The Real Deal New York

Blesso opts for ground-up 27-story project on W’burg bank site

Developer initially planned 10-story conversion at 555 Broadway
By Chava Gourarie | November 22, 2016 03:40PM

Blesso Properties and 525 Broadway

525-545 Broadway (inset: Matt Blesso)

Blesso Properties filed plans for a new, 280,200-square-foot mixed-use building on the site of a former Lincoln Savings Bank branch in South Williamsburg, according to plans filed with the city’s Department of Buildings on Tuesday.

The developer appears to have scrapped its earlier plans for a conversion of the existing building.

The new 27-story building will rise at 555 Broadway near the J/M/Z South Williamsburg station. The proposed building, which extends along Broadway to Boerum Street, will house 226 residential units across 151,695 square feet of residential space, 126,410 square feet of commercial space and a 2,109-square-foot community facility.

The Garrison Architects-designed building will have offices on the second through seventh floors, five to twelve apartments on the upper floors, a rooftop terrace and parking.

Blesso TRData LogoTINY had previously filed alteration plans for an office-to-residential conversion of the 10-story building in October 2015. Those plans were not approved, and Blesso filed to amend them. The conversion would have made use of 98,000 of the lot’s 190,000 buildable square feet.

Blesso purchased the development site at 525-545 Broadway for $33 million in August 2015. Demolition plans for the existing four-story building have not been filed.