Tuesday, October 24, 2017

Construction watch: 79 Avenue D

The 12-story retail-residential building has topped out and filled out and recent months here at 79-89 Avenue D between Seventh Street and Sixth Street.

As previously reported, the project by L+M Development Partners will include 110 apartment units, 22 of which will be permanently affordable. Amenities will include a fitness center, landscaped roof deck and an outdoor terrace.

The address was previously one-level storefronts that included a Rite Aid, which relocated one block north to the ground floor of the Arabella 101 building. Rite Aid signed a lease to return to the retail space at No. 79.

...and here's a look at the Sixth Street side...

The project is expected to be completed at an unspecified date next year.

Previously on EV Grieve:
Report: Space that houses Rite Aid on Avenue D hits market for $22.5 million

Report: New 12-story, mixed-use building in the works for Avenue D

Permit pre-filed for new 12-floor building at 79-89 Avenue D

1 comment:

chris flash said...

This is yet another real estate scam by master gentrifier Donald Capoccoa, who uses his political connections to acquire properties and then build market rate housing (new suckers, I mean "renters", get to pay whatever the market will bear, with no controls or caps on rents charged) as densely as he pleases.

WHY is Capoccia's L+M Development permitted to create 110 market rate apartment units, only 22 of which will be classified as "affordable", in a brand new 12 story building built on a block that was zoned for residential buildings no taller than 5 floors?

Too many concessions and incentives, including subsidies (funded by tax-payer dollars), tax abatements (no real estate taxes paid for many years) and zoning variances (allowing over-building on an existing building foot print) and MORE are GIVEN to politically-connected developers to build out-of-scale market rate housing, throwing out a few bread crumbs to a docile public by announcing that SOME of those units that did not exist before will be "affordable."

"Affordab;e" housing is all warm and fuzzy, to be sure, but the reality is that the "legal" definition of "affordable" housing is UNAFFORDABLE to most New Yorkers, who don't work for Wall Street or Fortune 500 companies and who don't live off trust funds.

How about preserving existing affordable apartments and adding to the stock of TRULY affordable housing by REVERSING the equation, with only 20% of units in a new 110 unit building as "market rate"? In this case, that would mean only 22 apartments for the wealthy and 88 for poor and middle-income renters.

But....that would require a mayor and city council that is not corrupt and they would all have to care about keeping NYC TRULY affordable for long-term pre-existing residents vs paving the way for incoming monied transients.

Unfortunately, it is all too clear what the master plan is and they're accomplishing their goals, one building at a time....