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

TRD New York /
Dec.December 16, 2016 09:35 AM

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

Related Articles

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension

AvalonBay breaks ground on $77M Harrison complex, journalist Scott Pelley to sell Darien home and more Westchester & Fairfield real estate news

East River Plaza and Blumenfeld Development Group principal David Blumenfeld (Credit: Wikipedia and Blumenfeld Development Group)

Blumenfeld Development Group lands $235M refi for East Harlem retail center

Long Island Cheat Sheet: Nassau’s Laura Curran discusses development and Airbnb, environmental review delays Belmont Park project… & more

Here’s the latest project headed to rezoned East Harlem

Richman Group lands $189M for massive East Harlem project

AvalonBay nixes Columbus Circle rentals, pursues condos instead

AvalonBay considering $150M condo play at Columbus Circle rental tower