BY THE NUMBERS
The Lower East Side lowdown Compiled by Evan Bleier
A new ‘path’
Seward — at long last
Old promises fulfilled
A mixed (use) bag
Wedding cakewalk
Schrager goes Downtown
Residential renaissance An illustrative sketch from the city of Broome Street, showing the potential redesign of the Seward Park project.
The Lower East Side is seeing a surge of new development. In March, Extell Development paid nearly $150 million for the site of a now-shuttered Pathmark store at 227 Cherry Street along with the store’s longterm lease. The firm is expected to build a high-rise residential rental tower on the site. (The Lo-Down)
Bids for the LES’s six-acre, 1.65 million-square-foot Seward Park Mixed-Use Development Project — which will be developed on nine sites located on Delancey and Essex streets — are due this month. The Related Companies, Forest City Ratner, Edward J. Minskoff Equities, AvalonBay Communities and the Gotham Organization are among the big-ticket developers expected to submit proposals. (New York Times)
Seward Park, the largest piece of undeveloped city-owned land south of 96th Street, has been vacant since the city displaced 2,000 residents and bulldozed their homes in 1967, and then failed to develop the site when funding dried up. Later attempts to develop the site, in 1981 and 2003, were unsuccessful. (New York Times)
The city’s Seward Park RFP calls for 500 affordable and 500 market-rate housing units units. The project also calls for about 600,000 square feet of retail and a hotel or office space. Plans for a revamped (and bigger) Essex Street Market are also part of the project. (New York Times)
On a smaller scale, the LES is getting a new 12-story, 44,000-squarefoot, 38-unit residential building at 100 Norfolk Street. Brooklynbased developer Urban-Scape purchased the property from Forest City Ratner in 2012 for $8.8 million. ODA Architecture, the project’s architect, said the building’s cantilevered design will rise “over the adjacent low-rise buildings like an inverted wedding cake.”
At the end of last year, investors including Steve Witkoff (pictured) and boutique hotelier Ian Schrager purchased a site at 215 Chrystie Street for $50 million from a group led by landlord Rubin Schron. The new owners plan on building a 25-story tower,, with the first 17 floors devoted to a Public brand hotel and the remaining floors serving as residential space. (WSJ & TRD)
Adding to the LES’s residential stock in recent years has been the construction of a 25-unit condo 50 Orchard Street (2007), the 243-unit rental Ludlow (2008), the 27-unit condo 55 Hester Street (2010) and the 24-unit condo 115 Norfolk Street (2010). Meanwhile, so far in 2013, 54 residential deals have closed at an average price of about $521,000. (StreetEasy)
TraNquiliTy Zephyr Cove, nevada $75,000,000 Referral Agent: eAST SIde mAnhATTAn BRokeRAge Nikki Field | 212.606.7669 | nikkifield.com For more information: SIeRRA SoTheBy’S InTeRnATIonAl ReAlTy COMPILED BY YAFFI SPODEK Jean Merkelbach | 775.901.0704 | jean@dhsir.com This advertisement does not suggest that the broker has a listing or has done a transaction in this property or properties. Sotheby’s International Realty (SIR) advertises this property as a referring agent only, and SIR does so with the consent of the listing broker. SIR will be referring buyers to the seller or local listing broker for the property who will provide information about the property and negotiate any agreements for the purchase of this property. Any information provided by SIR about the property was provided to SIR by the seller or local listing broker and has not been verified by SIR. Buyers should consult with their legal counsel or local real estate professional concerning the property or any resultant transaction.
20 May 2013 www.TheRealDeal.com
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