Taconic Partners, on August 12, filed a permit application for the demolition of a 34,000-square-foot retail building at 410 West 207th Street in Inwood, in Upper Manhattan.
Taconic as tenant signed a ground lease amendment for the 60,000-square-foot lot in late 2018, valued at $24.5 million, with the property landlord Arnold Gumowitz. The 99-year lease was originally signed in 2013 between the grocer Atlantic & Pacific Tea Company and the landlord, but A&P filed for bankruptcy.
The Real Deal reported in early 2016 that Taconic initially obtained a stake in the property in late 2015, when it acquired a lease valued at $341,355 in a partnership with Cogswell-Lee Development Group stemming from the Atlantic & Pacific Tea Company’s bankruptcy. At that time the developers planned to construct a retail hub at the site. Per the report, the site’s 46,000-square-foot parking lot has the potential for a 240,000-square-foot residential development.
While no new building plans have been filed yet, Taconic plans to develop a mixed-use residential building with over 700 mixed-income apartments plus ground floor retail at the site, according to the developer’s website. According to the description provided by the developer, the project has been halted while they wait for a proposed rezoning of the area that would allow for the development of 700,000 gross square feet, with over 700 units of housing, and 80,000 gross square feet of ground floor retail at the site.
The City Council approved Inwood’s rezoning in August of 2018, before the decision was challenged in court. Last fall the state’s highest court rejected a community coalition’s attempt to appeal the rezoning decision, per reports.
The plans call for the demolition of a single-story structure.
The project is described in the filings as: full demolition of one-story structure using hand held and mechanical means to assist with removal of structure.
Direct link to Acris document. LINK
Direct link to DOB document. LINK