Friday, June 13, 2014

68-Story Luxury Tower, 13-Story Rentals to Rise on Cherry St

Extell Development is planning a large residential and commercial complex on the former Pathmark site at 227 Cherry Street in the Two Bridges neighborhood. The active developer is building a 68-story market-rate high-rise, as well as a 13-floor, 205-unit affordable building, which will stand next to the taller tower at 229 Cherry Street. Both buildings will be constructed above a mixed-use podium base with retail shops, bowling alley, a theater and parking.

The enormous 800-foot tower will dwarf any other structure in the immediate area and add hundreds of market-rate apartment to the Lower East Side’s residential inventory.

Extell recently completed demolition of the old Pathmark building on the waterfront lot between Rutgers and Pike Slips, and between Cherry Street and the FDR, which it purchased for $150 million in 2012.

Now, the first signs of Extell’s pans for the huge new residential and commercial complex are starting to emerge. 

There will actually be three parts to the project:
  • A “mixed-use podium base” consisting of apartments, retail and parking. It is being designed by Adamson Associates, a Canadian firm that has collaborated on many high profile New York City buildings, including the World Trade Center towers. 
  • A 68-story market rate luxury tower, also designed by Adamson.
  • A 205-unit low income housing rental tower by Dattner Architects
227 Cherry Street will become one of the largest residential towers in Lower Manhattan, measuring more than 1.2 million square feet.

The base will have a host of amenities, including a basketball court, a bowling alley, a squash room, a golf-simulator room, a theater, a dog spa, a human spa, a billiard room, a ping pong room, a rock-climbing room, a cross-fit room, a dance room, a wine and cigar room, a lap pool, a kiddie pool, and even a yoga room.

The features will be comprehensive.
In terms of square footage, the commercial components will take up 23,946 square feet, while the residential portion will measure 912,800 square feet. A total of 787 residential units are planned.

Apartments will begin on the 6th floor. There are 13 to 14 units per floor, except on the 68th floor, where seven larger apartments are planned.

Extell plans to participate in the city’s inclusionary housing program, which allows developers to increase the floor area of their projects in exchange for building affordable housing.

The company will also access tax exempt bonds and tax credits available to affordable housing developers, and seek 20-year tax abatement.

There will be 205 apartments, including 49 studios, 51 1-bedroom units and 105 2-bedroom units.

The apartments will be available to families earning 60% or below the area median income, with listed prices for studios at $833/month; 1-bedrooms at $895/month; and 2-bedrooms at $1082/month.

Extell purchased the Pathmark site for $150 million. The store closed in late 2012, a development met with widespread displeasure in the Two Bridges community. There is no plan to replace the Pathmark grocery store.

More information about the 68-story main building will be revealed at a public briefing next week.

Extell will meet with Community Board 3′s land use committee on June 18 at 6:30 p.m. at the Rutgers Community Center at 200 Madison Street.

Extell’s undertaking represents a major positive shift for the neighborhood, and will hopefully become a game-changer for the Lower East Side.

The entire project is scheduled for completion by 2019.

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