The Real Deal New York

Jonathan Miller makes case for LES 1,000-unit rental development

January 24, 2011 01:35PM

The proposed Seward Park Urban Renewal Area project, which would bring roughly 1,000 new rental apartments to Delancey, Broome and Grand streets by the entrance of the Williamsburg Bridge, has drawn ire from community advocates who fear it could change the face of the Lower East Side. But while the massive development’s effect on the neighborhood character is up for debate, appraiser Jonathan Miller of Miller Samuel said that the proposed development, known as SPURA, will unquestionably raise property values. Miller told neighborhood blog the Lo-Down that while “there’s no right or wrong answer to whether this kind of development is a good thing,” the project would be a boon to existing homeowners in the area. “Generally, whenever you have a project like this come into a neighborhood, property values go up,” Miller said of the development, which would allocate half its apartments for low-, middle- and moderate-income families, as well as senior citizens. “Newer housing stock of more superior quality than existing stock is going to be more expensive,” Miller said. “And that tends to help — certainly not hurt — properties in the vicinity.” [The Lo-Down]

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