The Lowline Will Boost Property Values and Usher Certain Change

Posted on: December 27th, 2012 at 9:39 am by

lowline-prototype-1

If the Lowline (aka Delancey Underground) actually happens, the Lower East Side will continue its course of becoming a playground for the super-rich. One need only look to the High Line to see what that park did for the west side, especially the Chelsea environs. That’s the reality. A reality confirmed in so many words by the Wall Street Journal.

According to the article in the paper, the Lowline will allegedly boost land values by between $10 and $20 million and could generate between $5 and $10 million in sales. Co-founders Dan Barasch and James Ramsey and are banking on the eventual cash infusion set to arrive with the development of long-fallow SPURA land in the coming years.

Lowline backers hope to raise $55 million for the subterranean project, which could cost as much as $77 million.

Our Magic 8 Ball shows a much glitzier, and unaffordable future in store for the neighborhood.

[via WSJ]

Recent Stories

Those Iconic Village Voice News Boxes Disappeared from the Streets

The Village Voice news boxes have seemingly disappeared from the city streets. So swift was the apparent removal, you may not have even noticed. The disappearance comes roughly two months after the weekly publication announced that its print edition would cease to exist. Indeed, the final physical issue ran on September 20, with Bob Dylan […]

‘RISE Coffee’ Unveils New Takeout Window at Dudley’s on Orchard Street

Nearly two years after its streetside debut beside the A. Turen boutique, RISE Coffee is expanding. The company just colonized a new takeout window south of the Delancey Divide. RISE Coffee, particularly the nitro cold brew, is now available from the window of Dudley’s Deli at 85 Orchard Street. Twin boards now flank the spot, […]

La Caverna on Rivington Street Proposes Expansion into 3-Level Nightclub

La Caverna on Rivington Street is eyeing an expansion on Rivington Street that would create a multilevel compound. The large office space at 124 Rivington Street – operational headquarters for the Bluecore e-commerce business since April 2015 – has been up for grabs for more than a year. For much of that time, the landlord […]

Revived ‘Lam Zhou’ Dumpling Mecca Opens on the Bowery

Chinatown dumpling darling Lam Zhou reopened this past Wednesday, returning to the ranks of the living with a much larger footprint. New headquarters is now at 40 Bowery, with a sign proclaiming that menu and ownership remains the same. The upgrade still preserves that no-frills setup, yet on a grander scale. Its long and narrow […]

10-Story ODA Condos Amidst Ascent on Chrystie Street

Ten stories of additional upper-crust glitz is on its way for the Chrystie Street midsection… Indeed, the ODA-designed condo at 165 Chrystie Street started its ascent last month, and is progressing upward quite quickly. As of now, the structure is sitting at over six stories. This sudden burst in activity follows more than a year […]

  • David

    future zone A aquarium