Extell Development’s planned One Manhattan Square at 250 South Street is facing an unusual problem on the Lower East Side: a sinking street.
The roadway of Cherry Street, which flanks the northern side of the project, continues to sink by two or three inches, according to the blog Bowery Boogie. The pump-out of groundwater is causing the sagging, according to the website. Cracks can be seen in the asphalt at the location.
The 940,000-square-foot building will rise 56 stories on the site of an old Pathmark supermarket near FDR Drive and the East River in Two Bridges and will include 646 apartments, with a commercial retail space located on the ground floor. It will be the tallest building in the area when constructed.
The new residential project, which received a $150 million loan from Deutsche Bank earlier this summer, ranked as the largest new condo project in the city, selling more than three times as many residential units as the second-largest project, the 246-unit building at 1 West Avenue in Lincoln Square.
When the problem of street sinking was first exposed last month, the city issued a stop work order on the Lower East Side waterfront site. That order was rescinded shortly after, according to the website.
Other large developments planned for the Lower East Side include Essex Crossing, a 1.65 million square-foot megaproject situated on Ludlow Street. [Bowery Boogie] — Claire Moses