The Big Five Developments Paving the Way
^I spy with my little eyes…a monster tower or five.
We’ve discussed it before but I have very strong feelings about the Lower-Lower East Side. And rightfully so. Within a few years, the Two Bridges area of the Lower East Side waterfront will look quite different from its current low-slung form. Thanks to the hasty planning of forward thinking developers, five new towers are blanketing the neighborhood with some mammoth shadows along with 700 affordable units. Two Bridges, lovingly sandwiched between the Manhattan and Brooklyn Bridges, has been routinely been making headlines; if not to announce electrifying development news than to voice stark opposition by those who have called this mostly low-rise and low-income neighborhood “home”. While some see ominous signs of gentrification on the horizon, such as Extell’s closing of an affordable supermarket in order to build 252 South Street, developers promise that the ostentatious growth of the neighborhood is genuinely meant to improve the quality of life for existing residents and new residents. Three of these developments are part of the Large Scale Residential Development area, which means they can be built as-of-right, so without approval from the city. In addition to the residential space, this wave of development will bring over 10,000 square feet of new commercial space to an area that previously has been quite short of such. Without further adieu, let’s take a gander and what’s on the map for the next great Manhattan neighborhood to invest in:
JDS Development’s 247 Cherry Street
This 900-foot, 77-story tower will
hold about 600 apartments, 150 of which will be permanently affordable. Unlike the Extell’s tower, the affordable units of 247 Cherry Street will be sprinkled throughout the tower. The building’s units will include studios, 1-beds, and 2-beds. Construction at the site will not begin for at least two years.
Starrett Corp’s 259 Clinton Street
This 62-story tower will house 732 apartments, 165 of those being affordable apartments. Further, 100 of these will likely be set aside for low-income seniors. 2,500 square feet of the project will be set aside for commercial space. The building will be located between Pier 42 and Pier 35 and constructed on a two-story podium. This will allow the first few floors to rise high enough to clear the ramp to the FDR Drive, which sits in front of the building. Starrett expects work on this tower to take about three years with ground breaking occurring in 2018.
Starrett Corp’s 238 South Street
The developer Starrett Corporation is in the rudimentary stages of planning this 60-story building with 740 apartments. The square footage would total around 620,000 square feet and would utilize floor area from an adjacent tax lot.
Extell’s One Manhattan Square
This 800-foot tall, 80-story modern glass Condo at 252 South Street is located on the edge of the Harbor, boasting unencumbered views, private gardens and over 100,000 square feet of indoor and outdoor amenities. The building is currently under construction and units have already hit the market
Sales starting at $1.91M for a one bed
L+M and CIM Group’s 260 South Street
The developers of L+M Development and the CIM Group are planning to build two 66-story towers with 1,400 apartments, of which about 350 will be affordable. The 1.1 million square foot building will be built on a site now used for parking and these parking spaces -part of the adjacent residential building – will be relocated in a lower level lot.