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  #21  
Old Posted Mar 25, 2013, 11:15 PM
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http://therealdeal.com/blog/2013/03/...-lease-buyout/

Extell’s Pathmark deal includes $46M lease buyout





March 25, 2013


Quote:
Gary Barnett’s Extell Development will pay at least $149.5 million for a Lower East Side development site that until recently was home to a Pathmark supermarket, city records first spotted by the Lo-Down confirm. Extell went into contract on the site — located at 227 Cherry Street — in February, when Crain’s reported that the total sale price was $175 million.

The price includes the buyout of Pathmark’s lease for $46.5 million, city records show. And the remaining roughly $25 million could be a payment for the supermarket to vacate the space before its lease expires, Eastern Consolidated’s Adelaine Polsinelli speculated.

“Extell probably paid that to Pathmark to vacate,” said Polsinelli, who was not involved in the deal but has previously worked on the property. “They’ve been there forever.”

Extell is likely to build a luxury apartment complex at the development site, as The Real Deal reported. The site was sold by Park-It-Management, owned by the father-and-son duo of Fred and Gary Spindler.

In October of last year, a spokesperson for Pathmark said that the supermarket would relinquish its long-term lease to make way for a large-scale development project.

Barnett has been pushing the pedal to the shovel of late, with more Manhattan projects in the pipeline than any other developer.
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  #22  
Old Posted Mar 25, 2013, 11:49 PM
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That area is about the most underwhelming skyline-wise in the city, from the pj's north of the manhattan bridge, to the mediocre office towers lining the east river downtown, all encircled by an expressway. The faster it changes to better.
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  #23  
Old Posted May 14, 2013, 3:02 PM
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http://www.thelodownny.com/leslog/20...mark-site.html

Fence Goes Up Around Former Pathmark Site





By Ed Litvak
May 13, 2013


Quote:
This afternoon a reader sent in this photo from the former Pathmark site at 227 Cherry Street. Workers are putting up a fence around the parcel, which was purchased by Extell Development last year. It’s widely expected that a very large residential complex, including a ground floor supermarket, will be going up here, but Extell has repeatedly declined to discuss its plans. Buildings Department records simply indicate that a “plywood fence” is to be erected around the lot.
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  #24  
Old Posted May 16, 2013, 8:09 AM
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This will be going up practically next door. It's currently in the review process, the closest to anything architecturally distinctive in the area (besides the bridge). Hopefully Extell's project will be something other than a typical apartment complex.


http://www.thelodownny.com/leslog/20...east-side.html



Architectural drawing depicting new pallative care facility at 265-275 Cherry St.
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  #25  
Old Posted Oct 25, 2013, 5:00 PM
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Demolition Scheduled to Begin at Extell’s Pathmark Site Soon





By Ed Litvak
October 25, 2013


Quote:
It’s been almost a year since the Pathmark store at 227 Cherry St. closed to make way for a massive new residential tower from Gary Barnett’s Extell Development Company. Extell has not disclosed specific plans for the site, but pre-construction work is apparently getting underway sometime soon.

Fencing went up around the parcel, just north of the Manhattan Bridge, this past May. Barnett, one of Manhattan’s most prolific and powerful real estate developers, purchased the development site for $150 million. In the past several days, elected officials as well as tenant leaders and the Two Bridges Neighborhood Council have been told that “asbestos abatement” will begin in the near future, followed by building demolition.

There’s no evidence of any recent activity in the Buildings Department database, but Extell’s contractor has been setting the stage for the asbestos and building demo work. Trever Holland, the tenant association president of Two Bridges Tower (the rental building adjacent to the Pathmark site), sent an email to residents last night indicating that Extell reps were signaling the start of demolition in “the next few weeks.” Two Bridges, the non-profit sponsor of the former urban renewal area, has received similar information. According to Two Bridges President Victor Papa, no timetable has been specified. He noted that there has been absolutely no concrete information from Extell about plans for the new building. The company has not responded to The Lo-Down’s requests for information.

“I would urge Extell,” Papa said, “to bear in mind the need to communicate with the community and with Two Bridges,” which owns the neighboring residential building along with the Settlement Housing Fund. He also called on Extell to share its plans for a new supermarket as part of its project. While the company has committed to including a grocery in the building, it has not indicated whether it will be an affordable market geared for the low and middle income residents in the neighborhood or a high-end grocery such as Whole Foods.

Two Bridges and Settlement Housing Fund own a one-story building at 235 Cherry St., the former home of Pathmark’s pharmacy. They have always planned to build affordable housing on the site. Today, Papa said they are “moving closer” to a development plan for at least 70 apartments and expect to have something to announce by the end of this year.

Under current zoning, the main Pathmark site could accommodate a building of nearly one-million square feet. Previous development schemes have envisioned a tower rising at least 55 stories, but it’s possible the building could be even taller.

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  #26  
Old Posted Oct 25, 2013, 5:01 PM
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Possible supertall? With one million square feet of space, Extell has huge possibilities.
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  #27  
Old Posted Oct 25, 2013, 5:19 PM
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Originally Posted by Crawford View Post
Possible supertall? With one million square feet of space, Extell has huge possibilities.
It could be tall, but I'm not so sure about the area, the market for supertall apartments is far away from this site. Personally, I think this site and the 80 South St site could offer some great views. But I don't know if Extell is thinking "super high end" here. It could also be a two tower development, but whatever form it takes, it will most definitely leave its mark on the area.
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  #28  
Old Posted Dec 12, 2013, 11:56 PM
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http://www.thelodownny.com/leslog/20...ark-store.html

Extell Files For Demolition of Former Cherry Street Pathmark Store





By Ed Litvak
December 12, 2013


Quote:
A few weeks ago we noted that demolition was imminent at at the former Pathmark site on Cherry Street. Now, almost a year after the large supermarket in the Two Bridges area closed, paperwork has been filed to take down the one-story building.

Extell Development Corp., which is planning a very large residential tower (with ground floor grocery), has filed a full demolition request with the Department of Buildings. No word yet on Extell’s specific blueprint for the site alongside the Manhattan Bridge.

DEMO permit...
http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01
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  #29  
Old Posted Dec 20, 2013, 7:48 PM
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According to Extell, this building will be "more than 70 floors". Possibly a supertall?

This will dominate the Lower East Side. Hopefully we'll get a distinctive design.
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  #30  
Old Posted Dec 20, 2013, 7:59 PM
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The New York saga never ends!!

http://ny.curbed.com/archives/2013/1...ories_tall.php

Extell's Lower East Side Tower May Be Over 70 Stories Tall

Friday, December 20, 2013, by Jeremiah Budin

Quote:
Extell, the Gary Barnett-led team of mustache-twirling scoundrels behind One57 and various other megatowers, has already filed paperwork for the demolition of the Cherry Street Pathmark in order to proceed with a giant tower seven years in the making. And, according to The Lo-Down, that tower may rise even taller than previously expected. Although rumors from several years ago suggested that a single tower at the site could rise above 55 stories, Two Bridges President Victor Papa has been meeting with Extell and says that they are planning an as-of-right building that could rise over 70 stories. This, clearly, would completely dwarf anything in the surrounding area, and, as Lo-Down puts it, "is certain to transform the predominantly low-income community alongside the East River." Other details about the tower—architect, design, whether or not any of the units will be affordable—have yet to be decided on and/or revealed, but it sounds like the flask is done for, unfortunately.
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  #31  
Old Posted Dec 20, 2013, 7:59 PM
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Wonder how this will turn out. Now I'm interested!
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  #32  
Old Posted Dec 20, 2013, 8:15 PM
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I wonder if this will exceed the Beekman tower. This is defintly going to stand out.
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  #33  
Old Posted Dec 20, 2013, 8:21 PM
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This entire neighborhood should be razed & re-developed; in fact, that should occur for everything on the river between the bridges & 14th Street. It is entirely crap -- all unwalkable, no transit. They could easily subsidize a cut & cover subway line as part of the re-development, as well.
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  #34  
Old Posted Dec 20, 2013, 8:44 PM
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Originally Posted by babybackribs2314 View Post
This entire neighborhood should be razed & re-developed; in fact, that should occur for everything on the river between the bridges & 14th Street. It is entirely crap -- all unwalkable, no transit. They could easily subsidize a cut & cover subway line as part of the re-development, as well.
I'm hoping they add more bike lanes in that area. The west side is a dream to bike on but the minute you start hitting the bridges near Cherry St. or East Houston, its just a mess.
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  #35  
Old Posted Dec 21, 2013, 12:06 AM
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Well, we'll see what we get.


http://www.thelodownny.com/leslog/20...0-stories.html

Two Bridges Grocery Guide Released; Extell Tower Could Rise Above 70 Stories




By Ed Litvak
Dec 20, 2013


Quote:
First, some context and a bit of new information about the secretive plans for a large-scale residential tower on the Pathmark site, and a large grocery store that is expected to open in the ground floor of the new building.

As we reported earlier in the month, Gary Barnett’s Extell Development has filed paperwork for the demolition of the single-story grocery store. Representatives of Extell have been meeting with some local stakeholders in recent weeks in preparation for a construction project that is certain to transform the predominantly low-income community alongside the East River. It has been clear since news broke one year ago that the luxury “as-of-right” development would be very big.

At yesterday’s press event, Two Bridges President Victor Papa began to telegraph just how big. During recent conversations, he said, Extell has suggested the tower could rise above 70 stories, dwarfing any other building in the neighborhood.

“It’s an incredible height, which is astounding me,” Papa said. While he has held out hope in the past that Pathmark (a division of A&P) would one day decide to come back to the neighborhood, Papa added, “the market (in the Extell building) will probably not be affordable to the local community.”

...While Papa said he strongly suspects that Extell is thinking in terms of an upscale market, Two Bridges is still looking at other options. As we have reported previously, the organization and Settlement Housing Fund are planning to build an affordable housing project adjacent to the Extell tower. Papa said the partners are exploring whether an affordable supermarket could be incorporated into the proposed development.
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  #36  
Old Posted Dec 21, 2013, 9:51 PM
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Glad to hear that there is a possibility of going higher as I was disappointed in the original massing drawings height.
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  #37  
Old Posted Dec 30, 2013, 2:52 PM
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^ Anything approaching 50 stories will be tall for that area. But this towe needs to be tall enough to distinguish itself from the bridge, it's neighbor.


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Extell has suggested the tower could rise above 70 stories


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  #38  
Old Posted Dec 31, 2013, 4:41 AM
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Its hard to imagine a 70 story tower in this location. I wonder if Extell is just posturing or if it is actually considering a tower of this height.
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  #39  
Old Posted Dec 31, 2013, 5:18 PM
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Its hard to imagine a 70 story tower in this location. I wonder if Extell is just posturing or if it is actually considering a tower of this height.
If Extell builds one tower instead of two, it could go as high as that. As long as he builds as of right, there is no need for posturing. Something in the 700 to 800 ft range will certainly stand out there. The only question is location.
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  #40  
Old Posted Feb 18, 2014, 4:59 PM
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I'm really interested to see what Extell plans here, but this information from a January filing indicates that the development is still a work in progress...


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