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

TRD 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
Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

arrow_forward_ios