5 Pointz, New York City's graffiti mecca, is finally and officially set for demolition. Two large apartment complexes will take its place.
The New York City Council unanimously approved the plan for the $400 million project on Wednesday. The owner of 5 Pointz is Jerry Wolkoff, who submitted formal redevelopment plans in 2011.
G&M Realty will construct the apartment complexes, which will consist of 1,000 total units. In a statement, the council said they could not save the site because it is privately owned.
Local residents will be given priority to live in the 210 affordable housing options inside the complex. The initial development plan put forth in April from G&M Realty called for no affordable units. That plan was rejected, prompting the Wolkoff family to offer up 75 affordable units. Councilman Jimmy Van Bramer and the Wolkoffs decided to increase that number to 210 affordable units last week.
The two apartment complexes, one planned at 47 stories and another at 41 stories, will also have 20 artist studios and some gallery space, which will take up approximately 12,000 square feet. The builders intend to incorporate artist panels for the 5 Pointz graffiti group to curate.
The 5 Pointz warehouse currently clocks in at 200,000 square feet with 200 artist studios. Wolkoff has allowed artists to create and exhibit art on the premises since 1993 and critics are distraught about losing this iconic piece of New York City history.