Kinsmen Property Group — a joint venture between State Building Group and another Toronto company, Madison Group — bought the walk-up buildings over several years, paying more than $60 million for the parcel. Residences are planned for the space — the site allows for 160,000 square feet of new construction. However, there is no sign of new building work permits just yet.
Meanwhile, Kinsmen Property Group also owns a development site between Delancey and Kenmare on the west side of the Bowery. New building permits dating to 2022 are on file for a 72,441-square-foot mixed-use commercial building via Real Estate Equities Corporation at 156-166 Bowery.
The building now looks ready for demoliton...
NY Yimby points out that the 85-foot-tall structure will yield 72,441 square feet of office space.
6 comments:
This wouldn't have happened if Carlina Rivera had kept her campaign promise of not voting in favor of the Tech Hub unless we got zoning protection for the 3rd and 4th Avenue corridors. It was bad enough we lost a row of Federal style buildings on East 11th Street to the Moxy Hotel. The MurrayHillization of the East Village continues.
This is low rise apartment buildings being replaced by office space... a thing we really don't need in the city. Essex is still mostly unoccupied ... so we're losing apartments in this situation. Meanwhile, if they had built apartments here, then it'd be fully occupied - even at "luxury" prices.
Somehow Austin Texas was able to build enough housing - but we haven't pulled it off in a long, long time.
That block should be renamed "Carlina (goa)Way"
How did Carlina allow so much housing (probably rent control apartments) be replaced by an office building? Where did the tenants go? I guess a developer needs a garden/green space to build housing in Carlinaland.
This will happen all over with Mayor's new City of Yes - a free pass for real estate developers
Bingo!
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