What will actually happen to the former Capital One Building at 856 Washington

laddhalsey

Just in from Brownstoner:  The building was purchased by Slate Property Group for a few million.  The companies portfolio is linked to in the article.

http://www.brownstoner.com/blog/2015/01/former-capital-one-branch-on-washington-avenue-sells-for-6-5-million/

ehgee

They have developed some tasteful buildings, and just finished a project to expand an existing building:
http://ny.curbed.com/archives/2013/05/08/coming_attractions.php
http://ny.curbed.com/archives/2015/01/22/odadesigned_51_jay_street_hits_the_market_starting_at_875k.php
That is a hopeful sign.

laddhalsey

ehgee: I thought the same thing. Some yucky ones too but I'm even a fan of the crazy step-back building planned for 4th Ave in Park Slope to replace the McDonalds.

whynot_31

Yup, Slate Property Group is the entity that was shopping for residential financing that I discussed above.

whynot_31

I can now make an additional disclosure:

Property owners on Lincoln Place are being approached by representatives from Slate regarding the purchase of air rights.

If successful, this would be mean that Slate could amass rights that would allow it to build a larger building than @wbm calculated.

Don't know what air rights are?    This article will give you a rough idea: http://www.nytimes.com/2013/02/24/realestate/the-great-race-for-manhattan-air-rights.html?pagewanted=all&_r=0

laddhalsey

I've been on the nice roof deck at 400 Lincoln Place. I suppose They wouldn't lose their nice view of Manhattan, if they sold air rights. They stand to gain a little canopy provided by the hulking Slate Property next door.

laddhalsey

It is a grand plan for great views. Manhattan on one side, Botanical Garden and Museum on the other.

whynot_31

I have been on the roof of nearby Turner Towers (135 Eastern Parkway).

The view was amazing, and the top of the Slate building would be as high or a little higher.

Bob_Loblaw

A company called Valyrian Capital is saying they are the new owner and that they plan to put up a mixed
use luxury condominium that "will
consist of a 13-story structure containing 17 condominium units and 1
retail unit totaling roughly 50,000 square feet" - see  http://valyriancapital.imageworksllc.com/current-projects

Does anyone know this company or what connection they have to Slate Property Group?  And how can they put 50,000 square feet into 13 stories?  Does buying air rights mean that they don't have to comply with the rules about setbacks, FAR, and lot coverage?

whynot_31

"Valyrian acquired this development site in 2014. Plans call for a mixed use luxury condominium in Prospect Heights, Brooklyn. The Building will consist of a 13-story structure containing 17 condominium units and 1 retail unit totaling roughly 50,000 square feet. The building will feature modern finishes, high ceilings, and abundant amenities including a part-time doorman, gym, roof deck, package room, and a laundry room in each unit. Units on floors 7-13, will benefit from unobstructed views of Prospect Park and the Manhattan skyline"

@bob_loblaw -
When one buys the air rights of an adjacent property, the two lots become "one lot" for development purposes. Then, one can use the air rights "as of right".

One can count the building that isn't being used toward setbacks required.

This document discusses it under Development Rights and refers to the merger as a Zoning Lot Merger:

http://www.nyc.gov/html/dcp/html/zone/glossary.shtml

Slightly related: Wow, those are going to be some nice condos.

southeast

The lot area is 6,604 sq ft (50' x 127.75') x 60% lot coverage x 13 stories = ~ 50,000.  The calculated FAR is 7.57.  They are likely using air rights to get this much FAR.

goldemi1

Can someone explain in my laymens terms what this means?  i.e. will the main facade be destroyed?  I'm kinda fine if its kept, and condos built atop and around, as long as its kept.  Maybe something (this?) will be a catalyst for the killing of one of the big space markets on washington to make way for a nicer place like trader joes or something better.

whynot_31

@goldemi1 -
Above, I was not optimistic:

Given that this building is presently surrounded by existing buildings on three sides, I find it really hard to imagine that the developer is going to save the facade AND create a 39k sq ft residential building.

Now that the building will be 50,000 sq ft and 13 floors high, I continue to be skeptical that it would be fiscally possible to somehow create a foundation for that large of a building while maintaining the facade.

I wonder how much it would cost to remove the facade and then rebuild it after construction was finished....

ehgee

It isn't unprecedented to reuse facade elements, though I would reckon most of today's construction companies are tragically unskilled in such work.

whynot_31

I suspect it would cut into their profit margins too much.   

IE   The condo owners who will live in the building and the business that will occupy the first floor won't be willing to pay the costs required to preserve the facade to the degree that it provides a nice short term profit to the developer.  

eastbloc

Most of the facade elements that get reused seem to be to save cost on a fancy new pointing while perhaps retaining some original element.

I'm very curious how the major-alt on the carriage house on Sterling and Washington is going to go.  They preserved a very ho-hum facade while tearing down the rest of the building.  

That particular one is interesting because two doors over, there's a carriage house being sold as-is for an exorbitant sum ($2.5m)

http://streeteasy.com/building/474-sterling-place-brooklyn/twhse

It's twin 482 is the one that's getting a full make-over (make-under?) while keeping the facade.  It sold for what at the time I thought was a crazy price of $1.3m.

http://www.corcoran.com/nyc/Listings/Display/1906607

whynot_31

The one that is saving the ho-hum facade may be doing so to qualify as an "alteration", as opposed to a new building.    (I'm too lazy to verify that statement)

There are some lovely spaces being created inside of those old buildings.

eastbloc

You may be right.  I'm not sure the facade alone qualifies the site for "alteration", but they may also be saving the front wall.  Anyway, there's no more "inside" of that building.

There was a major alt two doors down from me that left one party wall intact and built a Fedders.  This building will meet a better fate.

whynot_31

A company called Valyrian Capital is saying they are the new owner and that they plan to put up a mixed
use luxury condominium that "will
consist of a 13-story structure containing 17 condominium units and 1
retail unit totaling roughly 50,000 square feet" - see  http://valyriancapital.imageworksllc.com/current-projects

That description no longer appears on their website. Now this description appears, without stating the address:

"Valyrian acquired this site in 2014. Plans call for a mixed use luxury condominium in Brooklyn. The building will feature modern finishes, high ceilings, and abundant amenities including a part-time doorman, gym, roof deck, package room, and a laundry room in each unit"

I suppose they could have sold the bank site and are now discussing a different site, but I suspect they are talking about the same site. There is a crude rendering up, which seems to match the shape of the lot.

http://valyriancapital.imageworksllc.com/current-projects

No demolition permit on file yet: http://a810-bisweb.nyc.gov/bisweb/PermitsInProcessIssuedByBinServlet?requestid=1&allbin=3029639

whynot_31

crude rendering:


I'm assuming there would be no windows on the left and right sides of the building, until it rose above the adjacent buildings.

So, let's imagine a glass front and solid sides until we get above the 6th floor on the south side.

notsayin

Is it me or does that wireframe look like a lot less than 13 floors?

whynot_31

It isn't just you.

My resulting thought is maybe they decided not to buy those air rights afterall.

whynot_31

Today, I went in search of a new rendering.   However, I only determined that the website for Valyrian Capital is gone.     It seems to be an LLC formed in CT.

http://www.bizapedia.com/ct/VALYRIAN-CAPITAL-LLC.html

I suspect it won't be long before we learn more.   Someone will file for a demolition permit, or something.

laddhalsey

I noted that this morning a generator seemed to be hooked to a long cord going into the old Bank and then a little later there were large trucks with special equipment parked outside,  workers walking around inside.  Any word on a Demo permit filed?   

whynot_31

No demo permit on file: http://a810-bisweb.nyc.gov/bisweb/PermitsInProcessIssuedByBinServlet?requestid=1&allbin=3029639

They might be removing items of value before they get the demo permit.

...demo permits are needed for removing structural elements.

whynot_31

"special equipment"

A soil boring machine has arrived. It takes soil samples, which are then measured for density and toxins.     

People at the DOB and engineers then look at said results.

One needs to do such things before one gets financing and permits.

goldemi1

whynot, your rendering doesnt seem to actually show the original bank facade in it.  do you think they're going to destroy the whole structure and rebuild?  i really hoped it was landmarked and would be preserved even if a sh.tty glass structure was built on top.

whynot_31

This structure is not landmarked. I do not believe any part of it will be kept.

southoftheparkway

whynot, what makes you believe that? I'm not saying it's not possible, the building isn't landmarked, but Im not so sure it isn't being fitted for some sort of repurposing. I stopped by yesterday, they are doing drilling (I assume repair) work to the foundation. I spoke with one of the workers he didn't speak much English but I asked if they were tearing it down and he said no.
anyway we will have to wait and see , I'm certainly hoping this beautiful structure stays standing...

whynot_31

The guy you spoke with is likely right: He and his team isn't tearing it down.

However, I've reached the conclusion it will be torn down by someone else.

My conclusion is based on what I and others have posted up thread, as well as the amount the property sold for.

Who knows, maybe someone has since purchased it. I suppose it is POSSIBLE someone has recently bought this building, complete with its allowed 40k BSF, and then decided to keep the existing 20k SF to run a business.

....I just don't think it is LIKELY based on the posts above.

BTW, this building seems to have opened as a bank on June 17, 1928.
See bottom right: http://bklyn.newspapers.com/image/57556087/

It has had a great run.