Thursday, January 29, 2015

Related's 205 East 92nd Builds Base

(205 East 92nd from the SE, A Fine, 2015)
(205 East 92nd, from the SE, A Fine, 2015)
Related Companies 425 foot tall, 465,000sf, 205 East 92nd Street is building a base!  The site which spans the block, mid-block between 92nd and 93rd Street is on its way.

The site is rich with history. Jacob Ruppert's Knickerbocker Brewery was on the site from the mid-1800's until the late 1960's. Later, and perhaps more importantly, it was home to a park where yours truly put on his very best New York Knickerbocker impersonations during the 1980's and 1990's, though my jump shot was far more Charles Oakley than Allan Houston.

The community fought a valiant fight to save the park, but it was built under a 25 year deal with the city which had long expired. Fear not do-gooders, a silver lining is that part of the massive project is 46,000 square feet that will house a school for children with learning disabilities. The rest is comprised as 33,000sf of retail and over 300,000sf of residential. What kind of residential is still up in the air. Originally it was reported that there would be 308 units that were a mix of rental and condo. However, it appears that the plan evolved a bit and will now be 231 larger units. That's still pretty small compared to the 3000+ square feet mega-homes that many condo developers are building regularly in the area, but perhaps an indication that Related is hedging their bets and leaning more towards condos now. Another thought, perhaps the developer is ahead of the curve and anticipating a shortage in reasonably sized apartments.

(2nd Avenue Mayhem, 92nd St, A Fine, 2015)
Despite the fact that the Second Avenue Subway is still a complete shit show, the area is hot! New developments and businesses are sprouting throughout the area. Land prices are soaring and condo prices are right behind them. With the subway finally set to open in less than two years, you get the sense that the area is now over the hump. It would appear that Related's timing could not be better.

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