It’s been crickets on the Oro 2 front for some time now—it’s been about 5 years since the original developer was talking seriously about building a companion tower on Gold Street to his first high-rise—and last month Massey Knakal had a listing for the sale of the “senior note collateralized by 313 Gold Street on behalf of lender.” Now, however, it looks like the whole development is up for grabs. Massey said it had no comment about the potential sale of the note. Here’s what a new Massey listing has to say:
“The subject property is a fully permitted development site with approved plans for a 250,237 GSF residential tower. The 170’ X 100’ site is on the corner of Gold & Johnson Streets with block-through access to Prince Street, three street exposures and Manhattan views. The site is in a C6-4 zone which allows a 12.0 FAR with bonus. There is no inclusionary housing requirement. A 15 year 421-a Tax Exemption was applied for & the site is expected to have full benefits. The plans call for a 35-story, 214-unit elevatored luxury apartment building including: 33 studio apartments, 135 1BR, 42 2BR & 4 3BR apartments. There is an opportunity to enlarge the tower to 325,649 GSF by executing a Purchase and Sale Agreement with NYC for 75,000 ZSF from the City’s adjoining police station. The air rights transfer has been approved through the City’s ULURP process, providing a “shovel ready” site, upon execution of the PSA. Through the purchase of the air rights, the building could be increased to 279,000 ZSF (325,649 GSF) with 296 units over 40 floors.”
Click through for a map showing all the possible development parcels. We’re not hearing anything about what sort of price is being sought.
Oro 2 Debt Up For Sale [Browstoner] GMAP
313 Gold Street [Massey Knakal]