The Real Deal New York

City Council greenlights 77 Commercial Street project

December 20, 2013 05:45PM

City Council member Steve Levin ultimately came down on the side of Joseph Chetrit and David Bistricer’s high-rise development at 77 Commercial Street, with the rest of City Council in tow.

The council voted to approve the controversial development today, according to word from Levin’s office cited by Brownstoner. The project is to include one 30-foot and one 40-foot tower, which will include 200 units of affordable housing.

Chetrit and Bistricer will also purchase development rights from a neighboring site owned by the Metropolitan Transportation Authority, providing a combined $14 million along with the city to relocate all of the Access-a-Ride and Emergency Response Unit vehicles currently housed there. The developers are also paying for a free shuttle to the No. 7 and G trains, and city funding totaling $9.5 million will go to the creation of A New Park Called Box Street Park.

At least 5,000 feet of community space are required as part of the approval, and retailers must occupy no more than 5,000 square feet, with preference going to neighborhood businesses. [Brownstoner]Julie Strickland