What's Happening?
A historic building in Murray Hill, originally the headquarters of the Kips Bay Brewing Company, has been converted into a residential development. The building, located at 650 First Avenue, has opened
a housing lottery for 28 mixed-income apartments. This transformation was undertaken by Lalezarian Properties, who purchased the building for $33.5 million in April 2023. The development now offers 111 residences, with units available for New Yorkers earning 40, 80, and 100 percent of the area median income. The apartments range from $940/month for studios to $3,290/month for two-bedroom units. The building, designed by Ismael Levya Architects, features a seven-story pre-war base with a new four-story glass addition, raising its height to 125 feet. The conversion includes modern amenities such as keyless entry, high ceilings, and stainless steel appliances.
Why It's Important?
This development is significant as it addresses the ongoing demand for affordable housing in New York City, particularly in desirable neighborhoods like Murray Hill. By converting a historic building into mixed-income housing, the project not only preserves a piece of the city's architectural history but also provides much-needed residential options for a diverse range of income levels. This initiative supports the city's broader efforts to increase affordable housing availability, which is crucial for maintaining economic diversity and preventing displacement in urban areas. The inclusion of modern amenities and proximity to public transit further enhances the appeal of these residences, potentially setting a precedent for similar projects in other parts of the city.
What's Next?
Applications for the housing lottery are open until February 18, 2026, providing an opportunity for eligible New Yorkers to secure affordable housing in a prime location. The success of this project could encourage further conversions of underutilized commercial spaces into residential properties, contributing to the city's housing goals. Stakeholders, including city planners and developers, may closely monitor the outcome of this lottery to assess the demand and feasibility of similar projects. Additionally, the integration of modern amenities and sustainable design elements in historic buildings could become a model for future urban development initiatives.
