Extell to put up affordable tower at Cherry Street development

Building will be part of larger mixed-use complex

New York /
Jun.June 12, 2014 12:05 PM

Documents filed with Community Board 3 show that Extell Development plans to build a 205-unit affordable tower as part of a larger mixed-use project at 229 Cherry Street.

Extell, headed by Gary Barnett, filed the plans in preparation for its public briefing with the board’s land use committee on Wednesday, June 18.

The filings show the large complex will include three structures. A mixed-use building — designed by Adamson Associates — will feature apartments, retail and parking.

The site will also boast a 68-story market-rate luxury tower, designed as well by Adamson. In addition, Extell is putting up an affordable housing rental tower on the site. Plans indicate the building is slated to include 205 units. It is being designed by Dattner Architects.

The affordable apartments will be available to families earning 60 percent or below the area median income. The building will feature 49 studios with rents starting at $833 per month. It will also house 51 one-bedroom units starting at $895 and 105 two-bedroom units at $1082, The Lo-Down reported.

The affordable housing project is part of Extell’s plans to participate in the city’s inclusionary housing program, which offers added floor area for projects as an incentive for developers to build affordable units. Extell, which purchased the site for $150 million in 2012, also plans to seek a 20-year tax abatement. [Lo Down NY] — Sasha von Oldershausen


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