Extell to put up affordable tower at Cherry Street development

Building will be part of larger mixed-use complex

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

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

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

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

From left: Former New York City Mayor Mike Bloomberg, former South Bend, Indiana Mayor Pete Buttigieg, Sen. Elizabeth Warren, Sen. Bernie Sanders, former Vice President Joe Biden and Sen. Amy Klobuchar (Photo by Win McNamee/Getty Images)

Candidates talk housing issues at Democratic debate

DSS commissioner Steven Banks with 148 West 124th Street (left) and 79 East 125th Street (right) (Credit: Google Maps and Getty Images)

City will convert 14 apartment buildings into housing for homeless

A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)

New city rule requires luxury rental buildings to house homeless families

2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects