South Street

Extell Unveils ‘Rent-to-Own’ Program at Failed One Manhattan Square Tower

Posted September 26, 2019 at 5:10 am

One Manhattan Square announced its official completion and feted itself last night. But should it be celebrating? A condo-only tower it is not, instead resorting to a new rental initiative to drive sales. With a twist. Extell Development Corp., whose PR vehemently denied offering any rental units in the 80-story “vertical village” when we first […]

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The Lower East Side has the Largest Surplus of Unsold Luxury Condos, Thanks to One Manhattan Square

Posted September 16, 2019 at 5:00 am

The city currently has a problem unloading the luxury condos flooding the market. The New York Times last week published a piece about the glut of unsold apartments in the luxury stratosphere. That, despite the bonkers pace of construction in the high-end market, supply is outstripping demand. The data, culled from a StreetEasy audit, found […]

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Condo Woe: One Manhattan Square Struggles to Shift Inventory, Takes out $692M Loan

Last modified September 6, 2019 at 7:20 am

It’s no secret that One Manhattan Square is desperate to stock its ranks. The struggle is real. Earlier this summer, Extell offered up to 10 years of free common charges to prospective condo buyers who purchased before July 4; internet ad banners are ubiquitous; sales are also sluggish. Revealed in a Commercial Observer report about […]

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Two Bridges Developers Plan to Appeal Court Ruling on LES Mega-Towers

Posted August 5, 2019 at 5:04 am

Well, this was certainly inevitable. No sooner did the Supreme Court force the land review process on three controversial Lower East Side towers than the developers announced intentions to appeal. Last Thursday afternoon, State Supreme Court Judge Arthur Engoron ruled in favor of New York City Council and Manhattan Borough President Gale Brewer in their […]

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Judge Rules in Favor of Public Review Process for Two Bridges Mega-Towers

Posted August 2, 2019 at 5:00 am

Another defeat for developers in the battle for the Lower East Side waterfront. Yesterday afternoon, State Supreme Court Judge Arthur Engoron ruled in favor of New York City Council and Manhattan Borough President Gale Brewer in their lawsuit against the city, which contends that the three proposed mega-developments in the Two Bridges neighborhood must go […]

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City Sanitation Trucks Seize Pier 42 Space for Parking

Posted July 11, 2019 at 5:11 am

The perennially delayed Pier 42 public park has taken on a different function in the offseason. It’s returned to the previous purpose as parking lot. Several readers living on the waterfront point out that the Department of Sanitation, which maintains a hub just down the coast, has now taken to parking its trucks in the […]

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Two Bridges Waterfront Esplanade is Closed to Pedestrians for July 4 Fireworks

Posted July 2, 2019 at 5:03 am

Apparently, a closeup view of the fireworks is now an elitist activity. For the first time in recent memory, local residents will not be allowed to watch the Macy’s 4th of July fireworks from the esplanade of the Two Bridges waterfront. The annual tradition of incendiaries is back by the Brooklyn Bridge for the first […]

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Judge Halts Two Bridges Megatowers After Hearing 3 Lawsuits

Posted June 6, 2019 at 5:00 am

A state Supreme Court judge yesterday extended a temporary halt on a slate of controversial Two Bridges waterfront towers, following a day of testimony on three separate lawsuits accusing the city of illegally approving the $4.5 billion developments. Judge Arthur Engoron, who presided over the cases, issued an injunction against the developers behind three super-tall […]

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Is Extell Resorting to Rentals at One Manhattan Square? [Updated]

Last modified April 16, 2019 at 2:09 pm

For many on the Lower East Side waterfront, Extell’s purported woes are a lesson in schadenfreude. Especially given the years of construction hell endured by those in the vicinity. Apparently it’s much ado about occupancy. No sooner do move-ins happen at Extell’s One Manhattan Square than residents start renting out their pricey new pads. That […]

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Desperate Extell Offers to Waive up to 10 Years of Common Charges at One Manhattan Square

Posted April 11, 2019 at 5:09 am

Winds of change are blowing down on the Lower East Side waterfront. Extell appears desperate to sell condos at One Manhattan Square. So much so that the 850-foot, 815-unit skyscraper has resorted to comping up to ten years of common charges for new residents. These fees range from roughly $700 to $2,300 per month, based on current […]

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