We are pleased to share an update on the 30 Bushwick development project.
The foundation work has been approved by the Building Department, and the developer has signed the final agreement with the general contractor.
In the meantime, the team has completed the installation of scaffolding and removal of asbestos and all existing utilities. Access agreements with the connecting neighbors have also been completed.
Demolition of the existing building is being performed on a floor-by-floor basis and is expected to be completed in October.
The developer expects to complete the acquisition of the Inclusionary Air Rights in the coming weeks. Once this acquisition is complete, we will be able to obtain final approval from the City for the remainder of the building, and subsequently receive the remainder of the construction loan with DR Bank.