The Lower East Side real estate market is taking off this year. People will be seeing several new developments in the area, from residential buildings to large scale projects and more. Both investors and residents are indeed looking forward for what 2013 and the years to come have to offer.
A New Path for the Lower East Side
The Lower East Side is having a surge of new developments. In March of the current year, a certain development company paid about $150 million for the site of a Pathmark store, together with the store’s long-term lease. The location is at 227 Cherry Street. The said firm is expected to build and create a high-rise residential tower on the site.
Expect to see more developments coming to the Lower East Side because of this.
Seward Park Development Project
A 1.65 million-square-foot project will be developed on nine different sites located on Delancey and Essex Streets. This is what they call as the Seward Park Mixed-Use Development Project. There are already a number of big companies that are expected to submit their own proposals for the said project.
The Fulfillment of an Old Promise
The Seward Park is believed to be the biggest piece of undeveloped city-owned land located at 96th Street. It has long been vacant since the government displaced more than 2,000 residents and bulldozed their homes in the year 1967. Yet, they failed to develop the site when the funding came up dry. In 1981 and 2003, there were attempts in developing the said site, however, these attempts remained unsuccessful.
The Mixed-Use Park
The Seward Park RFP of the city calls for 500 affordable and 500 market-rate housing units. At the same time, the project calls for 600,000 square feet dedicated for retail, hotel or office space. Included on the project is the plan for a revamped and bigger Essex Street Market.
A 12-Story Residential Tower
On the smaller scale, the Lower East Side is also getting a new 12-story residential tower. The building covers an area of 44,000 square feet and it comes with 38 units. It is located at 100 Norfolk Street. A Brooklyn-based developer bought the property in 2013 for an amount of $8.8 million. According to the architect of the project, the building will have a cantilevered design which will stand over the adjacent low-rise buildings. It will look more like an inverted wedding cake.
Other Developments for Lower East Side
At the end of 2013, investors and boutique hotelier bought a site located at 215 Chrystie Street for an amount of $50 million. The new owners plan to build yet another 25-story tower. The first 17 floors of the building will be dedicated to a Public brand hotel, while the remaining floors will serve as residential space.
What more can people possibly want for the Lower East Side?