5Pointz, the living graffiti museum in Long Island City on Jackson Avenue right across from PS1, occupies an entire block of increasingly valuable real estate, and owner Jerry Wolkoff is about to cash in big-time, to the tune of 1,300 luxury rental apartments. Yesterday he told the Daily News that he’d been in talks with the city about putting up two high-rise apartment towers in place of the street art haven. Details of the plan are still being worked out, but Wolkoff plans to file a proposal within the next two weeks. Twenty years of New York City graffiti history about to go up in expensive housing. (Curbed, Gothamist, Photo)
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