[NYguy]

The developer will raze the two existing schools on the site, P.S. 59 and the High School of Art and Design, build two new schools that will accommodate more students, and develop a 59-story apartment tower and a long, four-story band of retail stores.

The city will issue about $130 million worth of bonds to build the schools through its educational construction fund, but the debt will be paid back with the developer's payments. The profit from selling the development rights is so great, according to city officials, that it will pay for capital improvements of other city schools around the five boroughs.

The executive director of the educational construction fund, run by the Department of Education, Jamie Smarr, said the city is now looking for additional, similar deals.

This is good news on many levels. The city has found another way new towers can benefit the city, with much needed school improvements. Under this model, we will begin to see even more towers going up.

The residential tower, designed by architects from Skidmore, Owings & Merrill, would be about 450,000 square feet. It would contain 320 residential units with rental apartments on the lower floors and apartments for sale up above. The residential tower would be separated from the schools by a courtyard.

Because the planned development will occur on an as-of-right site, it does not require approval by the Planning Commission or the City Council.

It will be a slender residential tower. I'd say around 600 ft, maybe a little more. And I love as-of-right developments. They get into the ground quicker.