Tuesday, February 16, 2021

Development site on 14th Street and Avenue C remains dormant

Back on Friday, Crain's New York published an article titled "Luxury condo developer plans new project by Stuy Town border." 

The story is behind a paywall, and so without a subscription ... there was speculation that the piece was in reference to the long-dormant southwest corner of Avenue C and 14th Street... right across from Stuy Town. 

No, turns out the new development — a 10-story, 50-unit residential building — is slated for the empty parcels at 305-311 First Ave. between 17th Street and 18th Street. 

As for 14th and C — 644 E. 14th St. to be specific... that site remains in stalled-development mode...
A quick review of some history here: Last spring, Shulamit Prager’s Opal Holdings sold the property to Madison Realty Capital for $31.3 million.

Opal had plans for a 50-unit mixed-use building on the site. 

There hasn't been any construction activity at this site since the end of 2017. However, there has been some behind-the-scenes wrangling. In May 2019, PincusCo examined city records to find that several developers have spent hundreds of thousands of dollars to lobby the city for NYCHA air rights. (The latest listing noted that "additional FAR" is available.) 

According to the PincusCo investigation, Madison Realty Capital hired one of the city's most active lobbying firms, Capalino+Company, to approach the NYCHA about the air rights at Campos Plaza II adjacent to this property.

In November 2019, a new listing for the property positioned the corner as a "unique build-to-suit opportunity." According to the listing at Lee & Associates, the site "can be developed as a residential/commercial mixed use building" that's "ideal for schools, health care/medical, not-for-profits, retail." There wasn't a mention of price.

And that's where we are. This corner property last housed the single-level R&S Strauss auto parts store, which closed in April 2009.

1 comment:

JAMES said...

Here's a partial description: