With the real estate market beginning to turnaround, it is safe to assume that new residential developments will be planned in the months to come. This holds true in many parts of the United States, including some of the biggest cities, such as New York.
Residential real estate is always hot in the Big Apple, as many people are interested in living in this city. For this reason, the planned expansion of the Blatt Billiards building south of Union Square is big news. This building was sold in May 2013 for $24 million dollars to IDM Capital. The company has not waited long to put a plan in effect, having officially filed documents to increase the height of the building by 199 feet. By doing so, ten stories will be added.
This residential development project is expected to cost $50 million. In addition to a modern glass-face, the building is expected to have approximately 22,000 square feet of space for commercial use.
Over the years, the building located at 809 Broadway has been home to a variety of companies. With a history dating back 126 years, it is only natural for people to be intrigued by what the building has to offer.
Since 1943, Blatt Billiards, one of the biggest pool table manufacturers in the world, has called the building home. The company has decided to relocate to New Jersey, paving the way for this state of the art residential development.
Big real estate deals such as this one often times require the assistance of a local, knowledgeable real estate attorney to ensure that a company's or individual's interests are protected.
Source: Curbed.com, "809 Broadway Owner to Construct Residential Tower" Rowley Amato, Nov. 03, 2013