If property owner David Wolkoff’s plans for redeveloping the Long Island City outdoor graffiti gallery 5 Pointz into a 980,000-square-foot residential project are approved, then the building, which is covered in spray paint murals created by artists from around the world, could be demolished by September 2013, the Sunnyside Post reported. Wolkoff said he hopes to get his plans certified by the Department of City Planning this fall. As previously reported, Wolkoff has been mulling plans for erecting two residential towers on the site for years, but he wanted to wait for the economy to improve. The plan currently includes towers of 47 and 41 stories with 1,000 rental units between them, 25,000-30,000 square feet of retail space and display space for graffiti artists. According to Curbed, the plan does not include affordable housing. The rents will go for market rate, which is around $30 per square foot, the Sunnyside Post said.
If City Planning approves his plan, which calls for over five times the amount of permissible development in the site, it would then undergo the uniform land use procedure, which is a seven-month process. [Sunnyside Post] and [Curbed]