A massive new commercial complex is slated for development along the far-flung Red Hook waterfront, with plans for nearly an entire city block to be devoured for the purpose.
According to New York YIMBY, Est4te Four has been quietly accruing properties along Coffey, Ferris and Wolcott Streets to New York Harbor since 2012, with plans to develop 1.1 million square feet of future office space as well as a waterfront promenade, to be designed by architecture firm NBBJ.
For everyone sick of watching soulless glass condos rise like weeds around the city, the good news is that the property is not zoned for residential use. Still, YIMBY points out that the project is still largely speculative: This particular patch of Red Hook is situated more than a mile from the closest subway station, which doesn't make it an especially appealing prospect to many financiers. So far, Est4ate Four has sunk nearly $45 million on the land.
On the other hand, Est4ate Four did successfully execute a luxury condo development at 160 Imlay, 70 percent of which sold within a month of being placed on the market. Will Red Hook become the next DUMBO? We'll have to stay tuned.
(New York YIMBY)
