Tie Baron Seeks To Build 5-Story Retail Development On Kings Highway, East 16th Street
A real estate management company linked to the owner of one of the city’s leading necktie manufacturers and wholesalers has taken over a swath of Kings Highway real estate, with plans to redevelop the property into a five-story retail and office development.
Several stores on the northern side of the corridor, from East 16th Street to East 17th Street, have shuttered in recent months, including the area’s McDonald’s restaurant. The building appears to still be owned by Kingsway Realty, according to city records, which has had its name inscribed on the facade since taking over the property in 1973.
Now plans are being considered by the Department of Buildings to tear down the two-story structure occupying the 17,880-square-foot lot, originally built in 1930, and replace it with a brand new facility, anchored by two floors of retail shopping and three floors of office space.
The building is being designed by the architectural firm of Murdock Solon. Renderings on their website show an ultra-modern design, featuring large bulked-out windows, a patterned facade and setbacks with rooftop gardens to be viewed by the office workers on the upper levels.
With escalators drawn into the middle of the retail space, it appears the developer may be aiming to attract a large retail tenant to occupy the bulk of the space.
There is parking for 25 vehicles and five bicycles in the basement level of the property, according to documents submitted to the DOB. The new building will stand 79 feet tall, and have 67,355 square-feet of space.
Although Kingsway appears to still be the owner of the property according to ACRIS, the online database of the City Register, the plans were submitted to the DOB on behalf of Lake Realty Inc., naming Walter Schik as the officer.
Schik is an Austrian-Jewish immigrant who fled Nazi persecution. Resettled in New York, he founded Bentley Cravats in 1947, which manufactures neckties, bow ties and other neckware.
Lake Realty Management LLC, which appears to be the official name of the company as registered with the state, manages a handful of properties in Brooklyn and Manhattan, including a nearby apartment building at 1233 East 19th Street.
Calls to Schik’s office were not returned.
The plans for the new five-story building were rejected in March, with the Department of Buildings stating that the drawings were incomplete. Calls to Murdock Solon for a status update were not returned.
Photos via Murdock Solon.
