Two 50-Story Towers Planned for Lands End Parking Lots on the LES Waterfront

Posted on: May 16th, 2016 at 5:00 am by
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Developers are planning for gold – and succeeding – down on South Street. The bad news just keeps coming.

Seriously, the pace of waterfront development on the Lower East Side is quickening beyond comprehension. It’s not enough that we have an 80-story Extell tower (i.e. One Manhattan Square), or the recently revealed 77-story behemoth at its backside (courtesy of Two Bridges Neighborhood Council and Settlement Housing). Oh, no. There needs to be more. Many of the “soft sites” in spitting distance are gobbled up and ready for luxury.

Three years after acquiring the two low-income buildings comprising Lands End II (265-275 Cherry Street) for $279 million, L+M Partners hopes to develop the parking lots facing the water. In fact, word on the street is that the project will be comprised of two 50-story towers for a total of roughly 1,000 units.

The first hint that this open space would sprout luxury was during a public meeting about the aforementioned Two Bridges and Settlement Housing tower last month. (The nonprofit groups sold off the land beneath the Pathmark Pharmacy to JDS Development and SHoP Architects for $51 million.)

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The LES waterfront is getting crowded out

You’ll recall that the same parking lot parcels were previously earmarked for a palliative care facility that never saw the light of day. The property sale to L+M may have had something to do with it.

L+M also acquired 257-271 Clinton Street from Starett Corp. last year for $115 million, according to public records. However, the latter held on to a 30,000 square-foot lot there for the purpose of redevelopment. Gears are apparently in motion for that tower, too.

It certainly appears as though developers are rushing to submit proposals before any meaningful opposition develops and smartens up.

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