The Chetrit Group is now the owner of 260 South Street, a forthcoming high-rise complex on the Lower East Side of Manhattan, following a $70 million acquisition loan from Madison Realty Capital. The waterfront development will eventually include 64-story and 74-story towers in the Two Bridges section of the neighborhood.
Permits have been filed for a 71-story mixed-use skyscraper with affordable Housing at 265 South Street in Manhattan’s Lower East Side. Located adjacent to Rutgers Park between Jefferson Street and Frank T. Modica Way, the lot was previously addressed as 260 South Street. Four blocks north of the site is the East Broadway subway station, serviced by the F train. Two Bridges Associates L.P., a partnership between L+M Development Partners and the CIM Group, is listed as the owner behind the applications.
The New York Appellate Court ruled in favor of a group of developers, including JDS Development Group, CIM Group, L+M Development Partners, and Starrett Corporation, to build four more towers along the Two Bridges waterfront on the Lower East Side. One Manhattan Square, a similarly-scoped neighbor, was completed in early 2019, and stands alone as the rest of development came to a halt despite approvals from the City Planning Commission in 2016. Yesterday, the ruling found the buildings described in the applications did not conflict with applicable zoning requirements, with all four Judges siding against Manhattan Borough president Gale A. Brewer and the New York City Council, which challenged the approval in 2018, arguing that the new construction required special permits and had to go through the Uniform Land Use Review Procedure (ULURP) process.
Earlier this month, the City Planning Commission approved proposals for four new skyscrapers coming to the Two Bridges section of the Lower East Side. The tallest of the bunch will be 247 Cherry Street, adjacent to the site of Extell’s One Manhattan Square. The upcoming 1,008-foot-tall residential skyscraper will be designed by SHoP Architects and developed by JDS Development, and is the 11th tallest tower underway in the Five Boroughs. This supertall is the only project on YIMBY’s end-of-year list where site work has not yet begun, although with City Planning approval now secured, that is hopefully a matter of imminency.
An update is out for 259 Clinton Street, one of the skyscrapers planned to rise by One Manhattan Square. A Draft Environmental Impact Statement (DEIS) has been published, revealing fresh details of the three proposed Lower East Side towers that include 247 Cherry Street and 260 South Street, and a new rendering for 259 Clinton Street.
