A new residential building is going up on the West Street waterfront.
New York YIMBY first reported that permits were recently filed for 15 Oak Street (which also shares an address with 57 West Street).
According to New York YIMBY, “[t]he proposed 138-foot-tall development will yield 249,181 square feet designated for residential space” which will contain “268 residences, most likely condos based on the average unit scope of 929 square feet.”
Developer TF Cornerstone purchased the lot from West Street real estate magnate Jack Guttman last year. Guttman owns much of West through a series of LLCs, as well as through Pearl Realty NY.
If that name sounds familiar, it’s because we recently reported that Guttman’s 91 West LLC moved to terminate the leases of several local businesses on the corner of West Street and Greenpoint Avenue en masse, close to this new residential lot. Speculation has brewed that 91 West LLC plans to sell the corner lot.
“I was there all day working, so I could see all these guys, groups of ten guys, with measuring shit and everything,” one tenant told Greenpointers in October. “Like, that’s zoning, that’s how you check for a skyscraper.”
Indeed, 15 Oak Street is partially zoned as type R8, for high-density residential projects with few restrictions on height limits. The 91 West Street lot also contains some R8 zoning, which could pave the way for a similar project.
There are no current sales listed in city property records; however, 91 West LLC entered into an agreement with TF Cornerstone last year, which grants the developer the right to make a first offer if 91 West does list the property for sale.
New York YIMBY reports that there’s no estimated completion date for 15 Oak Street yet.