Tuesday, June 26, 2012
The plan for 5 Pointz
From Sunnyside Post:
The 5 Pointz graffiti warehouse is likely to be demolished by September 2013 and replaced by two apartment buildings if the property owner’s plans are approved.
Last Wednesday, David Wolkoff, whose family owns the Long Island City property, attended a land use committee meeting at Community Board 2 in Woodside to provide an “information presentation” on the proposed development.
He told the committee that he planned to erect two residential towers that would contain 1,000 rental units. 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.
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 will be rented at market rate, which is at about $30 per sqf., Wolkoff said.
The development will include walls that graffiti artists can use to display their art and there will be a small number of artist studios.