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