The Real Deal New York

Community board committees favor Carlyle’s plan for Riverside apartments

August 23, 2012 06:00PM

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Gary Barnett and a rendering of Building 2 (credit: Curbed)

The first of five buildings of the Riverside Center development will have both affordable and market-rate housing atop a four-story school. DNAinfo reported that Carlyle Realty Partners’ plan for the tower was approved this week by three committees of Community Board 7 and needs only a full CB7 vote, scheduled for September, before it can begin construction.

If approved, construction on this building — known as Building 2 — will begin in November.

The building will house a total of 616 units, one-fifth of which will be affordable with costs ranging from $529 for a studio to $1,009 for a three-bedroom apartment. To qualify, families need to earn between 40 and 50 percent of the city’s annual median income, falling well within the 80 percent requirement agreed upon earlier. The four-story elementary or junior high school, reportedly the first new school on the Upper West Side in decades, will comprise 100,000 square feet.

Carlyle is developing the 2,500-unit residential project with Extell Development — they both expect to fetch $30 million from Building 2. Earlier this year they had looked to sell the first two towers to put the onus of affordable building on another party. DNAinfo said Dermot Realty Management also had a stake in this project.

As previously reported, the five-building complex is also slated to include a cinema, office space and parking. The project runs from 59th to 61st streets and from Riverside Boulevard to the West Side Highway. [DNAinfo] – Zachary Kussin

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