April 25, 2013 By Christian Murray
While the 5 Pointz graffiti warehouse is still on track to be demolished by year end, the developer says that a space will remain in the new complex for street artists to show off their work, according to a report by New York YIMBY.
David Wolkoff, whose family owns the Long Island City property, plans to erect two residential towers that would contain 1,000 rental units– 400 units more that what is currently allowed. One tower would be 47 stories high, while the other 41 stories. As part of the development, there would be between 25,000 and 30,000 sqf. of retail space, artists’ galleries and a 250-car parking garage.
Wolkoff said that 55% to 60% of the rental units would be 1 bedroom apartments; 20% studios; and the balance, 2 bedroom or loft-style apartments. At this point, the apartments would be rented at market rate, which is at about $30 per sqf., Wolkoff said.
The development would include walls that graffiti artists can use to display their art and there will be a small number of artist studios.
The Wolkoff family has owned the property for decades and has allowed local artists to use the warehouse to display their work for years.
However, the developer believes that Jackson Avenue has undergone a great deal of change in the past 10 years and that now is the appropriate time to pursue residential development.
Wolkoff, however, has to apply for a special permit to build the project on this scale. The development would create 980,000 sqf. in space, well over 5 times the size of the lot that is permitted. Therefore, he is seeking a permit that would allow him to build 8 times the lot area.
The developer is also seeking a waiver from a strict street-wall requirement.
The plans are about to wind their way through the uniform land use procedure, which includes a 60 day period for the community board to review the application and make a recommendation to the city planning commission. The borough president is also required to write a recommendation.
The uniform land use procedure is a seven month process.
If all goes to plan, the development will be completed by 2017.