Real Estate Wire: A Portfolio of Parking Lots Worth $250M; Upgrades Planned for Grand Central Get Flack

By Diane Pham

September 12, 2014

The Brooklyn shtetls that have embraced Crown Heights’ new hipster neighbors. [Tablet]
An Afro-Caribbean has raised $7.5M to turn a long-vacant East Harlem firehouse into a new cultural center. [NYDN]
New York state’s Empire State Development Corporation is trying to seize seven properties for Atlantic Yards Project through eminent domain. A judge was asked to determine compensation for the properties’ owners. [DNA Info]
The $210M improvements planned for Grand Central’s subway station have been met with criticism. Locals aren’t convinced that the changes in the pipeline reflect the project’s lofty price tag. [WSJ]
A package of eight family-owned parking garages in Manhattan and Brooklyn that recently hit the market could net $250M. [TRD]

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City unveils plan for Long Island City vacant lot to become 980 new apartments, majority affordable

By Aaron Ginsburg

One of the last remaining vacant waterfront parcels in Long Island City will become nearly 1,000 new homes, a majority of which will be priced below market rate. The city on Wednesday announced that Slate Property Group, The Hudson Companies, and Volunteers of America-Greater New York will build The Orion, a three-building development with 980 apartments, of which roughly 66 percent will be affordable for New Yorkers earning extremely low to moderate income. Designed by Marvel, the development will also include community facility space, including a daycare and a workforce development center, an indoor community pool, and new commercial retail. The project will rise on the sixth of seven sites of the city's ongoing 30-acre Hunter's Point South redevelopment.
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