Abramson Brothers is joining the wave of Midtown property owners turning their aging office buildings into apartments.
The longtime workplace landlord filed plans final week to transform its 90,000-square-foot constructing at 333 West 52nd Road in Hell’s Kitchen right into a 108-unit residential property, in response to a submitting with the Division of Buildings. Structure agency CetraRuddy, which has change into a go-to for office-to-residential conversions throughout town, is main the redesign.
Abramson Brothers has owned the constructing since across the time of its founding in 1957. This would be the agency’s first office-to-residential conversion.
Plans name for ground-floor retail and parking, whereas the majority of the 1928 constructing is slated to change into residences. The decrease stage will embody a co-working house. Facilities embody a health heart and terrace.
Adam Abramson, who’s listed because the applicant on the submitting, mentioned he plans to make use of the 467m tax incentive program, which affords property tax breaks to house owners changing outdated workplace buildings into residences. He declined to remark additional on the mission, saying they’re early within the course of. The plans have been first reported by PincusCo.
The mission provides to a rising roster of conversions in Hell’s Kitchen and Midtown West, the place smaller workplace footprints and fluctuating demand have pushed landlords towards residential conversions. Older mid-rise buildings like 333 West 52nd Road have emerged as prime candidates for redevelopment.
Close by, Yellowstone Actual Property Investments is converting the 600-key Watson Hotel in Hell’s Kitchen right into a 249-unit condominium constructing. Isaac Hera’s agency can also be planning a 422-unit conversion of a Midtown West workplace constructing at 1730 Broadway. Madigan Development is changing a 12-story Midtown property at 45 West fifty fifth Road right into a 17-story residential constructing that may characteristic 42 items.
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