Developer’s Digest?: This Week's Top Development News
Adams Directs NYC Agencies to Find City-Owned Land for Potential Housing Development
August 21, 2024
Mayor Eric Adams is intensifying efforts to build 500,000 new homes in New York City by 2032 by signing an executive order that mandates all city agencies to identify city-owned properties that could be developed for housing. This initiative could involve repurposing underused sites like parking lots or garages. The executive order also establishes the City Housing Activation Task Force, which will evaluate potential sites for housing without disrupting essential municipal operations. A list of potential sites is expected early next year, and the initiative complements ongoing rezoning efforts aimed at addressing the city's housing crisis.
Source: 6sqft
Developer Eyes Doubling Coney Island Affordable Housing
August 22, 2024
Proto Property Services is expanding its affordable housing presence in Coney Island with plans to add a 17-story, 415-unit building called the Ocean Queen at 2950 West 24th Street, adjacent to its existing Ocean Towers. The new development will include 440,000 square feet of space, featuring 15,000 square feet for community use, 10,000 square feet of retail, and a playground. All residential units will be affordable, likely targeting residents earning up to 60% of the area's median income. This project is part of a broader wave of affordable housing developments in the area, drawn by Coney Island's ocean proximity and development potential.
Source: The Real Deal
RXR Exploring Conversion of 5 Times Square Office Building Into Residential: Sources
August 14, 2024
RXR is considering converting part of 5 Times Square, a 1.1 million-square-foot, 39-story office tower in Manhattan, into residential space. The building, jointly owned by RXR and SL Green, has recently removed its office space listings and paused the search for new commercial tenants. Despite a $1.3 billion refinancing package and $300 million in upgrades that added amenities like a fitness center and luxury lounge, the tower has struggled with occupancy, being only 31% occupied as of September 2022. The extent of the potential residential conversion is unclear, but RXR is also exploring similar options at the Helmsley Building, suggesting a broader strategy to adapt underutilized office space amid shifting market demands.
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Source: Commercial Observer
655 Madison Slated for Demolition
August 19, 2024
Williams Equities plans to demolish its 24-story office building at 655 Madison Ave. in Manhattan, a property it co-owns with Jamestown. The building, constructed in 1951 and renovated in 2005, spans 200,000 square feet. The company is considering replacing the office space with a mix of retail, hospitality, and residential units, reflecting a broader trend in New York to repurpose office buildings amid a surplus of office space and a housing shortage. Although the state has introduced incentives for office-to-residential conversions, some developers find demolition more cost-effective.
Source: Crain's New York Business
Cathedral of St. John the Divine Gets $1.5M Grant to Transform Historic Building into Community Hub
August 20, 2024
The Cathedral Church of St. John the Divine in Morningside Heights will transform its historic Synod Hall into a social services center, thanks to $1.5 million in city funding. Built in 1913 by J.P. Morgan and designed in the French Gothic style, the hall will be renovated to support Cathedral Community Cares (CCC), the church's social services arm focused on combating poverty, hunger, and health issues. Renovations will include ADA-compliant access, a soup kitchen, a food pantry, laundry facilities, and spaces for community services.
Source: 6sqft