The Lowline Will Boost Property Values and Usher Certain Change
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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.