But in order for the project to make sense economically, New York’s largest commercial landlord says the building needs a “full” property-tax abatement. It currently pays about $10 million a year, according to city records. It’s no sure thing that lawmakers would sacrifice that sort of revenue, even temporarily, especially considering that last year Albany let a popular tax break for developers called 421-a lapse.
Without a 100% tax abatement, Schiffer said it doesn’t “pencil” to convert the tower, even to all market-rate apartments. With the abatement, he said, affordable housing can be developed and SL Green will lobby city lawmakers on “critically needed legislation.”
Gov. Kathy Hochul and Mayor Eric Adams announced $200 million in grants for the armory’s redevelopment this summer — which originally opened as a military facility in 1917 but has sat mostly dormant for almost 30 years. According to the Together for Kingsbridge Vision Plan, the community wants to turn the armory into a space for film and television, sustainable manufacturing, emerging technologies or urban agriculture.
While talks of a revamp have been floated over the for decades — and while there have been failed attempts at turning the space into a shopping mall and an ice rink — Bronx pols have said the $200 million announced in August will give the Kingsbridge Armory the boost it needs to actually begin its transformation. The city request for proposal (RFP) process — bids from qualified contractors to fulfill a project — for the armory was announced this fall. The Kingsbridge Armory RFP deadline is Jan. 18, 2024.
And as evidenced by the rally last week, some Kingsbridge merchants don’t feel the imminent opportunity that accompanies the armory’s redevelopment — they feel its impending doom.
Building plans filed earlier this month show that the building will join forces with an adjacent lot, 1122 Madison Ave., to construct an 18-story building, according to plans filed earlier this month by Victor Sigoura, CEO of Legion Investment Group.
Those plans, which have yet to be approved by the city’s Department of Buildings, propose that the resulting 110,940-square-foot building will only contain 22 units, averaging a gigantic 5,000 square feet each.
The article states these will be torn down, but it’s paywalled, so I am not sure if the article states what will be built here after they are demolished. Does anyone know?