Big Mixed-Use Development Planned for 470 Vanderbilt Avenue

A developer is planning once again to revamp the monolithic gray building at 470 Vanderbilt by adding retail space and building a gigantic mixed-use development next door. GFI Capital Resources Group wants to construct 376 residential units, 616,555 square feet of commercial space, and up to 397 underground parking spaces in the two-building complex. Community Board Two renewed the development’s ULURP-approved permits from 2009 on Wednesday night. The permits had expired because the project wasn’t built within four years.

GFI plans to convert 470 Vanderbilt’s ground floor to retail and fill in its interior courtyards, according to its 2009 proposal. Currently, it’s a 10-story loft building with office space and some community space, occupied by a school. The new 12-story mixed-use building will rise on a parking lot next door and include the 376 apartments, 85 of which will be affordable. It will also have 32,358 square feet of ground floor retail and a two-story underground parking garage.

470 Vanderbilt Coverage [Brownstoner] GMAP
Rendering by Goldstein Hill & West Architects via CityLand

5 Comment

  • Sweet! That building and that corner are sooo sad and boring. Can’t wait to see what kind of stuff we get in there!

  • 470 has been revamped, and according to the presentation last night, is about 90% rented to city agencies, the charter school and commercial offices (a tech company for one). The special permits relate only to the the construction of the residential building on the parking lot at the Fulton end of the property.

  • Why possibly would we need almost 400 more parking spaces in the neighborhood? Sounds like more an attempt to create spaces for the Barklay Center. Build them and they will come (drive) clogging our streets. The rest of it is fine…