NEW YORK | 321 East 96th Street | 760 FT | 68 FLOORS
And the boom continues!
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AvalonBay, city partner on 1,100-unit mixed-use project on UES:
Site with 956K buildable sf to hold resi, retail and public school buildings
Quote:
AvalonBay Communities announced it is partnering with the city’s Department of Education to develop an Upper East Side project that will include 1,100 rental apartments, two new public school buildings and 20,000 square feet of retail space.
In its first-quarter earnings release Wednesday, the Virginia-based real estate investment trust said it had obtained the right to redevelop an East 96th Street parcel that, in addition to a “multifamily rental component,” will feature the construction of “two new public school buildings, public playground improvements and up to 20,000 square feet of retail.”
The project will be a “public/private partnership” with the city’s Educational Construction Fund (ECF), AvalonBay said, and “is expected to have a lengthy public approval process” before being allowed to proceed.
According to CBRE marketing materials from 2013, the site in question, at 321 East 96th Street, currently houses the School of Cooperative Technical Education and spans a full block between First and Second avenues. The city retained a CBRE team led by Darcy Stacom and Bill Shanahan to market the site, as well as two other public school properties on the Upper West Side, on behalf of the ECF.
While AvalonBayTRData LogoTINY expects to spend $550 million, according to its earnings release, to develop the mixed-use rental component on land ground-leased from the city, its construction of the school facilities will be financed by the ECF “through the issuance of tax-exempt bonds,” according to the marketing materials.
Under the ECF’s “special permit scheme,” the property at 321 East 96th Street features more than 956,000 buildable square feet – with more than 149,000 square feet of that zoned for school use and nearly 807,000 square feet for “residential” or non-school use.
The School of Cooperative Technical Education would be rebuilt on the site, according to the marketing documents, while AvalonBay’s ground lease on the “non-school portion” of the property would be for 99 years.
Under the ECF’s “long-term lease model,” income from AvalonBay’s lease payments on the property would fund the city’s debt service on the tax-exempt bonds used to finance construction of the school buildings.
Should be a nice sized development, de Blasio can sqeeze out more affordable units.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Oh no, not the public review process. That's just a NIMBY invitation to whine about overdevelopment, crowded trains, monstrosities, gentrification, noise, shadows, no light, no air, no open space, yadda, yadda, yadda.
Crazy thing is, 3-5 years from now everything proposed today may be built and there will be literally hundreds of other developments to follow. How can one keep up??
There are ten smiley faces in the supertall construction forum. And those are just the ones that have started.
Quite frankly, I think when people start forgetting or have to be reminded of other super tall towers or towers that are 800' or greater, than we know its reached critical mass. Its actually ridiculous how much bigger the boom is getting. A part of me thinks we've reached the point where it will slow down, but its becoming a weekly thing where something 600 feet or greater happens or we get some big project with 1000+ units. If you look at the trends, at least once a week there is something big announced.
I'm thinking an Astoria Cove like project. The units are generous, but its not enough to have something very tall on such a big parcel. Even with the addition of schools and amenities. We'll probably get something 250-300' tall over several components. Likely two or three towers, but ones that are wide in essence. Still a sizable development. Anytime we get projects with 1000+ units, always good. Actually, projects greater in this scale are planned in the S.Bronx and on waterfront parcels along the East River in Queens. North of LIC bordering the river. Its about to get a lot more crowded in time due. With NIMBYs, they will bitch about this project. O... the negativity is coming!
Giant new Upper East Side rental will include 3 schools: The 1,100-unit building will also have 330 affordable apartments
Current Site:
Info:
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Nearly four years ago the city announced plans to demolish three schools—two on the Upper West Side and one on the Upper East Side to make way for residential towers. Plans for the latter it seems are finally materializing.
This past week developer AvalonBay Communities unveiled plans for the full block site of that school building, School of Cooperative Technical Education, at 321 East 96th Street, DNAinfo reports. AvalonBay will transform that massive property into an equally massive 68-story rental with 1,100 apartments.
What’s more the developer plans to create a new space in that building not just for the existing school, but two schools nearby as well.
The total development will span 1.3 million square feet with about 270,000 square feet set aside for the schools. When concrete plans were first unveiled in April this year, the developer had also chalked out about 20,000 square feet for retail.
Of the building’s 1,100 apartments, nearly 330 will be permanently affordable. A little over 30 of those apartments will be made available to families earning 40 percent of the area median income, and the rest of the affordable units will be open to families making 60 percent of the area median income.
The project is still a while away from actualization as it has to go through a Uniform Land Use Review Procedure. But local residents, particularly the schools, are on board, and the developers anticipate the spaces for the schools to open 2021 and 2022, and the residential part to be complete sometime in 2023.
The New York City Educational Construction Fund and AvalonBay Communities are navigating through the city’s special approval process to build a 1.14-million-square-foot mixed-use development in East Harlem. The proposal is planned on a full-block site at 321 East 96th Street, between First and Second Avenues, and is directly across from the 96th Street station of the newly-opened Second Avenue Subway. The ambitious project proposes two new school buildings for three different schools, 20,000 square feet of retail, a rebuilt playground, and a soaring 68-floor residential tower that may yet be the tallest building to contain affordable housing in the city.
That is huge. I do believe both 9 Dekalb and 227 Cherry, both supertalls being built by JDS, will have affordable housing. DeBlasio said early on that people would have to get used to bigger buildings as a tradeoff.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
That is huge. I do believe both 9 Dekalb and 227 Cherry, both supertalls being built by JDS, will have affordable housing. DeBlasio said early on that people would have to get used to bigger buildings as a tradeoff.
I've noticed an increase lately in high unit developments. More so than in the past months. Seems like the affordable housing plan is kicking into high gear. Especially in the Bronx.
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and is expected to house between 1,100 and 1,200 units, rising to 760-feet tall.
Definitely tallest for the east side, and all of Uptown. The NIMBYs will still come out of course, but the City has got to embrace these types of large developments if there is gonna be housing built.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
that aerial shot . . (in PeterQM's Feb 8th post above) . .
321 E 96th St. looks spectacular . . perfect in that neighborhood . .
the coloring, the massing, the height . . though often original renderings . .
far outshine the reality to come later . .
It's almost the height of the 45 E 22nd St needle . .
and about 5 or 6 times bulkier . . I like it . .
I kinda think projects like this are exciting. Anytime there is a big change to a specific neighborhood anywhere, I feel that those projects should be the center of attention. Projects such as this or the Modern over in Fort Lee or all of LIC for that matter are neighborhood defining projects. Ones that start the engines of construction and act as the catalysts for a construction reaction.
On a skyline level, it adds a new dynamic to it. Even a tower like this will have far more impact on the skyline than a similar height tower in lets say Midtown East. In other words, it will stand out not only from more angles, but will be visibly present among the skyline versus getting lost in the jungle.
Crazy thing is, 3-5 years from now everything proposed today may be built and there will be literally hundreds of other developments to follow. How can one keep up??
Almost a year later, and this holds true. A lot of projects that where proposed in Q1 of 2016 are now starting to rise. From your skyscrapers to high rises to mid rises. I'd say NY has a good retention rate with proposals manifesting into construction. The odds are just better. Out of a hypothetical 100 projects, I'd say 85/100 would rise in this market assuming they cater to the right price range. You don't hear that much about projects being canceled. Not as much. If anything, a height reduction once in awhile but for the most part, its a gravy train of towers.
In terms of scale, this is basically putting the Pan Am/Met Life building on 96th Street.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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NEW YORK | 321 East 96th Street | 760 FT | 68 FLOORS
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