Historic Bathhouse at Jacob Riis Park to Be Restored to Its Former Glory as Large Scale Preservation Project Begins
Edited by: TJVNews.com
It looks like the historic bathhouse at Jacob Riis Park in Queens is getting a makeover. It was recently reported on the rockawave.com web site that on Tuesday, March 28th, CBSK Developers, Brooklyn Bazaar, and Aulder Capital closed on $47.5 million in financing for the rehabilitation of the architectural gem.
The report indicated that the bathhouse, built in 1932, had been underutilized for the last 50 years but the large-scale preservation project will restore the building to its former glory and transform the waterfront into an active hub with new restaurants, a bar, a pool, event spaces, and 28 hotel rooms
The rockawave.com web site indicated that the financing for the restoration project will come from Procida Funding and Advisors who will provide a $32.5 million construction loan and Foss & Company will provide a $15 million historic tax credit equity investment.
According to the report on the rockawave.com web site, Queens Borough President Donovan Richards, Jr. said on Tuesday, “Today’s closing is a major step forward toward the revitalization and rejuvenation of the iconic Jacob Riis Bathhouse.”
He added that, “The restoration of this historic art deco structure is emblematic of the Rockaway Peninsula’s continuing recovery from the devastating impact of Hurricane Sandy and is a symbol of the brighter future we are creating for the Rockaways, its residents, and its many visitors. I look forward to starting this restoration, and I can’t wait to visit this amazing structure once the work is finished.”
Assemblywoman Pheffer Amato said, “The revitalization of the bathhouse will bring new jobs, commerce, and entertainment to the Peninsula. This is a huge step for ‘The People’s Beach’ and an amazing new chapter for our community. I cannot wait to see the finished project and want to thank the project developers and everyone involved for their vision and work,” as was reported on the rockawave.com web site.
The rockawave.com web site also reported that New York City Councilwoman Joann Ariola said, “Every year, we are seeing more and more investment into the Rockaway peninsula – an investment that is helping to restore the area to its former position as a premier summertime destination.”
She added that, “This revitalization at the Riis Park Bathhouse is a major step forward towards that goal of restoring Rockaway to its former vacation destination glory, and I can’t wait to see what kind of opportunity this will no doubt bring to the residents of the area.”
Scott Shnay who represents CBSK said, “Our vision for this project centers on preserving the storied past of the Jacob Riis Park bathhouse while revitalizing it to serve today’s beachgoers, and this closing milestone brings us one step closer to achieving that goal, “ as was reported by the rockawave.com web site.
“The building has been an iconic landmark on the Queens’ waterfront for decades and our restoration plan for the bathhouse will transform it into a modern beachfront hub, complete with a full range of amenities for the public. We look forward to work getting underway and unveiling a new summertime destination for New Yorkers and visitors to enjoy,” he added.
Aaron Broudo and Belvy Klein, the co-founders of Brooklyn Bazaar said, “After years of working in the Rockaways alongside this resilient community, we are thrilled to see our plan for revitalizing the bathhouse at Jacob Riis Park move forward,” according to the report on the rockawave.com web site,
They added that, “This building sits on one of the most treasured stretches of beachfront in the city and our vision will realize its full potential by adding new uses, from exciting dining options to beach concessions, all while preserving the historic elements of the structure. Thank you to our elected officials for their unwavering support, and to our community and project partners for their help in getting this project off the ground.”
The rockawave.com web site also reported that Brian Foley, a partner at Procida Funding and Advisors said, “The overhaul of the historic bathhouse will restore a beloved beachfront institution, and we are very excited to work with such an experienced team on this transformative project. He added that, “Now that we have put together the capital, we look forward to work getting underway.”
The team at law firm Cole Schotz advised 100 Mile Fund, established by Procida Funding, on the $32.5 million construction loan for the project. The Cole Schotz team was led by Real Estate group members, Leo Leyva, Chris Caslin, Danielle Pasquariello, and associate, Zach Alsharif, as was reported by the rockawave.com web site.
The rockawave.com web site also reported that “this extensive overhaul will breathe new life into the historic bathhouse, starting with a full restoration of the building’s landmarked façade, windows, and turrets. The project will also bring back many of the bathhouse’s original features – it was once home to two restaurants, a cafeteria, and numerous concession stands. The restoration will add a range of similar amenities for the public, including a rooftop restaurant, ground-floor eateries, a casual beachfront bar, and retailers stocking beach supplies like sunblock and towels. The project also includes 28 hotel rooms, a catering hall, and multiple event spaces. In the building’s outdoor courtyard, there will be a new pool and lounge area. Plans for the project underwent careful review by New York’s State Historic Preservation Office (SHPO) and will preserve the building’s famed Byzantine, Moorish, and Moderne influences.”