and build affordable housing in the city, according to one expert.
News of the air rights in Stuy Town — and new owner Blackstone’s claim over them, along with the 110-building property, was reported in the Wall Street Journal last week.
While the value of the air or development rights wasn’t clear since it depends where they’d end up, commercial real estate attorney Michael Greenberg, also founder and CEO of the Level Group brokerage firm, predicted many more similar arrangements in the future as the city looks for creative ways to get those elusive units of affordable housing.
In Stuyvesant Town, this meant preservation, and if air rights are transferred elsewhere, possibly new affordable housing.
Blackstone and its partner in the Stuy Town deal, Ivanhoe Cambridge, have gotten the city’s support to transfer the Stuy Town air rights since the owner has made a commitment not to build on the property’s open spaces or its existing structures.
“What’s unusual is that it’s rare for the city to allow it — there have been requests for them to allow the transfer to sites that are not contiguous or to other neighborhoods even,” said Greenberg.
By Maria Rocha-Buschel Town & Village newspaper has been providing news for Stuyvesant Town and Peter Cooper Village for over 65 years and we’ve decided to start taking a look back to see what was going on in the community 50 years ago. Here are a couple of snapshots from the August 27, 1964 issue of Town & Village.
Bellevue South Redevelopment
Phipps Plaza, known as Kips Bay Court, between First and Second Avenues at East 26th Street (Photo by Maria Rocha-Buschel)
A handful of articles in this 1964 issue of Town & Village dealt with the city’s proposal for what was known then as the Bellevue South neighborhood, located between First and Second Avenues from East 23rd Street to East 30th Street. The urban redevelopment plan called for essentially bulldozing the entire seven-block area and rebuild to include more affordable housing. The project envisioned 17 residential buildings from six to 32 stories tall, containing 2,260 lower to middle-income apartments.
Residents of the neighborhood had recently drafted their own alternative plan in an attempt to fight the plan proposed by the city. The group presented themselves as the Bellevue South Planners Group and presented their proposal for the Board of Estimate. Their plan included the development of buildings which, by their description, sound similar to what Waterside Plaza became: low and middle-income housing surrounding a central park area and use of air rights above the FDR.
The plan was in contrast to that of the city’s, which they said would “plow through” 23rd to 30th Street, “uprooting thousands of tenants, destroying hundreds of businesses and ending employment for more than a thousand workers.”
Another story in this issue of T&V noted that residents had debated the merits of the city’s redevelopment plan at a public hearing the previous Thursday. Opponents of the plan insisted that the area wasn’t a slum and wanted to encourage the developers to consider making improvements on the existing buildings rather than razing the whole area. They also felt that the proper plans weren’t in place to relocate the residents and businesses that would be displaced.