The addresses are 50-64 Third Ave. NOT included: 48 Third Ave., the 4-story building owned by Isfahany Realty Corp. on the northwest corner at 10th Street with Healthy Greens Gourmet in the retail space...
As PincusCo. first reported in May, Kinsmen Property Group, through the entity 62-64 Third Ave., has been buying up the walk-up buildings over the past two years, paying more than $60 million for the parcel.
Most of the retail spaces in the properties were already closed, including, most recently, the Ainsworth on the SW corner of 11th Street in July 2022. (No. 62 was home to New York Central Art Supply for decades until its 2016 closure.)
It's not known what Kinsmen has planned for this parcel, which features 167 feet of prime Third Avenue frontage. According to Real Estate Weekly, Kinsmen Property Group is a joint venture between Toronto-based firms — Madison Group and State Building Group. There are not any new building permits on file with the city. Kinsmen founder and CEO Ari Zagdanski did not respond to a request for comment via Crain's, who reported on the demolition Friday.
Meanwhile, work got underway last week with asbestos abatement at 64 Third Ave. ...
Five walk-up buildings between Third Avenue and Fourth Avenue —112-120 E. 11th St. — were demolished in 2016 to make way for the project. Preservations tried to get the strip of residences landmarked, but the LPC refused to hold a hearing.
It was later reported that the buildings had been purchased by David Lichenstein, a significant donor to then-Mayor de Blasio, "one of his political allies, and one of his appointees to the Economic Development Corporation." Lichtenstein and his Lightstone Group later developed the hotel, per Village Preservation.
Previous development along this corridor included the demolition of the two buildings at 74-76 Third Ave. (plus a parking lot) between 11th Street and 12th Street in 2011... which yielded the 9-story luxury residential building the Nathaniel in 2014 with Westside Market in the retail space.
62 comments:
A little out of the regular EVGrieve area, but the northeast corner of 23rd St and Third Ave looks ripe for development. Former tenants Mattress Firm, Amalgamated Bank and the Tap Room are all shuttered now. The new building on the southeast corner looks ready to open if it isn't already. That building went up FAST!
Hopefully some apartments!
Hopefully housing in which case way more than 31 units will be built here and it will be a net positive for the city.
More apartments, more housing, is not necessarily a good thing. It brings more congestion, more traffic, more burden on infrastructure. Less sunlight, less open air, higher food prices, more trash, etc, etc. The city is too densely populated and the infrastructure cannot support it and it brings quality of life issues.
Hopefully some $3,000 a month "luxury studios" -- get on the waiting list now, Anonymous!
Maybe another NYU dorm. God knows we need some more of theM.
Troll a trolling!!!.
Unfortunately, new housing is never for the rest of us. I dream of a day when rents drop because no one can afford to pay ridiculous prices, but I've been having that dream for years and it has yet to materialize. At this point, I really don't know why people continue to come to this city and pay huge rents for...what?
Lux studios are closer to $4000 now
I'm guessing it will be another glass and steel Lego box. The Nathaniel is an oddity in terms of building design and materials, as compared to the recent batch of buildings popping up. The "EV Tech Center of NYC", with all of it's mediocrity, is fast becoming a reality.
Long live the mundane and the boring. /s
A signal artists are not welcome in the neighborhood. How many more NYU dorms and luxury condos do they need? What a sad day as anything with characters continues to be demolished. Keep in mind that half the “luxury” apt units in the neighborhood are still empty…
As the rents keep rising, creative artists move elsewhere. NYC is over.
Looks like they were drilling yesterday for soil and water table conditions when I walked by yesterday. That means they are already submitting to the DOB.
Ugh - I don’t want any new buildings: make the old ones work. NYC is going to lose its identity this way.
Wow, now I know it’s dumb to complain about change in NYC, but that is a big loss old New York all at once. I wish i had some faith it would be something cool but dam all the new residential looks like the same boring plastic boxes.
Whatever they build here, we can all rest assured knowing that it will be butt ugly and for rich people. Three cheers for that!
Is this the stretch where the (I guess now former) resident put up elaborate Christmas decorations on their fire escape/balcony?
Anyway...if it was even partially affordable housing, we'd have heard about it already. Can't be anything good.
Yes to 9:26.
Luxury studios do start at 4k and go up, way up. My friend looked at a studio here in the EV last week for 5K a month in a five floor walkup with no elevator, was required to make 200k a year or more, and was to have at least six months of rent in the bank. At that rate, you're better off snagging a home loan, getting a mortgage for a condo in an outer borough, renovate it, and accrue equity. The rental market in Manhattan is insufferable. Something has to happen. Or NYC will evolve into something like Zurich. Everything from Con Ed to Spectrum Internet to grocery shopping, and of course, our rent, is absolutely bonkers expensive. I have two degrees and am working two jobs just to keep floating at the top. The only ironic thing which doesn't go up are wages and salaries. I believe this development is doomed and will only be available to the ultra wealthy. To hell with the rest of us.
Gotta have your real-estate-shills-posing-as-housing-advocate comments here of course.
Luxury studios at the Nathaniel are actually 4900. There are 2 available on their website.
@EVB:
$3k a month would be a bargain. The rents are more like $5,000 - $6,000/mo now.
I think bots that were set up years ago are posting here. "Going to be another NYU dorm!" "Another ugly glass box!" "Another bank that we don't need!" Meanwhile the only people actually arranging to buy or build anything around here are the developers who love the ugly glass boxes. That's capitalism - you run your little piece of land and they get to run theirs. I'd be delighted if you agreed with me that the city should be assembling these parcels for affordable housing and small-business incubator spaces... instead of preserving unremarkable three-story buildings on a Manhattan avenue
Somebody please check my math, but if someone needs to make 40x the rent, then they need to make a salary of $160K for a $4K studio. On what planet is this reasonable?
I read an article recently that the tall structures in NYC are sinking about 2 mm a year before the Earth can’t handle all of this weight.
The Nathaniel also offers these amenities for that rent:
The Nathaniel Club, masterfully designed resident lounge, with billiards, media center and wet bar
Sunset Deck, rooftop deck with reflecting pool and panoramic views of Greenwich Village, seating areas and grilling stations
Private Gym with free weights, machines and stretching area
Concierge 24/7
Controlled access building
Package acceptance/room
Rents in my building for 350 Sq ft apt are $3700+ for no amenities, not even a dishwasher, cheapest quality bathroom and kitchen fixtures, no kitchen counter, no washer/dryer, etc. no roof garden, 6 floor walkup.
By comparison, Nathaniel is a bargain!!
I have an older friend in his late sixties who purchased a nice, spacious two bedroom condo in this area for 75k during the late 70's when many didn't wish to live here. 75k was a lot for that time period according to him. He is an artist and couldn't afford to remain in NYC if hadn't taken that risk when the opportunity was presented. It was recently appraised at 2 million dollars since he did a renovation in 2021. So, unless you're a long term owner in the EV, I don't foresee how anyone could afford property for under a million. It just doesn't' exist. Once this development is complete, it will solely cater to millionaires or trust fund kids. I would imagine whatever is built will not be for rent but for purchase only. What a crime. Housing for many has become inaccessible. And what kills me are the endless vacancies of empty apartments and offices in Manhattan collecting dust. Why doesn't Mayor Adams address this growing problem? Slowly, but surely, our city with its new, cold gleaming glass structures is becoming something I no longer recognize as a 45 year old male professional.
how does he afford the taxes? @August 14, 2023 at 12:58 PM
Will he be forced to move because the taxes on the new value assessment will force him to go? I met someone in one of the few artists loft buildings in the neighborhood, and she could not afford to live there anymore- even with a roommate and purchased in 80s. She could not afford to heat her lost.
It's untenable. is there a plan? or is it to put the taxes up up up.
it does help spread the gentrification ripple effect.
I grew up in Murray Hill in a doorman building built in 1955.
(imagine that- a single working mother able to raise a family in manhattan- with no help from municipality or family other than grandma babysitting)
Did people protest when all those new (doorman buildings) in the 50s & 60s & 70s went up? I wonder.
Was the one on 10th street refusing to sell?
Will this be another fancy condo building with an empty ground floor because they are demanding rent that no business is willing/able to pay -- like the one on Avenue A between 11th and 12th?
It is disgraceful knocking down the older buildings to put up cheaply made apartment buildings with apartments in them going for 4K a month or higher with ground floor retail space that will remain mostly vacant because the rents are too high for any business to be able to afford.
Don't be fooled. Every corner of every major intersection will be [re]developed into a tall, money-making structure. Developers spend years/decades, slowly building up these assemblages, accumulating the air rights and/or lots abutting these corner lots. Owners of these smaller buildings (or their adult children who need that new Maserati) don't have the resources to develop their own lots and will sell development rights to the highest bidder.
For 1:26.
Good question. He manages to afford taxes from a roster of wealthy clients, in addition to lecturing at NYU, Columbia, and The New School, in addition to his husband who does quite well working in tech. I didn't dare ask how much they pay, but I know it is significant. His husband is originally from Thailand. so they are planning on selling in 2025, when both retire, using the two million + to relocate back to his husband's native country, buy a nice property for much. much less, where both won't have to stress about living expenses, and where both are afforded universal health care. Many however who are in their age group won't have that privilege sadly. The property tax or what is referred to as the mansion tax in NYC is next level.
@12:58pm: Other than being in a rent-controlled or rent-stabilized apartment, the only ones who can afford to still live here now, who were here from the "bad old days", are those who DID buy when you couldn't give this area away. I had relatives who wouldn't visit me b/c it was "too dangerous" to go below 14th St.
BUYING an apartment here at that time was seen as complete insanity, but now it looks like a very smart move. BTW, mortgage interest rates in the early 1980's were close to 12% (that is NOT a typo: TWELVE PERCENT!).
As to taxes, in this city, RE taxes only go one way: UP.
Starting with Michael Bloomberg, NYC has been re-positioned as being for the "elite", the "rich", and the "hyper-rich" (and definitely NOT for artists), so no surprise that affordable housing is at the bottom of the priority list, no matter what hot air the current NYC administration is blowing out.
People have been saying this since the 1980s. Even then people complained about rent. That's the one thing that never changes .
The rich get richer.
Not fair Kotobuki is my favorite sushi restaurant, they have a great lunch special. They left this space once before and came back to the exact place.
@3:13 "BUYING an apartment here at that time was seen as complete insanity, but now it looks like a very smart move. BTW, mortgage interest rates in the early 1980's were close to 12% (that is NOT a typo: TWELVE PERCENT!)."
Bro, that is indeed a typo! Interest rates actually topped out at 18.6% in Oct 1981!
@3:28-"People have been saying this since the 1980s. Even then people complained about rent. That's the one thing that never changes."
-Most salient comment posted here
As per village preservation "The blockfront is located within our proposed South of Union Square Historic District, which has been named one of the seven most important and endangered historic sites in the state by the Preservation League of NYS, and determined eligible for the State and National Registers of Historic Places. But the Landmarks Preservation Commission has stubbornly refused to designate the proposed district (though we have made some progress), in spite of incredibly broad support for the proposal. And local City Councilmember Carlina Rivera, who represents the area, has refused to support designation of the proposed district. In fact, Councilmember Rivera broke her 2017 campaign pledge not to support a nearby city upzoning to allow the enormous 14th Street Tech Hub (now known as “Zero Irving”) unless the city also agreed to comprehensive zoning and/or landmark protections for the area South of Union Square, to protect it from the inevitable increased development pressure and demolitions this project would spawn. No such protections were ever delivered, but Rivera supported the upzoning, urging her City Council colleagues to do the same, ensuring its passage (more here)."
@4:16pm: I don't know what your 18.6% rate refers to; it could be a jumbo mortgage/underlying mortgage, or a rate for someone with a poor credit rating, etc.
I know that for those who had an EXCELLENT credit score in 1981-1982, the rate was just about 12% for a personal 30-year fixed mortgage on a single-unit primary residence, b/c my best friend had exactly that.
"That's capitalism - you run your little piece of land and they get to run theirs."
Well, no. Otherwise there would be no such thing as zoning, nuisance laws, or property taxes.
These are not the most exciting buildings in the world and were they being demolished to build even middle-class apartments I would think it was perfectly fine. A city cannot sustain itself on glass boxes alone, either culturally or economically.
@4:16 pm: "BTW, mortgage interest rates in the early 1980's were close to 12% (that is NOT a typo: TWELVE PERCENT!)."
Bro, that is indeed a typo! Interest rates actually topped out at 18.6% in Oct 1981!"
Interesting you insist that 12 percent is a typo, given how many people had their mortgages written at that time in the vicinity of 11.50 to 12 percent. 12% is a fact, and nowhere do I see anyone claiming that was a "topped out" rate. 12% was a typical rate for personal mortgages. Everyone on my block who got a mortgage circa 1980-1983 had a rate pretty close to 12%. Maybe my block had a lot of very qualified borrowers.
Am just wondering with all these new apt buildings ,rent keep skyrocketing. I seems pretty soon,a quarter of NYC population will be evicted because of ridiculous rent prices
I meant to say ‘because’ , not ‘before’
@5:08- It refers to the fact that mortgage rates were 18.6% in Oct 1981.
Google it and see for yourself.
I guess we-the-people won't be allowed to have access to light & air as low-rise, human-scale buildings give way to ego-driven glass monstrosities.
whatever they make it'll be 5 years of annoying construction
Some of us were actually born here.
Politicians and media keep going on about the need for affordable housing - but 1) never mention all the housing lost to teardown/luxury development like this and to Airbnb and 2) never do anything to protect what was actual affordable housing.
This is happening all over Manhattan.
The City actively allows destruction of housing and displacement of long-time residents.
Like a person who kills his parents- then says he is an orphan.
What’s gonna happen to kotobuki?!
It is extremely unreasonable. My bf and I with one decent and one very good salary had to get cosigners. It sucks.
This development is a horrible idea. It will impact our neighborhood in the worst way. There are too many of these incoming structures throughout Manhattan where vacancies remain and the price to move in is out of reach for most of us. My partner and I with our combined incomes make around 195k, which isn't bad, but we were unsuccessful when looking at new buildings to move into last year throughout downtown. Most said we needed to make an upwards of 250k to be considered as tenants for two bedroom condos/apts. We also needed about 40k to move in with landlord and brokers fees. And if we could get guarantors, it could probably happen. What?! We are both in our mid-forties. We both have parents in their 70's and 80's who rely on retirement funds and savings to survive. We are not their responsibility. We've been on our own since college. We are highly educated professionals. Why in the world as middle aged adults should realtors expect us to contact our moms and dads, and have their signatures on a lease to rent not buy? It's asinine. This wouldn't happen anywhere else. So, we got a sublet in alphabet city which ends this year, and will be moving out of the city to Beacon in the Hudson Valley, where luckily our bid on a house just got accepted. Renting here has become untenable. Unless you are wealthy, you will struggle forever. After 18 years in the city, we are done. We want our money to go further. And it can't happen in NYC. We love it here, but it's just not worth it at this stage of our lives. Many friends are also leaving because they just can't afford to exist let alone save. I love the east village dearly. It used to be an affordable neighborhood. Now it is something else. More crime. More filth. And what is so great about this blog is the incoming news, updates, and tea about our hood. That I will miss.
So incredibily sad reading most of these comments. We are in a housing crisis. People all over the country want to be able to move to liberal areas and we have collectively shut off the development faucet. This would be a net addition of units. If we say not in my neighborhood, why would any other neighborhood say yes to more housing.
https://www.theatlantic.com/ideas/archive/2023/08/housing-survey-abortion-access-gender-affirming-care-state-policies/675017/
Carlina's fateful Tech HuB vote to allow new developments to NOT include affordable housing will be taken advantage of here. More luxury housing and zero housing for the rest of us.
@10:00 - well said. As a middle-aged single person, I am despairing. I have lived in a stabilized unit for 25 years, but it's becoming unlivable due to the condition of the building. It's looking more and more likely I will need to move either because the building will collapse, or it will be sold. I've been looking for places across the city and there is literally nothing for someone like me (I make a decent salary). I make too much for any kind of assistance, but not enough to afford rents as well as moving expenses. To leave the city means giving up my job, so it feels like I am being forced to give up everything and start over somewhere else very late in life. I have no family and even if I did, I don't think my parents ever could have afforded to help. Nothing is affordable without a partner, and even then, it's still a struggle. I've always loved this city, but lately it's become profoundly depressing.
Hey, 3:51 PM, I don't know if you've ever looked at Housing Connect, but you should at least confirm that you don't have eligibility there before giving up. The salary ranges are higher than you might think. (Sorry if you've already done this and it's annoying to hear.)
@10:00- Sounds like you and 3:51 never did any sort of financial planning. You don't mention how you've spent your money($200K is not chump change) but fair to say had you invested a small amount each month in the S+P you would have made a killing after 20 years. Sounds like the realtor made a suggestion as to how to finance your 2bdrm rather than a demand. Parents acting as guarantors for a family member is as old as the hills.
Probably. But nothing that the average person can afford. Multi million dollar condos and 8K a month studyudios
Nooooo!!! Undoubtedly more unaffordable housing, not aimed at the people who actually need it in NYC. In addition to that, something that will not visually integrate within the existing community and architecture. I would much rather have New York Central back…there was, and remains, no place like it!
10:16 is spot on. These comments are sad. People need to step back and stop spewing nonsense! Who on earth thinks there is a vacancy issue? Obviously the same people who can’t understand how more supply helps alleviate price issues if enough supply is added. You people need to move to San Francisco and see how much you enjoy the nonsense housing policies you are spewing.
Unpopular opinion at least on this site: I live one block over and am happy about this—this block has been a dump for years and years. No one cleans up the garbage on the sidewalks and around the trees. Since these buildings have been vacant, it’s even worse. And these buildings are eyesores. One of these buildings was a Taco Bell that made the news because rats were filmed in it at night. I’m not a Mocy customer but I much prefer walking down the sidewalk in front of the Moxy because it is maintained.
always complaints sure, but go look at some data re: how much of people's income goes toward rent over time.
New York Central Art Supply was a great old institution. But I think the internet destroyed it's business. A lot of S.V.A. and Cooper Union students and local artists bought supplies there. But the internet art stores had a wider range and cheaper selection. And Manhattan became less hospitable to artists in general. Just seemed like a place where great artists could get what they needed at the time.
Reflection pool. In the late 80's I could've used one to ponder which dope to buy that evening ! Lol
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