Developer to Break Ground on Condos and Artist Studios on Red Hook Waterfront
Finally, some movement at the long-rumored conversion of an empty warehouse on Imlay Street in Red Hook — and it’s going to be condos after all, aimed at artists. Developer Est4te Four plans to break ground next month on a condo conversion at the former New York Dock building at 160 Imlay Street, according to DNAinfo….
Finally, some movement at the long-rumored conversion of an empty warehouse on Imlay Street in Red Hook — and it’s going to be condos after all, aimed at artists. Developer Est4te Four plans to break ground next month on a condo conversion at the former New York Dock building at 160 Imlay Street, according to DNAinfo. The luxury developer plans to market their “affordable” apartments to artists, models and other creative types — possibly as soon as next month. An anonymous source told DNAinfo last year that units will start around $500,000. The Los Angeles-based firm bought the century-old Imlay Street building for $25,000,000 and a red-brick warehouse nearby at 202 Coffey Street for $11,800,000 in 2012. Construction is expected to last between 18 and 24 months at Imlay Street and about a year at Coffey Street, where construction is scheduled to start by the end of the year.
Architecture firm Adjmi and Andreoli is overseeing both projects. At Imlay Street, they filed a disapproved plan application in May for 69 residential units, a rooftop pool and an enclosed parking lot with 44 spaces, totaling 37,942 square feet of residential space. Although the developer had previously said the Imlay Street building would have commercial space on the first two floors and a restaurant and grocery store on the ground level, the current plans don’t show any commercial space. Meanwhile, the Coffey Street development will hold five studios and exhibition spaces and one or two open air courtyards, DNAinfo reported.
Developer Targets Artists for “Affordable” Waterfront Studios, Apartments [DNAinfo]
Past and Present: New York Dock Company Warehouses [Brownstoner]
Looks Like Rentals for Red Hook Warehouse at 160 Imlay [Brownstoner]
“BSA variances lapse if substantial construction of the project is not made within four years from the date of issuance, or from the date of final judicial proceedings. 160 Imlay Street LLC applied to BSA in February 2012 for an extension to complete construction under the previously issued variance. On May 1, 2012, BSA agreed to grant 160 Imlay Street LLC an additional four years to complete warehouse conversion according to the previously approved plans.” …..http://www.citylandnyc.org/bsa-grants-red-hook-developer-time-extension-for-warehouse-conversion/
Someone needs to reevaluate the term “models” and their creative contributions to society.
Cant see how they can be affordable as they would have to be larger sf apartments…original plans called for >120 apartments and was revised to 69,so at the least the sf-age has to be on the 1000+ size. Cant see these being sold for less than 800-1000/sf so youre looking at 800k-1m for 1000sf. Maybe you get a little discount for having to pay for todays market and not getting to move in for 18-24 months + not being able to get a mortgage at todays low interest rates(who knows where they will be in 18/24 months – presumably higher)
I have a hard time believing the ‘affordable’ part. However, I think it’s just a matter of the right buyers lining up for this. I think it’s a great building (specifically Imlay), that lends itself to a superb renovation (I think the timelines are hopeful, that’s a huge building!) Whether it will stay ‘artsy’ and less ‘stroller-y’ remains to be seen. However, if they’re using the Fairway apartments model, except in a sales direction, I think it could work. Fingers crossed.
“Artsy,bohemiam,cool,people” = LMAO
please lets have some artsy, bohemian, cool, people, im getting so sick of everything being turned into young transplanted families all over the place with little kids and strollers every where, yuck!!!
even DUMBO is turning into that.
actually, I don’t want to get over it.
lets hope Red Hook doesn’t turn into another Park Slope disney land. We have enough of those kiddie lands already.