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20-Story Building Planned on Davis Street Across 5Pointz Development Site

45-31 Davis St. as pictured in July 2018 (Google Maps)

Feb. 5, 2019 By Nathaly Pesantez

Yet another new development will be taking shape in Court Square after a developer recently filed plans for a 20-story building on Davis Street immediately adjacent to the former 5Pointz complex, where two large towers are underway.

The new project, filed by Ascent Development, is planned for 45-31 Davis St., a site that today sees a one-story warehouse in a lot spanning 8,300 square feet.

The bulk of the proposed building, totaling more than 76,000 square feet, is made up of residential units and accompanying amenities. Floors three through 20 would see a combined 92 apartments, with terraces, a yoga and fitness studio, lounge and playroom also worked into building plans.

While Ascent Development’s Feb. 1 filing lists only the 45-31 Davis St. location for the project, the developer has recently closed on purchases for lots adjacent to the address, indicating that the building will likely go beyond the confines of the listed lot.

The developer, listed under “Pearson/Davis Owner LLC,” purchased 45-24 Pearson St. and 45-25 Davis St.—two lots stretching through a city block—for a combined $6.45 million in mid-January. Two years before that, the developer also purchased 45-30 Pearson St., the site of a three-story home.

All purchases were brokered by Marcus and Millichap, with the 45-31 Davis St. site hitting the market in 2015 for $13.25 million. It is unclear, however, how much Ascent Development paid for the parcel.

Ascent Development, which has a portfolio that includes The Jackson and The Powerhouse, said through a spokesperson that the project is still in its very early stages, and could not answer specific questions on its parameters and timeline.

“45-31 Davis St. is a new residential project developed by Ascent Development, marketed by Modern Spaces and designed by Marvel,” a spokesperson said.

The 20-story project follows plans filed on the same block last year for a nine-story, 158-unit building by the Vorea Group.

G&M Realty’s two-tower development at the former 5Pointz complex, under construction at 22-44 Jackson Ave. since 2014, is steadily nearing completion. The 41 and 48-story rental towers are expected to debut this year, according to reports.

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3 Comments

Abby

Hopefully, the building will be a well thought out design and not another cheapzo glass wrapper of a building that looks like a bad bank building from the past that landed in the future like the one that’s under construction at the corner of Jackson & Thomson Ave.

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MRLIC

Great news! “More luxury condos” I always say. I just hope the billionaire developers like Trump get their fair share. Much better than when 5 Pointz was still around filling LIC with “character” and “art” like the pink bubblegum statue. Hillary’s emails.

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