A nice compilation of development going on in NoMad by CityRealty. Just came out today.
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^that classic Sinatra song better still be the opener
New ‘Logan Fountain’ Affordable Housing Development Coming To East New York
A new development project is coming to East New York. Logan Fountain will be a 13-story affordable housing development. The site is located at 265 Logan Street in East New York.
According to YIMBY, the building will be separated into two wings. The east wing will contain 69 affordable homes for low-income families earning between 50 and 70 percent area median income (AMI) and 105 homes for the formerly homeless. The west wing will comprise 169 apartments for homeless families and individuals being served by the New York City Department of Homeless Services.
Amenities for the affordable housing component will include a fitness room, a landscaped common courtyard with a children’s play area, multiple terraces with a garden area, bicycle storage rooms, and laundry rooms. For the formerly homeless families, the building will offer outdoor and indoor childcare space, bicycle storage, and a laundry room. In addition, on-site providers from The Jericho Project will provide supportive services tailored to each individual resident’s needs. HELP USA, a national social service provider for the homeless, will operate client care coordination and services for residents in the shelter.
“Logan Fountain is an innovative model for new affordable housing and transitional housing in a single sustainable building,” said Sarah Pizer, development director, The Hudson Companies. “Residents in both components of Logan Fountain will receive on-site support services tailored to their needs.”
Financing was provided through tax-exempt bonds from the NY State Housing Finance Agency along with Citi, which provided the construction period letter of credit. The package also includes a subsidy from the New York City Department of Housing Preservation and Development, funding from former council member Rafael Espinal.
Construction is set to begin in August, with an expected completion in late 2024.
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Project: 135-25 Northern Boulevard (Flushing, Queens)
Sunlight Development submitted a condominium plan for 69 residential units and one commercial unit at 135-25 Northern Boulevard, in Flushing, Queens. The development site has an alternate address of 134-16 35th Avenue.
The condo plan, CD220114, has a current price of $56,869,100 listed with the New York State Attorney General. Ken Huang and Linzhong Zhuo are listed as the members.
Below are renderings of the building, from the developer’s website.
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Third Avenue from East 110th Street to East 111th Street
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That auto shop has been nothing but trouble for these developers. Time for them to wrap it up.
Some general developments brought up in todays meeting, a lot in Brooklyn! Some minor oppositions to the density, as per the usual.
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Can you copy and paste that?
Investor has until Christmas to pay $200M or lose West Side assemblage
Robert Gans strikes deal with Barnett, Tabak in long-running foreclosure dispute
New York
Sep. 19, 2022 08:30 AM
By Pat Ralph | Research By Jay Young
Extell Development’s Gary Barnett, Princeton Real Estate Partner’s Robert Gans and Joseph Tabak with Scores New York (Yelp, Getty)
Robert Gans has three months to pay off a group of creditors he’s accused of engaging in a “predatory scheme” to seize his potentially lucrative New York City real estate portfolio.
In a Wednesday court filing, Gans said he has reached an agreement with his lenders, including affiliates of Gary Barnett’s Extell Development and Joseph Tabak’s Princeton Real Estate Partners, that will allow him to keep control of his bankrupt properties — if he can pay back $200 million in loans and other expenses by Dec. 22.
The Wall Street Journal first reported the settlement agreement, which requires approval from the bankruptcy judge overseeing the case.
The long-running and at-times ugly dispute dates back to loans Gans secured against his portfolio in 2018, court records show. The properties include the site of Gans’ now-shuttered strip club Scores on West 28th Street in Chelsea, a retail property in Soho and an industrial site in Queens, but the crown jewel in the portfolio is a large assemblage on 11th Avenue in Hell’s Kitchen that’s ripe for redevelopment.
Last year, lender Mack Real Estate initiated a foreclosure on 11 of Gans’ properties, including the Hell’s Kitchen assemblage and the Scores building, alleging that the investor had missed $6.6 million in payments.
Bluestone Group, led by Joseph Tabak’s brother Eli, and Extell bought the senior debt on Gans’ portfolio for $148 million in April and sued Gans the next month in a bid to take control of the assemblage.
Gans responded with his own lawsuit, alleging a “sweeping and predatory scheme” and seeking $100 million in damages on claims that “controlled by members of the Tabak real estate family” had conspired to prevent him from paying off his debts.
In the Wednesday filing, Gans wrote that the proposed settlement agreement would allow those involved in the dispute to “avoid the substantial costs and uncertainty of further litigation.”
— Pat Ralph
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Thanks
I wonder what’s in the 11th Ave assemblage
Yes! Yes! Yes!!! Let the density slowly creep up towards upper Manhattan. This needs to happen!
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I wonder if it’ll be big. It’s near 418 11th, but that is a state site.
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