The Real Deal New York

Posts Tagged ‘spura’

  • chin

    Margaret Chin and SPURA rendering

    City Council member Margaret Chin is pushing for a parking garage to be included again in plans for the Lower East Side affordable housing redevelopment project.

    The land-use division of City Council said the garage site on Ludlow Street near Rivington Street could be developed into a 90-unit apartment building. The city planned to develop nine neighborhood sites into 1,000 housing units, including about 500 units of affordable housing and 250,000 square feet of commercial space in a zone known as the Seward Park Urban Renewal Area. [more]

  • 174-delancey

    174 Delancey Street (Credit: Trulia)

    A Lower East Side mixed-use property has hit the market for nearly $8 million, a price lifted by a public-private redevelopment project planned for the neighborhood, Bowery Boogie reported.

    The two five-story buildings at 174 Delancey Street contain 22 studio apartments, two retail spaces and more than 5,400 square of air rights. Platinum Properties has the listing for the buildings, both owned by Adam Daniels of A.D. Real Estate Investors. [more]

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  • A rendering of Seward Park

    A rendering of Seward Park

    From the June issue: In this month’s roundup of government news affecting the real estate industry, TRD looks into the bid process for the Seward Park site on the Lower East Side. Some of the city’s top developers — such as Forest City Ratner and Related Companies — submitted bids for the parcel. We also check in on the Hurricane Sandy aftermath, with news of thousands of owners of damaged co-ops being denied Federal aid. The reason? The government classifies co-ops as businesses, not personal property. Click here to see these stories and more.

  • Bird’s eye view of parking lots that comprise Seward Park area

    Proposals for the Seward Park redevelopment site on the Lower East Side are due Monday, and the city intends to choose a developer in the fall, the Lo-Down reported. However, the public will get very little or no information on the number of proposals submitted or their content until then, the blog said. [more]

  • A rendering of the Lowline

    The Lowline, an underground park proposed in a long-abandoned trolley terminal under Delancey Street on the Lower East Side, could raise land values by between $10 million and $20 million and generate between $5 million and $10 million in sales, hotel and real-estate taxes over 30 years based on a net-present-value basis, according to a economic-impact summary written by the park’s champions Dan Barasch and James Ramsey, the Wall Street Journal reported. [more]

  • From left: EDC President Seth Pinsky and a SPURA rendering

    In the coming months, the New York City Economic Development Corp. will be seeking proposals from developers to put their stamp on the Seward Park Urban Renewal Area, Curbed reported. [more]

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  • A rendering of the SPURA plan

    The massive Seward Park development today got a thumbs up from Manhattan Borough President Scott Stringer, DNAinfo reported.

    The project, known as the Seward Park Urban Renewal Area (SPURA) plan, will span 1.65 million square feet and make use of the largest swath of undeveloped land below 96th Street. The plan will bring residential, commercial and retail space to a stretch of Delancy Street situated under the Williamsburg bridge. [more]

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    A map of the Seward Park Urban Renewal Area (click to enlarge)

    Community Board 3 voted overwhelmingly last night in favor of proposed guidelines for the development of five Lower East Side parcels known as the Seward Park Urban Renewal Area, or SPURA. The sites, long vacant and the subject of local debate, are now one significant step closer to a transformation into around 1,000 units of housing, half of which would be affordable, plus retail, parks and a possible school. Fourteen tenement buildings originally stood there, before the city ousted 2,000 residents and tore them down in 1967 to redevelop and revitalize the area. … [more]

  • 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. … [more]