Request for Proposals seeks tenant for 80-year-old building in need of $70M in repairs. The New York City Economic Development Corporation is seeking proposals for a developer to lease, rehabilitate, and reuse the former Loew’s Kings Theatre at 1025 Flatbush Avenue in Brooklyn.

The vacant building, located between Beverly Road and Tilden Avenue, opened in 1929 as Loew’s flagship theater. The designers of the 3,195-seat, French Renaissance-style building were heavily influenced by the Palace of Versailles and Paris Opera House. Its unique design features include a 70-foot-high orchestra dome, ornate plaster walls, and crystal chandeliers. Because the building has been vacant since 1978, extensive rehabilitation work is required on the theater’s exterior and interior. Sections of the roof are missing, interior walls are water damaged, and the theater contains lead, asbestos, mold and guano. EDC estimates that it will cost 70 million dollars to rehabilitate the building. (read more…)

Major League Baseball project in Harlem is among the beneficiaries. On March 6, 2008, the New York City Industrial Development Agency held a public hearing on proposed public subsidies to private entities, including a joint venture between Vornado Realty Trust and California Urban Investment Partners. The joint venture was established to build a 21-story office tower on 125th Street and Park Avenue, directly southwest of the Metro-North train station. The tower will contain 526,555 sq.ft. of office space, 50,492 sq.ft. of retail, and a 52-space underground garage. The tower’s anchor tenant will be MLB Network, Major League Baseball’s new cable broadcasting system. The work site lies within the proposed 125th Street rezoning plan, which the Planning Commission approved on March 10, 2008 to encourage renewed investment and development in the area.

At the hearing, Bettina Damiani, Director of Good Jobs New York, questioned the need for subsidies to attract MLB to Harlem given the area’s easy access to Yankee Stadium and Citi Field via public transportation. Charles Callaway, representing WE ACT for Environmental Justice, expressed similar skepticism and feared that the newly created jobs would not go to community residents. (read more…)

Proposal lists a $1 purchase price for Harlem firehouse. The New York City Economic Development Corporation and the Department of Housing Preservation and Development are jointly seeking proposals to purchase and redevelop the former East 125th Street Firehouse as a community or cultural facility.

The Romanesque Revival-style firehouse, located between Park and Lexington Avenues, dates back to the late 19th century and was designated a City landmark in June 1997. In May 2003, the City decommissioned the firehouse for budgetary reasons. Four years later, the City Council approved DCAS’ plan to sell the firehouse so long as the City transferred it to a community service provider. 4 CityLand 71 (June 15, 2007).

The firehouse is located within the Department of City Planning’s proposed 125th Street Rezoning Plan, which would increase the maximum allowable residential and commercial FAR to 7.2 and 4.0 respectively, while decreasing community facility FAR to 6.0. Although disposition of the building was previously approved by the City, HPD must obtain further government approvals per statutory requirements that govern HPDinitiated dispositions.

The RFP seeks proposals to convert the 8,500-square-foot building into an active space for community, educational, and cultural uses. Proposals must respect the building’s landmark status. Any proposed changes to the building must be reviewed and approved by Landmarks.

EDC set an April 28, 2008 deadline for all responses.

EDC: Request For Proposals – East 125th Street Firehouse (Jan. 22, 2008).

The Diamond District and the Tennis Center are among the beneficiaries. On November 13, 2007 the New York City Industrial Development Agency voted to provide over $105 million in financial assistance to four entities.

IDA awarded up to $51 million in tax benefits to Extell Diamond Tower LLC, an affiliate of Extell Development Company, which will build an integrated diamond and jewelry industry facility in Manhattan’s Diamond District. IDA will extend a mortgage recording tax waiver, building tax exemption, and both City and State sale and use tax exemptions. According to IDA, the facility will include diamond trading, cutting, brokerage, sales and support services, and will create or retain 3,117 jobs. (read more…)

IDA also approves tax -exempt bonds for 2 health care entities and 1 private school. On October 9, 2007, the New York City Industrial Development Agency voted to provide financial assistance to four entities.

IDA awarded the Bronx Parking Development Company $225 million in tax-exempt bonds to finance the design, construction, and renovation of three new parking garages, two existing garages and six surface lots that would serve the new Yankee Stadium. According to IDA, the parking project will create approximately 555 construction and operational jobs. (read more…)