Developer does affordable project to land building bonus

From left: Kasra Sanandaji, a rendering of 253 3rd Avenue and Kevin Maloney

From left: Kasra Sanandaji, a rendering of 253 3rd Avenue and Kevin Maloney

Development firm Apex Real Estate Investments is ready to swing the wrecking ball on Third Avenue in Gramercy to make way for an affordable housing project. The sweetener? The project will generate a 40,000 square-foot building bonus the fledgling firm plans to transfer to an as-yet undisclosed market-rate project on the East Side.

“We’re not building it for the economics of that project,” Apex founder and president Kas Sanandaji said of the 25-unit building planned to rise at 253-255 Third Avenue, where permits have been granted to demolish a pair of three-story buildings. “It’s just to get the bonus, which we can transfer anywhere in the community board.”

Sanandaji said the inclusionary housing bonus will generate an additional 40,000 square feet of development rights he plans to transfer to a market-rate development within the East Side’s Community Board 6, though declined to identify the site.

Apex is developing both projects with equity partner Kevin Maloney’s Property Markets Group. The team bought the Third Avenue site for $9.48 million in March. Sanandaji said groundbreaking is about two months away with a scheduled completion date near fall 2016.

This is the first ground-up development project for Apex, the firm Sanandaji launched in January after leaving the Lightstone Group where he had served as senior vice president of acquisitions and development. In addition to development Apex focuses on large-asset repositioning.

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The Wrap: “New frontier” East New York seeks rental gentrifiers, the coming of Queens’ own High Line … and more

Will Queens soon have its own version of the High Line?

Will Queens soon have its own version of the High Line?

1. “New frontier” East New York seeks rental gentrifiers [Gothamist]
2. Will Queens get its own High Line? [NYT]
3. Falling glass in Midtown injures three [Crain’s]
4. Kenneth “Babyface” Edmonds unloads four-story Turtle Bay home for $5M [NYP, 4th]
5. Starchitects: Urban godsend or curse? [NYT]
6. The most spectacular 1980s houses on the market [Curbed]
7. Elliman Development Marketing exec Horacio LeDon sells his pad for $3.15M [Release]

Julie Strickland

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Hamptons condo development brings low(er) cost home wave

From left: Harbor's Edge in Sag Harbor and Bishop's Pond in Southampton Village

From left: Harbor’s Edge in Sag Harbor and Bishop’s Pond in Southampton Village

A new wave of condo development is bringing the price of a home in the Hamptons more down to earth, if ever so slightly.

The complexes, which include the 15-unit Harbor’s Edge development in Sag Harbor, 69-residence Bishops Pond in Southampton Village and Sag Harbor’s converted Bulova watch factory, represent a dramatic departure from the standard residential projects dotting the area. These homes will also offer up shared amenities such as a pool and gym.

“The Hamptons is known for all of its multi-, multi-million-dollar, record-breaking $100 million sales,” Douglas Elliman broker John Gomes told the New York Daily News. “These people are rich, but they’re not $100 million rich.”

Most buyers in these new condo projects are either first-time Hamptons homebuyers seeking low-maintenance living at reasonable prices or baby boomers who have had enough of the work involved in maintaining a single-family home on its own lot of land.

Such projects are also unusual because Hamptons municipalities are reluctant to approve such mass condo developments in the first place, fearing the disruption of quaint towns dotted with bungalows and shingled homes.

“There’s a general perception that these condo communities are dense and representative of suburbia, so it’s hard to get this type of project approved,” David Dubb of the Beechwood Organization, which is developing Bishop’s Pond, told the Daily News. “But if you do, it’s likely to be a home run.” [NYDN]Julie Strickland

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