Owner Jerry Wolkoff has allowed street artists to create art on the walls of the former warehouse in Long Island since 1993. Marlon Bishop for WNYC reported Wolkoff intends to submit formal redevelopment plans for the $350 project within two weeks. In addition to the residential buildings and commercial spaces, the plans include studio spaces for artists and a wall for graffiti artists to use.A response from Meres (Jonathan Cohen) who runs 5 Pointz:
“The recently announced development plans to convert 5 Pointz into a high-rise residential tower and luxury shopping mall came as a great surprise to us all. We wish we could answer all of your questions and concerns right now but the truth is we were just as surprised by the news as everybody else. Over the past decade Jerry Wolkoff has given us the opportunity to transform the warehouse at Jackson and Crane into 5 Pointz known to you all as the graffiti Mecca, a spot Jerry himself has referred to as a great place.
All we can do right now is sit tight and prepare for the new season, we have walls to fix and materials to acquire in order to welcome you all for our re-opening.”