Seward Park Co-op Pushes $46.5M Air Rights Sale for Two Large Condo Towers on East Broadway
Get ready for more…
The Seward Park Co-op might soon be accomplice to large-scale development in its backyard. Shareholders in the complex are one vote away from selling $46.5 million in air rights to developer Ascend Group for two large scale towers on East Broadway. Something big will happen here regardless of the final tally, though.
Back in November, the Ascend Group purchased the Bialystoker Home for the Aged and the properties next door for a combined $47.5 million. Shortly thereafter, news leaked that the firm planned two new towers that would flank the landmark building (and the Jewish Heritage mural was summarily erased). The roughly 155K square-feet of unused development rights from the housing complex would go toward erecting a 19-story tower on the west side of 232 East Broadway and and a 31-story tower on the east side, according to a referendum the co-op board sent to shareholders.
The vote is set for late May or early June. If it doesn’t pass – two-thirds of shareholders must vote in favor for it to pass – the referendum states that Ascend will instead drop a 26-story condo.