Lower East Side (LES)

The Real Deal reports interesting facts about the Lower East Side neighborhood of Manhattan. This is a new up and coming area for future city development.

The construction company Extell paid nearly $150 million for the site of a now-shuttered Pathmark store at 227 Cherry Street. The firm is expected to build a high rise residential rental tower on the site (apparently its name will be The Lo-Down).

More importantly a 1.65 million-square-foot development site, the largest piece of undeveloped city-owned land south of 96th Street that has been vacant since 1967 when the site was vacated and bulldozed, is on the market and bids from the largest development companies in New York are due this month. The site is called Seward Park. Unsuccessful attempts to develop it were made in 1981 and 2003. This time something tells me the story will be different, given the City desperately needs some new construction. The project calls for a total of about 1,000 apartments and 600,000 square feet of retail.

On a smaller scale, the LES is getting a new 12-story, 38-unit residential building at 100 Norfolk Street. Also, at the end of last year, investors purchased a site at 215 Chrystie Street for $50 million. The new owners plan on building a 25-story tower, with the first 17 floors devoted to a Public brand hotel and the remaining floors serving as residential space.

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