Related closes UES playground to begin residential development

TRD New York /
Sep.September 12, 2011 09:57 AM

Related Companies is finally preparing its longheld Upper East Side development site for the construction of a residential tower, the Wall Street Journal reported, and is closing down the park that currently occupies the land today.

Related acquired the land at 205 East 92nd Street, between Second and Third avenues, along with a nearby parcel for $10 million in 1983 from the city. As part of the purchase, Related had to Maintain The 92nd Street plot as a community playground until June 2008. As The Real Deal reported in 2009, the company filed plans for a 49-story residential tower with 49 affordable rental units, 127 market-rate rentals and 66 condominium units. Today, the company will shut down the park to begin “preparatory site work” for development opportunities it is said to be evaluating.

But the community, led by New York City Park Advocates, has organized a rally in protest of shutting down the park currently on the land, called Ruppert Playground. Residents say the neighborhood is short of open space even with the park, and though they acknowledge Related owns the site, the want the city to buy it back.

The stand-off shows the downside to private companies providing a temporary public service, according to Bill Beckner, research manager at the National Recreation and Parks Association, as the relationship between the community and the company can sour when the developers want to use the land. [WSJ]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related Chairman Stephen Ross (Credit: Getty Images, Wikipedia)

Related drops 700-foot-long “wall” from Hudson Yards plan

Shaun Osher, CORE CEO (Credit: Getty Images and iStock)

CORE becomes latest NY resi brokerage to expand into South Florida

Related Companies chairman Stephen Ross and Hudson Yards (Credit: Getty Images)

Next phase of Hudson Yards could include 700-foot-long wall

15 Hudson Yards (Credit: StreetEasy)

Hudson Yards pad resells for 22% premium

From left: 200 East 66th Street; Extell’s 157 West 57th Street; and 15 Hudson Yards (Credit: Street Easy)

Four home sales that caught our eye — and cost an arm and a leg

Related chairman Stephen Ross and a rendering of Western Yard (Credit: Getty Images and Hudson Yards)

Related no longer giving timetable for finishing Hudson Yards

Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

arrow_forward_ios
Loading...