Posted Feb 7, 2013, 8:31 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,815
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http://www.boweryboogie.com/2013/02/...site-for-175m/
Extell Purchases Pathmark Site for $175M
February 7th, 2013 by Elie
Quote:
It was the worst-kept secret in downtown development. For months, the community operated under the assumption that the Extell Development Company was to purchase the Pathmark site at 227 Cherry Street. That speculation was finally confirmed yesterday, with Crain’s reporting that Gary Barnett and company are in contract to acquire the property for a whopping $175 million. Not a typo.
Zoning in that area allows for 1 million square-feet of development, likely earmarked for residential. What this means is luxury living encroaching on the stomping grounds of lower income residents in the immediate vicinity. Do you really think a Pathmark will support the newcomers in the complex? Fuck no.
Plus, when these towers finally rise, future tenants will likely complain about the Coleman Skatepark…
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