The day after securing a $93 construction loan, the Rabsky Group has announced that 100 out of the 500 rentals at their massive Rheingold Brewery development will be below-market rate. As Curbed notes, Bushwick residents have been advocating that the 400,000-square-foot project include affordable housing since it was first announced, spurred not only by the neighborhood’s need, but the fact that Rabsky had no legal obligation to include affordable units.
Rendering of 625 Fulton Street; image: Albo Liberis /Genesis Studios
As the future Brooklyn skyline takes shape, one of the borough’s largest office towers-to-be, a 36-story commercial skyscraper, is slated to rise at 625 Fulton Street in Downtown Brooklyn. Brooklyn-based Rabsky Group purchased the lot for $158 million and, as The Real Deal reports, plans are in the works to create 700,000 square feet of leasable space, for which the developer is in talks with City Planning to take advantage of a plaza bonus. Albo Liberis (see Williamsburg’s William Vale Hotel) has been commissioned as the architect, and while no design has been officially revealed or finalized by Rabsky, the firm’s site does offer up some insight into what is being considered for the game-changing tower.
We hear so frequently about the players behind Manhattan’s billion-dollar real estate projects and how foreign investors are pouring a global vault’s worth of currency into New York City property, often shielded by LLCs. It’s illuminating to get a closer look at the city’s larger real estate landscape–one that has changed so much in recent decades–and learn who’s behind the soaring property values, skyrocketing rents, frenzied flipping and veritable horse-trading that has driven the unprecedented and transformative gentrification beyond Manhattan’s rarified development scene.
A recent story by The Real Deal titled “Learning and earning: Hasidic Brooklyn’s real estate machers” reveals that a huge slice of the borough’s real estate pie is owned by the Hasidic community. The ultra-orthodox sect reportedly includes some of Brooklyn’s wealthiest property owners, to the tune of $2.5 billion.
Watch out Hudson Yards, Midtown is moving east to Queens. The glassy ghetto formerly known as Long Island City is sprouting a small city worth of skyscrapers, ushering in thousands of new residents, hundreds of hotel rooms, and a few hundred thousand square feet of office space. To help us visualize the neighborhood’s upcoming transformation, the dynamos at Rockrose Development commissioned visualization experts Zum-3d to produce this exceptionally accurate depiction of the changes afoot. Inspired by the rendering, 6sqft has put together a rundown of the nearly 30 under-construction and proposed projects for the ‘hood.
To say that Long Island City is undergoing a construction boom is a bit of an understatement. The city’s second most populous borough is building a business district…er high-rise bedroom community that will soon rival many American downtowns. The blocks along Jackson Avenue from the Pulaski Bridge to Queens Plaza have been sprinkled with development dust, and at the center of it all is a short dead-end street named Purves where four residential buildings are now under construction and four others have recently finished.
Near the street’s southeastern terminus, Simon Dushinsky’s Rabsky Group has topped off its 26-story, 284-unit rental tower at 44-51 Purves Street and applying the last bits of the building’s glass, metal and brick facade. In addition to a number of renderings and a new website, we’ve uncovered that the 308-foot tall building will be called ‘Halo LIC,” which we learned is an adjective for something silvery, or an archaic word for money (how fitting). The site was previously planned to give rise to a pair of shorter towers by the Criterion Group but the 28,000 square-foot lot was flipped in 2013 for $32 million.
With its hodgepodge exterior once called “the Noah’s Ark of bad design” and simply described as just plain “fugly,” it seems Karl Fischer has taken the hint by reworking the design of 26 West Street into something slightly less offensive. Since the rendering reveal last April, construction is now well underway and a new image of the project has emerged on Fischer’s website that shows the use of more red paneling and factory-style sash windows, a greater incorporation of balconies, and the placement of additional arched windows along its western, river-facing facade. Also shown and reflected in DOB filings is a seventh story, bringing the likely rental project up from 72 units to 96. Additionally, Fischer has now revealed the project’s interiors, which seem to mix the two favored Brooklyn styles of rustic and industrial.
ODA’s 10 Montieth Street (L); BIG’s 8 Tallet (R)
If imitation is the sincerest form of flattery, then Bjarke Ingels should give himself a big pat on the back. A newly revealed residential design by architectural firm ODA for the Rheingold Brewery site in Bushwick looks a lot like Bjark Ingels Group‘s (BIG) 8 Tallet in Copenhagen.
The Denmark building takes the shape of a figure 8 with a sloping ramp that runs from the base of the building to its roof, creating a large interior courtyard. Similarly, the 400-unit rental building planned for Bushwick at 10 Montieth Street has a subtle bow-tie shape with a sloping, zig-zagging green roof and amenity-laden courtyard. And just as 8 Tallet is the largest private development ever undertaken in Denmark, ODA’s 400,000-square-foot building would be the largest residential building ever built in the area if completed.
With its beautiful brownstones and tree-lined streets, Crown Heights was once among the city’s premier neighborhoods prior to WWII. And though much has changed in subsequent years, Heritage Equity Partners is betting on its posh roots, acquiring a controlling interest in a new development project at 564 St. John’s Place.
The deal values the property at close to $30 million and plans call for the existing parking garage to be replaced by a 130,000-square-foot residential building, most likely a rental.
Heritage has been an active buyer in Brooklyn’s hot real estate market, most recently converting a church at 163 N. Sixth St. in Williamsburg into rental apartments and a new office building at 19 Kent Ave. in the same neighborhood is in the works.
Madison Realty Capital loaned Heritage $23.5 million to make the acquisition but the total price paid to former owner Rabsky Group was not disclosed. However, Madison’s co-founder, Joshua Zegen, said his firm is in active discussions with Heritage to provide construction funding for the project.
[Via Crain’s New York]