According to Crain's last week, Edward J. Minskoff Equities and Edison Properties are planning a "luxury rental project " that would span between roughly 260,000 and 300,000 square feet with 238 residential units and 10,000 square feet of retail space."
Minskoff, the developer behind 51 Astor Place/Death Star, closed on a 99-year ground lease for the property in June, per Crain's.
To date, no work permits have been filed for the address, aka 20 Great Jones St. Crain's noted that the developers hope to break ground in 2027.
CityRealty reported that SHoP Architects previously created a schematic design for developer MAG Partners that showed a residential building, which would have included 199 units (about 50 affordable). However, that project never moved forward.
Here's a vision for the space.. via ShOP...
Whatever comes next will likely be just as luxurious.
Crain's also pointed out that this project is "an example of both the promise and pitfalls of New York's contentious affordable housing tax break 485-x."
The developers had once considered putting an office building on the site, but the 2021 SoHo/NoHo rezoning — which opened the door to more residential projects — along with the 2024 485-x affordable-housing tax break reportedly made an apartment development far more appealing.
This will be the second significant development on Great Jones in the coming years.
As we previously posted, Lonicera Partners is assembling a potential development site on the NW corner of the Bowery and Great Jones. Lonicera reportedly signed a contract to purchase 348 Bowery, the former Bowery Market, and took a minority stake in 350 and 352 Bowery, the adjacent properties to the north.
Much better use of those properties... Good to see more housing coming in
ReplyDeleteAnother out-of-scale, sunlight-blocking, carbon-footprint increasing monolith with a minimal amount of "affordable housing" thanks to all of those who voted yes on props 2,3&4. Affordable for who? One step closer to looking like Dubai.
DeleteSure real estate person. Another soulless "luxury" development that contributes nothing architecturally to the neighborhood, much less to true affordable housing.
ReplyDelete"Luxury rentals" aren't designed to ease the housing shortage; they're more likely to end up as AirBnBs for out-of-towners.
ReplyDeleteHow many affordable apartments does the ground floor parking lot currently have?
ReplyDeleteYou mean affordable for the people who are losing their SNAP benefit and healthcare, can't pay their sky-high electric bills or buy any clothing because of tariffs? The parking lot offers none but they probably wouldn't be able to afford anything the new luxury building would offer either.
ReplyDeleteWe should thank all those who voted to up end zoning based on the lies about affordable housing. It's the wet dream of the real estate industry. And couple that with prop 2/3/4 recently passed... all NYC neighborhoods are under threat of massive redevelopment that will only help the wealthy with a few crumbs thrown to the affordability crowd. Recently we have had the use of drugs legalized under the guise that drug laws were racially biased. Now we have affordability using the same Trojan Horse excuse by saying current zoning laws are unfair to the poor. Both lies. Makes you wonder how stupid we are... And then you have to wonder what's next... what's next.
ReplyDeleteIf the new housing is actually used and not meant to be investment properties, that is good. That means people are actually living in the apartments. I would of course love it if these apartments aren't huge show-off units, and instead are practical and useful sizes with a variety of bedroom numbers for different family sizes.
ReplyDeleteThe predictable NIMBY responses here are tired and disappointing.