Development could claim graffiti-covered 5 Pointz building by next fall

New York /
Jun.June 26, 2012 12:30 PM

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]


Related Articles

arrow_forward_ios
(Illustration by The Real Deal)
Americans bought 5.6M homes last year — the most since the bubble
Americans bought 5.6M homes last year — the most since the bubble
Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Overall, the number of housing units that started construction last year was up 7 percent from 2019. (iStock)
Residential construction had busiest year since 2006: MBA
Residential construction had busiest year since 2006: MBA
Common Projects sneaker designer Peter Poopat bought the home in December. (Getty, Brown Harris Stevens)
$6.5M Fort Greene townhouse sale breaks neighborhood record
$6.5M Fort Greene townhouse sale breaks neighborhood record
(iStock)
Homebuilder sentiment falls for second month in a row
Homebuilder sentiment falls for second month in a row
(iStock)
Homebuying up again, but rising mortgage rates depress refinancing
Homebuying up again, but rising mortgage rates depress refinancing
The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)
Brooklyn luxury market roars back to life
Brooklyn luxury market roars back to life
Fidelity’s Raymond Quirk (iStock)
Title insurers launch new closing tools as homebuying rises
Title insurers launch new closing tools as homebuying rises
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...