CB3 hearing tonight about the air-rights transfer for new office building on St. Mark's Place

Tonight, CB3's Land Use, Zoning, Public & Private Housing Committee is holding a public hearing on the special permit to transfer air rights from the landmarked 4 St. Marks Place to increase the size of the proposed office building across the street.

As you likely know, a 10-floor office building is in the works for the northeast corner of Third Avenue and St. Mark's Place. The total size of this new building has yet to be officially determined. Real Estate Equities Corporation (REEC) wants to transfer the air rights from the landmarked Hamilton-Holly House to add more square footage, which is 20 percent larger than current zoning allows.

This marks the second stage for the application. In round one, the Landmarks Preservation Commission voted to support the plan in June, and issued a report to the City Planning Commission to allow the proposal under a specific zoning resolution. The opposition to the application included Manhattan Borough President Gale Brewer, State Sen. Brad Hoylman and Assemblymember Deborah Glick, as well as Community Board 3, Village Preservation and other community groups.

Stage two's route as part of the city’s Uniform Land Use Review Procedure eventually includes a trip to the City Planning Commission and City Council, who will have the final vote at a future date.

REEC picked up the 99-year leasehold for the properties here for nearly $150 million in November 2017. Their development plans call for a 68,224-square-foot building with eight floors of office space, a fitness center, roof deck, and 7,886 square feet of retail.


[A rendering of 3 St. Mark's Place]

REEC is reportedly eyeing rents in the area of a Midtown-esque $150 per square foot.

And these types of rent and development are the reasons that Village Preservation remains opposed to the plan. As they write:

[W]e do not want to see an even larger tech-related office tower rising at this location. This project has already resulted in the demolition of a nearly 200 year old house containing residential units. The replacement of low-rise, historic, and often residential buildings in this area south of Union Square by high-rise office towers is part of the city’s plan for this area in the wake of the approval last year of the Mayor’s 14th Street “Tech Hub,” with the support of Councilmember Carlina Rivera.

Tonight's CB3 committee starts at 6:30 p.m. at the Meltzer Senior Center, 94 E. First St. between Avenue A and First Avenue.

Previously on EV Grieve:
Demolition permits filed for northeast corner of 3rd Avenue and St. Mark's Place

End is nearing for the businesses on the northeast corner of 3rd Avenue and St. Mark's Place

New building plans revealed for 3rd Avenue and St. Mark's Place

Concern over potential air-rights transfer for new office building on St. Mark's Place and 3rd Avenue

Developers of 3 St. Mark's Place are looking to increase the size of their proposed office building at 3rd Avenue to 10 floors with air-rights deal

The lobbyists behind the air-rights transfer and zoning variance for 3 St. Mark's Place

Final demolition phase for 1 St. Mark's Place; more questions about lobbyists attached to project

Report: LPC approves transfer of air rights across St. Mark's Place

Financing comes together for the office building planned for the gateway of the East Village