Extell to put up affordable tower at Cherry Street development

Building will be part of larger mixed-use complex

TRD 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


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
San Francisco Mayor London Breed (Getty)

San Francisco mayor blasts “lefty movement” for blocking housing

San Francisco mayor blasts “lefty movement” for blocking housing
Brooklyn Hospital Center at 121 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Brooklyn Hospital Center’s $1B renovation could include 1K affordable units

Brooklyn Hospital Center’s $1B renovation could include 1K affordable units
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...