DOB approves P2B, SJP’s UWS stacked condo project

Developers planning nine stories of condos above existing six-story rental building

New York /
Apr.April 14, 2016 08:15 AM

Paul Boardman’s P2B Ventures and Steven Pozycki’s SJP Properties will proceed with their plan to build luxury condominiums that will float just above an Upper West Side rent-regulated multifamily building, despite some tenants’ opposition.

The Department of Buildings approved the plan for 711 West End Avenue, and construction on the project will begin around the end of the school year, the Wall Street Journal reported.

The developers are planning 64 condos at the new building, which will be supported by 17 steel columns, sharing only an elevator bank, two staircases and utility lines with the building below.

Boardman and Pozycki partnered with that building’s owner, the Miller family, exchanging equity in the new project for the Millers’ air rights at the address.

The Millers plan to exchange their equity for units at the new property, which they will then rent out, the Times reported.

The project faces stiff opposition from many of the existing tenants and local officials such as City Council member Helen Rosenthal, who argued construction would endanger residents.

SJP has been making big bets in the neighborhood in recent months. The firm, in partnership with Mitsui Fudosan, closed on the purchase of a large development site at 200 Amsterdam Avenue for nearly $300 million, as TRD reported in October. [WSJ]Ariel Stulberg


Related Articles

arrow_forward_ios
Upper West Side’s most controversial tower closes first condo sale
Upper West Side’s most controversial tower closes first condo sale
Upper West Side’s most controversial tower closes first condo sale
SJP Properties CEO  Steven Pozycki and 200 Amsterdam (SJP, 200 Amsterdam)
SJP claims final victory in 200 Amsterdam fight
SJP claims final victory in 200 Amsterdam fight
200 Amsterdam Avenue
Court saves SJP’s 200 Amsterdam from wrecking ball
Court saves SJP’s 200 Amsterdam from wrecking ball
200 Amsterdam Avenue
Judge scolds 200 Amsterdam developers: “Owner must bear the responsibility”
Judge scolds 200 Amsterdam developers: “Owner must bear the responsibility”
The construction loan for 200 Amsterdam Avenue could be in danger of default after a judge ordered the developers to deconstruct part of the building. (Credit: iStock)
Shock ruling could throw 200 Amsterdam loan into default
Shock ruling could throw 200 Amsterdam loan into default
200 Amsterdam Avenue and Municipal Art Society President Elizabeth Goldstein (Credit: iStock) 
Foes of 200 Amsterdam say other towers safe from cut-down
Foes of 200 Amsterdam say other towers safe from cut-down
Steve Pozycki and 200 Amsterdam Avenue (Credit: iStock)
Developer: UWS residents flocking to tower their neighbors fought
Developer: UWS residents flocking to tower their neighbors fought
UWS tower may be in jeopardy following Supreme court zoning ruling
UWS tower may be in jeopardy following Supreme court zoning ruling
UWS tower may be in jeopardy following Supreme court zoning ruling
arrow_forward_ios

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

Loading...