Months after buying the bottom lease of an impartial tv studio property, ABS Companions Actual Property tipped its hand on what may very well be arising subsequent.
Gregg Schenker’s agency filed a rezoning software with the Division of Metropolis Planning for a virtually 400-unit housing improvement at 515 West 57th Avenue, the Industrial Observer reported. ABS would wish to undergo ULURP to construct its 30-story, 394-unit mission in Midtown West.
The 378,000-square-foot improvement would characteristic a industrial part. Moreover, 119 models could be designated inexpensive beneath New York Metropolis’s necessary inclusionary housing guidelines.
ABS didn’t reply to the outlet’s request for remark.
The agency bought the property’s 75-year floor lease from studio and manufacturing firm All Cellular Video in October for $17.2 million, giving the true property firm the primary proper of buy of the property. ABS subleased the area again to All Cellular Video for 4 years, however was not shy about considering of redevelopment prospects after the sublease expiration; between ULURP and building, ABS seems to be gaming out the timeline.
All Cellular Video bought the constructing in 2001. The 46,000-square-foot constructing on West 57th Avenue is 2 tales and was in-built 1910. Though used as a studio, the constructing is classed as an workplace.
Eric Duke, president of All Cellular Video, stated the studio makes a speciality of reside broadcast tv. Reveals similar to Apple’s “The Drawback with Jon Stewart” and “Patriot Act with Hasan Minaj,” filmed on the West 57th Avenue soundstage, together with reunion episodes for Bravo packages.
It’s throughout the road from the CBS Broadcast Middle, owned by Paramount International. The media conglomerate has been redeveloping its property, and in July selected three builders as finalists to guide the mission.
As of a yr in the past, ABS’ actual property investment-focused portfolio spanned 14 million sq. toes throughout 11 states. The portfolio consists of the retail and workplace constructing at 200 Park Avenue South in Midtown Manhattan, a boutique workplace constructing at 145 East 57th Avenue within the Plaza District and a six-property retail unfold on Steinway Avenue in Astoria.
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