The Bridge, Radson pay $15.8M for 189-unit dev site in Inwood
The Bridge and Radson Development through the entity 3816 Ninth Avenue Housing Development Fund Co Inc paid $15.8 million to Manhattan Bible Church for the development site at 3816 9th Avenue in Inwood, Manhattan. The expected use is ground up development.
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Developers Seeking 421A Extension Propose 71,000 Homes
Governor Kathy Hochul announced that developers have submitted letters of intent to build 71,000 apartments under an extension of the lapsed 421a property tax break, significantly exceeding industry projections of 33,000 units. Nearly 650 buildings are proposed, but these letters are non-binding and don't guarantee construction. The extension allows completion until June 2031. The surge follows initial low interest due to confusion about requirements. Hochul made the announcement at Two Trees Management's 300 Kent Avenue project, while also promoting recent housing policies, including incentives for office conversions and the controversial 485x tax program. She highlighted a shift to an incentive-based "Pro-Housing Communities Program" after shelving the 2023 New York Housing Compact.
Source: The Real Deal
‘You Made It Worse’: Developers Say They Can't Build Housing Under 485-x
New York's new 485-x tax incentive program, intended to boost affordable housing development, has disappointed many developers who argue the rules are too restrictive and costly. Under 485-x, projects with 150+ units can receive a 40-year property tax exemption if 25% of units are set aside for affordable housing. Critics claim the program’s higher rent caps and mandatory construction wages hinder large-scale development. Developers expressed more optimism for the 467-m tax incentive, which encourages office-to-residential conversions with fewer wage requirements, though they caution that neither program will fully address the city's worsening housing affordability crisis.
Source: Bisnow
Can a $350 Million Plan Transform 5th Avenue Into a Grand Boulevard?
New York City plans to revamp 20 blocks of Fifth Avenue in Midtown Manhattan, from Central Park to Bryant Park, to enhance pedestrian access. The $350 million redesign will expand sidewalks, add seating, and plant over 200 trees, while reducing traffic lanes from five to three, including a dedicated bus lane. Although the project doesn't include a new bike lane on Fifth Avenue, a nearby bike lane on Sixth Avenue will be expanded. The plan, aimed at boosting foot traffic and retail, will begin construction in 2028, correcting a century-old shift that prioritized vehicles over pedestrians.
Source: The New York Times
Will the Council Say ‘No’ to Mayor Adams’ City of Yes? We Get a Preview Next Week.
Next week, the New York City Council will hold two days of public hearings on Mayor Eric Adams' "City of Yes" zoning overhaul, which aims to create 109,000 new homes over 15 years. The hearings, beginning Monday with testimony from city officials, including the Department of City Planning's Dan Garodnick, will be a key test for the proposal. Public testimony starts Tuesday morning. The hearings mark a crucial stage in the plan's review, as lawmakers gauge support and concerns, especially around affordability and neighborhood impact, before a final Council vote later this year.
Source: Gothamist
RFR Gets Some Good News With $160M Sale of Gowanus Development Site
RFR Holding is set to sell its development site at 175 Third Street in Gowanus, Brooklyn, to Tavros Capital and Charney Companies for over $160 million, earning a 39% profit on the $115 million purchase from 2018. The sale follows the approval of the Gowanus rezoning in 2021, aimed at increasing affordable housing. This deal brings some relief to RFR amid financial troubles, including foreclosure notices and loan defaults on several properties. The company, which owns iconic buildings like the Seagram and Chrysler buildings, has faced challenges revitalizing these assets and addressing significant rent arrears.
Source: Commercial Observer
Media Mentions
Prominent Queens developer plans pair of resi buildings at former Flushing pool site
The developer behind the tallest building in Queens has revealed his plans for the site of a former outdoor pool in Flushing.
North Flushing Pool Club Sells for $16M
Developer Chris Xu’s Corona-based real estate firm, United Construction & Development Group, recently acquired the North Flushing Pool Club site for $16 million. A limited liability company affiliated with Xu’s firm closed on the 0.8-acre property less than six months after brokerage firm Development Site Advisors began marketing it in March.
Iconic TITAN Closes Its Doors at 31st Street in Astoria Next Sunday
NEW YORK – It’s officially the end of an era for the historic Titan Foods supermarket as far as its current location is concerned, which is set to close its doors this coming Sunday, June 18. The news was officially announced by Titan Foods Inc. in a notice that was posted at the store to inform consumers.
Flushing's North Flushing Pool Club Site for Sale with Development Site Advisors
Midtown Manhattan based commercial real estate brokerage, Development Site Advisors® (DSA) have been exclusively hired to market 141-01 32nd Avenue, an impressive 0.83-acre property in the sought-after Flushing neighborhood of Queens, NY. The property is the site of the long-established North Flushing Pool Club, which has been in existence here for over six decades.
Maddd Equities buys Inwood waterfront dev site, leading midsize i-sales
An entity linked to Stylianos Aniftos and Astrit Skara picked up a development site at 26-37 30th Street in Astoria for $10.5 million from three separate LLC’s. Development Site Advisors’ Rubin Isak and Lev Kimyagarov brokered the deal. The 16,300-square-foot lot had been family owned for more than 50 years and consists of four adjacent lots on 30th and 31st streets between Astoria Boulevard and Newtown Avenue.
Building of Titan Supermarket in Astoria is Sold
With $10.5 million as the final price of the transaction, the well-known homegrown supermarket Titan Foods has been completed.
Queens’ top 10 neighborhoods for Q3 home sales
The top sale in the Astoria neighborhood was a two-story, 45-foot-wide house built in 1940 at 25-23 Newtown Avenue. It was sold for $4.8 million by Development Site Advisors, which marketed the property as either a residence or a redevelopment opportunity.
South Bronx piano warehouse hits the market
A 140-year-old piano factory in the South Bronx has hit the market for $11.5 million.
Recent Commercial Real Estate Transactions
This 13,116-square-foot vacant building in the Elmhurst neighborhood...
New firm looking to dominate development site sector
Veteran brokers Lev Kimyagarov and Rubin Isak are seizing opportunity during the coronavirus pandemic to direct their skills towards a niche market. The pair have formed a new firm, Develo...
Kimyagarov, Isak Open Development Site Advisors
Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated, respectively, have formed Development Site Advisors, solely focused on th...
Development plummeted this year, but sector still shows signs of life
Sales of development sites in the city dropped 27% to 103 transactions so far this year, compared to the same period in 2019, according to an analysis by real estate firm Development Site Advisors...
New Brokerage Hopes To Carve Out Niche For NYC Development Site Sales
While major brokerage firms trim staff amid a stagnating market, a new development site brokerage firm, hoping to redefine how transactions get done within the asset class, has doubled in size since the sta...
Knakal, Eastern Consolidated Alum Launch Development Site Advisors
NEW YORK CITY—Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have launched Development Site Advisors.&nbs...
New Development-Focused Brokerage Looks to Grow Team
Two veteran New York City brokers have teamed up to form Development Site Advisors, a brokerage that focuses exclusively on development sites.
Kimyagarov and Isak open Development Site Advisors; focusing solely on development sites
New York, NY Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have formed Development S...
Ex-Massey Knakal, C&W, Eastern Consolidated Execs Form NYC Brokerage Focused on Development Sites
NEW YORK—Lev Kimyagarov and Rubin Isak, former senior directors at Massey Knakal Realty Services/Cushman & Wakefield and Eastern Consolidated respectively, have Development Site Advisors, the only firm in New York City with a sole focus on the development site sector.
New development to replace famous Mott Haven building
Third Avenue in Mott Haven is slated to look quite different in the near future.
Development Site Advisors Hired to Sell the Famed Beethoven Piano Factory Building in Mott Haven, Bronx for $11.5M
The Building, built for and once owned by J.L. Mott, the individual Mott Haven was named after.
Astoria Development Site Hits the Market at $9M
Development Site Advisors has been hired to sell 11-32 and 11-38 31st Ave. in the Astoria neighborhood of Queens. The two sites are combined from the rear, giving a developer multiple options. Asking price for the property is $8.8 million.
Rezoned Inwood Site Hits Market At $22.5M, Report Says
INWOOD, NY — A development site in a section of Inwood targeted by the neighborhood's 2018 rezoning has hit the market at an eight-figure asking price, according to reports.