5Pointz flagged for redevelopment in LIC

Long Island City’s 5Pointz, the iconic, graffiti-covered Factory Along Jackson Avenue, may be torn down and replaced with two apartment high rises if building owner Jerry Wolkoff has his way. According to the Daily News, Wolkoff recently met with officials from the Department of City Planning to discuss the possibility of 1,300 rental apartments at the site and a revitalization of the entire surrounding block, which was rezoned in 2001 to allow for large-scale development. The $300 million project would include shops, restaurants, a supermarket, open-air concourse and artists’ studio space, and would likely require a zoning variance for the taller residential tower, which would rise to 40 stories. As The Real Deal previously reported, Wolkoff has been mulling a large residential project at the site for years, but had been waiting for the economy to improve. Now, he’s slated to submit a formal proposal to the city within two weeks. But even though Wolkoff has promised thousands of construction jobs for the area, local artists are already mourning the potential loss of their longtime urban canvas. “It is not just any other building with graffiti on it. It is the epicenter for graffiti artists from all over the world,” said Jonathan Cohen, founder of the 5Pointz collective. “It would be no different than tearing down the MOMA or the Guggenheim. [NYDN]