In regards to the above reference to Manhattan, I both agree and disagree.
On the infill side, yes I agree, we need more of this. Maybe not in this exact location, as the King/John intersection is already insane, but more of this in general.
On the other hand, it is buildings just like the current existing heritage one that line the neighbourhoods of Chelsea and the Lower East Side that make those areas as charming and valuable as they are. So if one were to fix it up, but retain the structue, it would also be an example of "Manhattanization", just another kind.