Real Estate Wire: KPF’s New Supertall Tower for Midtown Site Sensitive?; Crown Heights and East New York Having “A Moment”

Posted On Mon, July 7, 2014 By

Posted On Mon, July 7, 2014 By In Real Estate Wire

Today’s real estate news highlights:

  • Conversions, condos, rising land prices, and, of course, more coffee shops. It looks like Crown Heights is “having a moment” as Brooklyn’s new “it” neighborhood. [New York Times]
  • Oh, it looks like East New York’s moment has arrived as well — though this change has a bit more substance. Under the Mayor Deblasio’s new initiative, City Planning Commission Chairman Carl Weisbrod aims to spur a renaissance by rezoning the area to suit “thousands of residential units ringed by mixed-use corridors and bisected by a reimagined Atlantic Avenue”. [Crain’s]
  • Ben Shaoul, the head of Magnum Real Estate Group, is in contract for the hotly sought after 199-unit Post Toscana and the 138-unit Post Luminaria rental buildings. Broken down Shaoul is paying about $800K a unit. He plans to turn the two buildings into condos. [NY Post]
  • Time Equities launches sales at its 64-story luxury residential tower at 50 West Street and Rector Street. Prices per unit start at about $1.6M. [The Real Deal]
  • James von Klemperer, a principal at Kohn Pedersen Fox Associates, says that the new tower designed for 1 Vanderbilt will “unbury views of Grand Central”. The 1,300-foot structure will mostly be made of a low-iron super clear glass, similar to what was used for the Fifth Avenue Apple cube. Other design details include indoor greenery, art spaces, and diagonal shapes of double-glazed terracotta for a lustrous look that references the masonry walls found in Grand Central. [DNA Info]
  • After two previous attempts to build a $100 million project at the Brooklyn Navy Yard, the industrial park’s manager has issued another request for proposals to develop the 6-acre site and a smaller neighboring area that would host a supermarket and space for industrial and office use. [Crain’s]

1 Vanderbilt (left); Crown Heights (right)

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