Excel Development Revives Kips Bay Multifamily Project After Eight-Year Pause

Excitement brews as the long-awaited mixed-use development in Kips Bay gets a renewed lease on life. Excel Development, a prominent real estate firm based in Forest Hills, has taken the plunge by filing demolition permits with the Department of Buildings for 339-345 E. 33rd St. This ambitious project, spanning approximately 133,000 square feet, promises a vibrant blend of residential and commercial spaces.

As revealed in city filings from 2019, the development aims to offer 155 inviting residential units, with a delightful mix of 115 market-rate homes and 40 affordable accommodation options. The meticulously designed structure is set to stretch 23 stories high, standing tall at 235 feet. Excel Development seized the opportunity to leverage the now-expired 421-a affordable housing tax break, placing this project at the forefront of innovative community-driven initiatives.

A Stagnant Project: The Elusive Plans of Excel Corporation

Despite years passing by, Excel Corporation has made little to no progress on its project, leaving many in the dark about their intentions for the site. As of press time, there has been no response from Excel regarding their plans. These four multifamily buildings, towering between 40 and 50 feet, cover a combined area of approximately 16,000 square feet with a total of 41 residential units. However, according to city records, only 11 of these units are currently occupied.

Examining the property records, it is revealed that Excel purchased 339-341 E. 33rd St. for a substantial sum of $9.2 million in March 2016. Additionally, reports suggest that the firm acquired 343 E. 33rd in September 2015 for $5.9 million and 345 E. 33rd in December 2018 for $11.2 million, despite the absence of these transactions in the property records.

A Visionary Developer's Journey Unveiled

The story of Excel, a pioneering development firm, unveils a series of ventures that redefine the urban landscape. Led by the visionary developer Michael Heletz, Excel has left an indelible mark through its remarkable projects. Among them are the remarkable Vernon Tower in Astoria, a magnificent 103-unit masterpiece, and the Throopkin Kollection, a collection of five exquisite designer townhouses on Kosciuszko Street in Bedford-Stuyvesant.

The journey continues as Excel sets its sights on new horizons. Last year, the firm revealed its plans for a transformative residential project at 539 W. 54th St., which will encompass the former home of St. Ambrose's Church and Centro Maria, a cherished women's residence in Hell's Kitchen. This endeavor promises to merge history and innovation, offering 71 truly exceptional living spaces.

Excel's commitment to progress leads us to their latest endeavor. Nestled in the vibrant Midtown East, an exciting project is underway. While specific details remain undisclosed, anticipation builds for yet another groundbreaking creation from this renowned developer.

A New Era for Manhattan Real Estate?

In the wake of the pandemic, the real estate landscape in Manhattan has experienced a significant slowdown. However, amidst the decline, one developer remains steadfast in their commitment to a groundbreaking project. Excel, a renowned real estate company, has plans to move forward with a large-scale multifamily project, defying the prevailing trend of caution. While developers filed plans for only 28 projects with over 100 units in 2023, down from the previous year's 129, Excel's determination to forge ahead is indeed remarkable.