In the past week, workers have boarded up the corner of what will be 644 E. 14th St. ...
... and brought in the heavy equipment...
Madison Realty Capital apparently has the green light (DOB approved the permits earlier in the year) for a 24-story residential building here (and apparently the city addressed the contamination reported on the site).
The rendering for the all-new 644 E. 14th St. is up on the plywood...
Details:
14+C is a luxury rental with a modern façade composed of terracotta panels and window wall.The building houses 197 apartments ranging from studio, 1 & 2 Bedroom.
There were already approved plans for a 15-floor mixed-use building, though no affordable units were attached to that version. As revealed in the spring of 2021, several developers spent hundreds of thousands of dollars to lobby the city for NYCHA air rights to make this a larger structure with more housing.
In the spring of 2022, the NYCHA and Madison Realty Capital filed documents seeking a non-ULURP modification — known as an LSRD — to the development plan. (Madison Realty Capital paid Opal Holdings $31.3 million for the property in May 2020; Opal Holdings bought the parcel in June 2016 for $23 million.)
Here were some of the maneuverings necessary to expand the footprint of the building, as first reported by PincusCo:
The application seeks to modify the boundaries of the previously approved plans and zoning calculations by expanding the zoning lot to include 644 East 14th Street (Block 396, Lot 29). Through the zoning lot merger, the development rights from the existing LSRD comprised of Campos Plaza I and II, which are owned by a joint venture that includes NYCHA ... can be transferred to Block 396, Lot 29, a vacant property owned by Madison Realty Capital.
In June 2022, Community Board 3 signed off on the plan, which was expected to generate $19.5 million for the NYCHA, to be exclusively used at the adjacent Campos Plaza II for capital repairs and other programmatic needs as determined by a community planning process involving NYCHA and the residents of Campos Plaza II.
A previous post on the development has more background, including some opposition to the building. Per one resident: "While we are all for the development of that corner ... and the affordable housing element of the plans, we are not happy with the sheer size of the footprint and the excessive height that goes along with the proposal." There are also concerns about what the excavation work might do to the adjacent buildings on 14th Street.
The corner property has been in a stalled-development mode for years. This space last housed the single-level R&S Strauss auto parts store, which closed in April 2009.
No. 644 has an August 2025 completion date, per the rendering.
H/T Delphine!
33 comments:
But I love the ever (quickly) changing posters and ads on both sides of that corner.
The continuing tsunami of hyper-gentrification and neighborhood destruction.
How is it possible that there are so many people - especially under 40 - with so much money to be able to live in these places?
Does this deal include a provision that Charas/El Bohio is being returned to the community? Or is Madison Realty just getting air rights for peanuts?
they estimate completing this in 2025... so more like 2026-2027 lol. this is truly going to suck for those living in 642 E 14th especially since the building's foundation is already sinking
Post college first jobs are paying way more than it used to 20 years ago. Companies take into calculation the high rent prices. In theory, those renters, mostly by sharing apartments of course, are spending just about 30-35% of their income on rent.
"How is it possible that there are so many people - especially under 40 - with so much money to be able to live in these places?"
The demo they want is the transient demo that populates Stuyvesant Town, the EV, Murray Hill, etc. This demo, a combination of students (mostly NYU, undergrad and grad) and just post college, is funded by their parents.
Great point 6:15
I live in a rent stabilized studio apartment which hovers around 2200 down the street on C. In order to qualify for it, one must make 88k a year. And pay 7k for the brokers fee in addition to first, lasts month, and deposit. Who on earth will be able to afford these new units once the building is complete? One must make six figures just to be considered, at the very least. The list of perquisites are extreme I am sure. And honestly, who wants to be in a high rise paying obscene amounts of money living across from the Con Ed plant? Do they imagine people will want to live in this area?
@6:15 - I've been asking myself the same. I have a decent paying job and there's no way I can afford any of these new places. I've been helping a friend look for an apartment - another person with an above-average income - and there is nothing unless you want to live with 3+ other people.
>How is it possible that there are so many people - especially under 40 - with so much money to be able to live in these places?
A lot of them are young professionals who blow most of their income on rent and live on credit card debt. Usually, they only live there for a year or two, then move to the outer boroughs. It's unfortunate, but this is a good pattern for corporate landlords.
Gee ugly building with great views of the Con Edison power plant.
The household income for an apt in NYC needs to be 40 times the monthly rent. So, for example, a $4000 a month apt requires a minimum household income of $160,000.
"And honestly, who wants to be in a high rise paying obscene amounts of money living across from the Con Ed plant? Do they imagine people will want to live in this area?"
8.55 AM here again. As has been noted, this is a transient (now Gen Z-students and just post college) demo that sometimes has up to 3 roommates sharing an apartment, many are parental funded, they are here to enjoy the bars and restaurants of the EV, the LES, etc., they don't cook, they go out or do delivery, and they are gone in 1-2 years. The don't care about living next to a Con Ed plant. This has been the business model for REBNY for some time now in this hood and others as well.
Glad that we have more housing coming to the neighborhood. 14th is a great location for this
I have a friend who is looking for a one bedroom, no thrills apartment here in Alphabet City. On two occasions, she was met with lines stemming from out the door and around the block early in the morning just to be shown a very basic living space with an asking price of 3k a month. Some, she said, were overbidding as much as three hundred dollars, just to get into that apartment, including paying the exorbitant brokers fee, and landlord payout, which amounted to over 22k. Trying to find a place to live in this area or for anywhere in the city has become the hunger games. It's every man for himself. This building will be no different. Only those whom are affluent will be able to move in. Most of us are hanging by a thread in this economy, especially with the rent hikes approved by the city board.
I personally would not want to live across the street from all of that electromagnetic radiation. And if I could afford a luxury apartment,this out of the way location would not be on my list.
10:39am's point is exactly why this development is actually a good thing. Those type of tenants are going to move to the neighborhood regardless, so a building like this, which hopefully also has some affordable options, will add to the overall housing stock. It will also likely add a lot of the exact product that more transient tenants might want which may lead to them taking less of other apartments. It's also a better use of this real estate than a one story building or an auto parts store.
And with that, I look forward to the narrow-minded and bombastic responses to this comment...
"Glad that we have more housing coming to the neighborhood. 14th is a great location for this"
As always on a thread like this, the RE Industry rep chimes in. 14th Street and Ave C right next to the Con Ed plan is a "great location"? Really? WT*? More transient oriented lux housing? The "affordable" % component has always been a joke.
@11:20
Yes, exactly right. It's a simple question of supply and demand. The little people who post here are the fringe minority who can't fathom that there are actually tons of medium to high paying jobs. Hello, this NY, Dogpatch middle America. The notion that most of these renters are trust fund kids is ridiculous. These people not only keep the economy humming they are also the ones who support cultural events and institutions and buy original art and the type of clothing that nepo baby Angela hopes to sell at the AW/ Basquiat building ($60k/ month btw). God knows the peanut gallery won't be shopping there.
"These people not only keep the economy humming they are also the ones who support cultural events and institutions "
Well the gilded class has now chimed in as well. Lovely.
"They smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made."
That being said, Bros and Broettes "support support cultural events and institutions "? TikTok influencers? Who knew? Like yah!
Woo!
I lived in Stuyvesant town 14th and c for ten years…. that area sucked even in a two bed rent controlled apartment for $1200 glad to get out.
more housing is always a plus, and smart of them to compensate for the location with more floors. people moving into this building aren't taking up space in the older buildings that the commentariat here loves so much. this will be a prime location for watching the 4th of july fireworks at least.
XTC -- I work in media. If you honestly believe that my 20-something coworkers who are making $50K or $60K a year are signing leases on $4K studios in Manhattan -- well, I have a lovely bridge to sell you.
>XTC -- I work in media. If you honestly believe that my 20-something coworkers who are making $50K or $60K a year are signing leases on $4K studios in Manhattan -- well, I have a lovely bridge to sell you
People are scrappier than you think in acquiring these apartments. And often spend all the money they have. They are not rich or have "parents' money". The calculus is to have some fun for some time no matter the cost. This will not change as NYC remains as attractive as it is right now.
1:27 is right on the money.
I work in entertainment. Many of the 20 and 30 somethings who report to me are production assistants, drivers, set designers, and personal assistants who are maybe pulling in-between 40k and 70k, which is mainly freelance depending on the production and network. They are either living with multiple roommates or still living at home aside their parents in NJ and LI with a failure to launch due to a broken economy, insurmountable student loan debt, CC debt, and an unrealistic expectation of living on one's own. After taxes and living expenses, they are existing hand to mouth. Many I know would love to move into Manhattan, or even Brooklyn, but simply can't afford it. Most need at least two sources of income to survive in NYC such as a side hustle in addition to their full time job. Those whom will be able to afford these high rise units are making at least 150k and upwards annually, whom have excellent credit scores of at least 800, solid references, and adequate savings to demonstrate they are worthy as potential residents. Unless trust fund kids move in here, according to previous commenters, we are looking at established, financially stable adults in reliable professions with an expendable income, which begs another question. If those individuals can afford to live in most neighborhoods, why here, across from a power plant on 14th and C where it is rather questionable in certain areas at night? What is so desirable about that?
I'd love to know what post-college first jobs people are getting that are allowing them to live in luxury buildings. I'm in my 30s and most of my friends either live with multiple roommates, in the outer boroughs, or with family to abate costs. 20 years ago I'd say it was much more common for a 30-something to have their own apartment or home, a long-term relationship and maybe one or two kids. Not so anymore due to these rising costs
social upheaval aside, looks like a caricature in the renderings.
Madison Realty Capital are predators who worked hand-in-glove with Toledano.
In a normal world, this would be a place to put a (tall, absurd to complain about height across from ST and adjacent to the power plant and the PJs) all-affordable building, because people who could afford "luxury" would not want to live next to the power plant and relatively far from subway access.
In the present day, it'll be transient young professionals living four to a two-bed. They do have to live somewhere, I guess.
The birth rate peaked in 1990 and declined, with end of millennial cohort born in 1995.
I get that there are many 20-30 somethings with money - but I also don’t understand - how is it that there are more and more of them?
And more rich pied a terre folks.
Luxury buildings keep going up.
Gentrification keeps spreading.
how there is an unlimited number of rich people who can afford this housing ?
A friend of mine told me about this. I live in rent stabilized apartment in Stuy Town.
Rent keeps on going up. Looks like a nice bulilding
"New study makes grim reveal about New York City’s skyscrapers: ‘It is a deep concern’"
"A triple threat of sinking, sea level rise, and storms puts New York in increasing flood danger. NOAA reported that NYC flooding could happen 20 times as often by the end of the century. This in an area that already experienced 2012’s Hurricane Sandy, which flooded subways and caused 44 deaths and $19 billion in damages, according to the city."
"What’s being done about the sinking city?
The study’s authors aimed “to raise awareness” that building in coastal areas can increase future flood risks. They suggest developers pay attention to building on firmer ground."
https://news.yahoo.com/study-makes-grim-reveal-york-180000425.html
Pivoting off of what 7:16 said.
Now, that the East River Park is being elevated as we speak, perhaps epic flooding could be prevented from what we endured during Hurricane Sandy in 2012.
Still, this luxury building appears to be very expensive, which indicates only those with substantial funds and income will be able to move in. The rest of us are left in the bin. Let's see if this is complete by the expected date.
EXACTLY -- and how many of those young entertainment professionals are on strike as of today? :(
You think your attempt to pre-emptively silence people clapping back to your douchebaggery is gonna stop us from calling you out for the trolling developer you are? Does Madison Realty know you're surfing the web on company time? Oh right, this is what they hired you for
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