Lower East Side residents: Extell project “economic segregation”

Development plans call for a condo tower to rise next to an affordable housing building

New York /
Jun.June 19, 2014 03:40 PM

Extell Development’s Lower East Side project has come under fire for promoting what some residents call “economic segregation.”

Neighbors decried Extell’s decision to split affordable housing and market-rate condos into separate buildings that will stand side by side during a Community Board 3 meeting last night, Curbed reported. Under the plan, a 13-story building at 229 Cherry Street will accommodate 205 below-market units, while a 68-story condo tower will rise at 250 South Street.

Extell president Gary Barnett said that plan is the company’s only option because it was impossible to secure financing for a mixed tower.

Residents also raised concerns about the loss of a Pathmark store that formerly occupied the site and the possibility it would be replaced by an expensive grocer. Barnett said the company had not approached any supermarket operators and listened to the attendees suggestions for a replacement. [Curbed]Tom DiChristopher


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
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)
Workforce housing investor gets $320M boost
Workforce housing investor gets $320M boost
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)
Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Ray McGuire photographed by Axel Dupeux.
The Closing: Ray McGuire
The Closing: Ray McGuire
Belveron Partners founder Paul Odland with 2000 Valentine Avenue (left) and 1985 Webster Avenue in the Bronx (Photos via Google Maps; Twitter)
Belveron Partners closes $280M fund for affordable housing
Belveron Partners closes $280M fund for affordable housing
City Council members Brad Lander (right) and Robert Cornegy
Lander seeks to keep for-profit developers from acquiring city-owned land
Lander seeks to keep for-profit developers from acquiring city-owned land
arrow_forward_ios

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

Loading...