NEW YORK | 265 South Street | 798 FT & 748 FT | 73 & 67 FLOORS

[chris08876]

A shame. Had this not received so many delays and pushbacks and had the process been quicker, probally would of been completed at the moment. This and the Clinton Street project. Things that should of been rising in 2018.

Would be nice if someone else buys the parcels and develops them with the existing plans.

[Crawford]

This is good news if he doesn't currently have the resources to build.

Let another developer buy the site so this can finally get moving. Hopefully the rapidly dropping interest rates really help.

I wouldn't be surprised if Extell buys this site too. This would be their third major project in the neighborhood.

[NYguy]

Originally Posted by Crawford

I wouldn't be surprised if Extell buys this site too. This would be their third major project in the neighborhood.

If not, maybe JDS which is behind the 247 Cherry supertall. But I would like a different developer without a project in that area, perhaps even Related, Vornado, RXR, or one of the many large developers. Multiple developers could get multiple things rolling at once.

[Zapatan]

The 247 Cherry supertall wouldn't be affected by this, correct?

[NYguy]

Originally Posted by Zapatan

The 247 Cherry supertall wouldn't be affected by this, correct?

Different developers, different sites, different proposals.

In the end, this development may still be built by the current developer.

[NYguy]

https://www.nycitynewsservice.com/2024/1...ng-rents-as-luxury-tower-project-stalls/

Lower East Side Rallies Against Rising Rents as Luxury Tower Project Stalls





October 30, 2024
Jake Duffy

Residents and community organizations gathered near the Manhattan Bridge on Sept. 24, after news broke that a pair of luxury high rises planned to be built along the East River had stalled. So, the fight against developments, and the rising rents that often follow their construction, continues.

The real estate developer Chetrit Group recently defaulted on a loan for the project along 265-275 Cherry St. Opponents like Marte and a coalition of local residents and organizations believe the default is a step in the right direction for protecting their neighborhoods’ affordability.

A spokesperson for the Chetrit Group said that the “technical default” by developers has since been resolved and has no bearing over the project moving forward. The towers are planned to be built directly across from the Rutgers and LaGuardia New York City Housing Authority (NYCHA) developments along Cherry st.

The City of Yes zoning plan aims to upgrade the city’s zoning regulations to provide more housing across New York. The plan is to create more affordable housing in lower-density neighborhoods and incentivize real estate developers to incorporate more affordable housing into their projects.

Marte and local organizations like The Chinese Working Group (CWG), The Coalition to Protect Chinatown and the Lower East Side, and Youth Against Displacement (YAD) believe the plan doesn’t go far enough.

“The City of Yes is mostly just a giveaway to developers. It mostly just allows more height and more bulk,” said Briar Winters, a spokesperson for CWG. “It has no binding affordability, so most developers aren’t going to do it.”

[NYguy]

https://therealdeal.com/new-york/2024/11...es-project-site-ends-foreclosure-threat/

Chetrit refinances Two Bridges site, ends foreclosure threat
Chips in money to save 1,300-unit development in Lower Manhattan





Nov 21, 2024
By Keith Larsen

The Chetrit Group landed a refinance for its planned two-tower, 1,300-unit apartment development in Two Bridges, ending a foreclosure from Madison Realty Capital.

Chetrit chipped in more equity to extend its loan with Madison Realty for one year. Henry Bodek of Galaxy Capital brokered the deal.

Chetrit’s Lower Manhattan site was one of four in Two Bridges with high-rises planned. Developers were delayed about two years by opposition from local groups and lawmakers, who argued unsuccessfully in court that the projects required a rezoning by the City Council. The de Blasio administration defended its decision to allow the developments.

[mrnyc]

just deliver me that green tile tower and the rest is gravy.

[Crawford]

Good news.

Let's go, already. Hopefully this finally moves forward.