The Real Deal New York

AvalonBay’s 1,100-unit East Harlem tower will be 30% affordable housing

Developer is partnering with city on project, which will house three schools
December 16, 2016 09:35AM

321 East 96th Street on the Upper East Side (credit: CBRE) and AvalonBay’s Tim Naughton

AvalonBay revealed detailed plans for its block-wide, 1,100-unit rental tower in East Harlem to residents last night.

The developer walked the local community board through its plans, which call for a 68-story residential tower and three schools located at 321 East 96th Street. Of the 1,100 planned apartments, 330 will be set aside as affordable. The 1.3 million-square-foot development includes 270,000 square feet that will house three schools — the School of Cooperative Technical Education, the Heritage School and Park East High School. COOP Tech, which is already located at the site, will get new digs.

The real estate investment trust won the job through a bidding process and is partnering with the city’s Educational Construction Fund. At a community board meeting, members of the board’s Land Use Committee urged the developer to hire non-union residents for the construction jobs.

AvalonBay expects to spend around $550 million on the development, which is located on land ground-leased from the city.

The three schools are slated to be completed between 2021 and 2022 and the residential tower is anticipated to be finished by 2023. [DNAinfo]E.B. Solomont