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.
17 comments:
Much better use of those properties... Good to see more housing coming in
Sure real estate person. Another soulless "luxury" development that contributes nothing architecturally to the neighborhood, much less to true affordable housing.
"Luxury rentals" aren't designed to ease the housing shortage; they're more likely to end up as AirBnBs for out-of-towners.
Another 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.
How many affordable apartments does the ground floor parking lot currently have?
You 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.
We 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.
If 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.
The predictable NIMBY responses here are tired and disappointing.
Agreed with the top portion. Housing is a damn racket in this city. And tired of the word "luxury" when it's just stainless steel, dishwashers and thin walls.
All housing is affordable housing. https://thedailyeconomy.org/article/all-housing-is-affordable-housing/
Not everyone can live in a rent controlled apartment and more housing is something every economist agrees is a good thing. Rent control is another agreed to hurt the very people it’s supposed to help except those grandfathered in.
too much luxe housing, and not enough street parking around there, where are people gonna park to visit the business or long term
Well, THAT is fucking awful.
There is metered parking, and there is public transportation. In addition, most new developments have underground parking garages.
[tl;dr If you want to keep a car in the city, you have to pay for it.]
I can’t believe the degree to which people who are ostensibly in favor of affordable housing are so anti housing and simultaneously pro parking. Parking should be a pair luxury full stop and if people need it for their job and need to live in the city maybe talk about a subsidy.
"Affordable housing," in the context of this discussion, actually means "leasable housing." I.e., affordable enough that it is unlikely to sit empty. On NYC development in general, when one looks across to the Brooklyn-Queens skyline, which wasn't there 30 years ago, one sees glittering souvenirs of the 2008 crash and the free developer loans that got handed out as part of the recovery effort back then to save the US economy. Emergency band-aids are one thing, but when are we going to deal with fixing the issue of housing scarcity directly? Instead of, always, "How can we help out Big Real Estate, our beloved campaign contributor? Oh, yeah, and build a few units of middle-class housing at the same time." Here's hoping Mayor Mamdani brings a more quotidian and equitable outlook on development. I'm aware there are some who doubt his sincerity, however. A harsher side to him seems to have been revealed perhaps with regard to the Elizabeth Street Garden situation.
Mamdani has little to no regard for the people who made this city great. He only thinks in the present. He only thinks about his people and their struggles. Think about his acceptance speech on election night. The sneers. The tribute to his people and no one else. Not a way to thank the people... all the people of New York.
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