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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Adams Directs NYC Agencies to Find City-Owned Land for Potential Housing Development
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
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: Commercial Observer
RXR Exploring Conversion of 5 Times Square Office Building Into Residential: Sources
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.
Source: Commercial Observer
655 Madison Slated for Demolition
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
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
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.