Top photo by @unitof
Workers started erecting a new plywood fence and adding sidewalk barriers ...
The plywood signals a coming-soon restart of the foundation work on the (gulp) 9-story, 61,000-square-foot office building, officially 1 St. Mark's Place.
As reported last month, developer Real Estate Equities Corp. (REEC) received a $70-million loan to kickstart the project.
Last October, workers removed the barriers around the work site... allowing pedestrians to use the sidewalks again — for the first time since the barricades arrived in June 2020. (This after some legal drama involving allegations that REEC defaulted on a $48 million mortgage, per published reports.)
As you may recall, a 10-story office building had been in the works here. In October 2020, the City Council's Zoning Subcommittee voted down REEC's application to transfer air rights from the landmarked 4 St. Marks Place to the new building across the street.
With the air-rights transfer, REEC would have been allowed to build 8,386 square feet larger than the current zoning allows.
REEC picked up the 99-year leasehold for the corner properties for nearly $150 million in November 2017. The previous assemblage, which included retail tenants such as Korilla BBQ, the Continental and McDonald's, was demolished in 2019.
2 comments:
Halt the construction and bring back the facade of my friend Jon Spacely
Halt John Spacely!!!!
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