parking lot will close to make way for the towers
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Excerpt from Article - “The displaced parking for Lands End II Section 8 residents will also be relocated to a subterranean lot,…”
Good article Waymond, thanks.
Car ownership in Manhattan is a ‘luxury’ - and the ability to pay for private parking an ‘ultra luxury’.
Parking spaces for section 8 housing: have we lost our ‘collective’ minds. I think those ‘affordable housing’ provisions are great; and food stamps, medical coverage and all must me done in our modern day society.
Then there is ‘free/subsidized’ PARKING in Manhattan - that is not fair, or sensible, fiscal planning for the tax paying public IMHO.
PS…Did you GET my ‘collective’ pun… 
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It is amusing to me that this article considers a 700-ft tall building as a supertall 
Nonetheless, I look forward to seeing them rising.
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True, I think super tall is at least 1000 feet.
Also amusing is the same community activist group opposes the sea wall resiliency project; ostensibly because they think it is not the ‘right solution’. I have heard enough from them to surmise the ‘main issue’ is the loss of most public parking along the river side drive around the Two Bridges area on the lower east side.
Don’t be fooled…right. 
https://www.instagram.com/p/CNBnh6rDPJT/
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300 meters or 984 feet is the minimum to be a supertall.
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The parking lot wars continue.
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How many more of these legal battles will there be? Isn’t it enough to say that these buildings were legally approved and should be built as soon as possible?
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This is apparently the justification for the additional ‘land use review process’ that was started by the community groups; then approved by a Judge, and various city council folks like Gale Brewer.
Quote: “Community groups had claimed that developers’ proposed modification to the Two Bridges large-scale development plan — a framework approved in 1972 — required further examination by the city and needed City Council approval. The de Blasio administration disagreed and stood behind the agency staffers who signed off on the project.”
I try to follow the rational for these delays, but actually do not understand the process fully. The zoning regulation term ‘as of right’ apparently does not mean that there is not going to be legal or community challenges to the project.
Good to see this has got the go ahead to build; but will the soft market now have the effect of stalling these tower further - that now remains to be seen.
My take is that these towers will be put on hold at this point until some of the excess housing/commercial property stock begins to dissipate in the post-covid19 Manhattan Real Estate Market.
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What soft market? The RE market is absolute gangbusters right now.
Manhattan condo/coop market is doing $600-$700 million in sales weekly. These towers will have no issues.
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The vacant rate is high - in that sense the market is soft. A better term may be the ‘glut’ of inventory. I don’t think this project will proceed with that kind of excess inventory in the market; regardless of current pricing. I personally think the recent increasing property prices are a function of the massive inflation we are seeing, combined with ‘investment’ spending by RE funds looking for a place to put money. It is a ‘bubble’ and RE developers know it - they will not proceed to build several large towers IMHO.
We need to focus on “empty buildings” and then start building again: I think this development project will wait out this period till much of that excess inventory gets occupied. We can check back 6 months from now and see if my prediction is correct.
They now have all approvals in place - they can now proceed to ‘break ground’ on this project soon if they really intend to proceed to build. We will see what transpires.
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From what I hear, One Manhattan Square had a really tough time filling up the building. As much as people like river views, I’m not sure there’s sufficient demand in this specific location.
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Yes, the vacancy rate is also much higher than the official ‘reported’ numbers; what is known in the industry as “shadow inventory”. NYC will be OK in terms of demand for more construction; but it will take time - which is why I believe those lovely towers will not appear on the skyline any time soon.
The YIMBY forum offers a good opportunity to ponder these wider RE market implications; while also marveling at all the great cutting edge Architecture in the NY Metro area. That NY Post article posted is quite pithy (and spot on) in pointing out why we continue to see increasing prices despite all the excess inventory in the current market.
We will wait and see what happens at 247 Cherry Street now that all the approvals are in place: my guess is nothing much will move forward soon on any of those towers. “I told you so” is one of my favorite refrains… 
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Only mass transit is the F train on East Broadway. You’re probably at least a 2 train ride away from your destination. 22 bus on Madison St. quits at midnight I think.
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The sales figures for Manhattan condos/coops in 2021 are the highest in recorded history. Developers are doing just fine. And these upcoming towers will all be mixed-income rentals, which are needed in any economic cycle. They’re aren’t for-sale like One Manhattan Square.
I don’t even understand the argument. Supposedly we shouldn’t build more housing because some people are worried that developers aren’t making enough money? If they aren’t making money, they won’t build, but they’re building.
One Manhattan Square is mostly sold out. No doubt it’s going slower than the developer initially expected, but given Covid and economic crash, not surprising. Extell is still likely making a ton of money on the project.
2021 will probably be the best year for NYC RE in modern history (though largely because 2020 was so horrible; so there’s a v-shaped recovery).
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Just to update threads involving the “Two Bridges” masterplan, which is adjacent to 1 Manhattan Square.
HUGE NEWS for Two Bridges development: Finally, 1 Manhattan Square will share the skyline with two to three new skyscrapers, this is a copy and paste from another post I made.
"A two-tower, 73-story apartment project in lower Manhattan’s Two Bridges neighborhood is finally moving ahead after years of opposition from local residents and politicians… The South Street project will feature 1,313 residential units across towers connected at the base by a 14,500-square-foot community facility. It will total 1.3 million square feet, according to the plans. Gary Handel of Handel Architects is the architect of record.
The three new buildings will add about 3,000 units to the largely low- and middle-income neighborhood. The developers have agreed to finance a host of neighborhood improvements and to earmark a quarter of the units as affordable."
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They didn´t say what kind of improvements, do we know when we´ll find out that information?
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When should we expect groundbreaking to begin?
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Good news! Two Bridges Supertall Moves Closer to Happening in Lands End II Parking Lot | Bowery Boogie
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^
Construction of the next super-tall on the Lower East Side waterfront is imminent.
Residents of the Lands End II residential complex alert us to the digging of test pits in the rear parking lot, site of the future seventy-story development conceived by Two Bridges Associates, the partnership between L+M and CIM.
The developers last October filed paperwork with the city for its skyscraper, officially 265 South Street. Neighbors hear word from workers that digging for the project is set to begin in just a couple short weeks. Despite pending status of the plans.
(L+M sold Lands End II in November 2020 for $435 million, but held onto the parking lot parcel.)
The future coastline, Photo: SHoP Architects
Both super-tall components of the skyscraper will collectively include roughly 1,350 apartments with more than 300 earmarked as affordable; retail spaces are also anticipated on the Cherry Street front, including the possibility of a grocery or pharmacy.
As previously reported, L+M/CIM partnered with Handel Architects for the two-towered project that is to rise 761 feet and add 1.1 million square-feet of floor area. Plans were initially filed with Department of Buildings in 2016; five years later, there are some additions. Namely, a 14,500 square-foot community facility, thirty-foot-long rear yard, and enclosed parking for 103 vehicles.
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