Since last fall, there has been widespread speculation that Gary Barnett’s Extell Development Company planned to build a large residential complex on the site of the former Pathmark store at 227 Cherry Street. The store closed late last year, representatives of the supermarket chain saying the property had been sold to an unnamed developer. This afternoon Crain’s is reporting that Barnett is, in fact, in the process of purchasing the site.
According to reporter Daniel Geiger, Extell “is in contract” to purchase the parcel, which is “zoned to accommodate a building of nearly 1 million square feet.” The purchase price is said to be “around $175 million.” There is no sourcing in the story. The sale has not popped up yet in the city finance department’s database.
A broker quoted in the story indicates that interest in Lower East Side real estate is definitely growing due to the development of the 1.65 million square foot Seward Park site along Delancey Street. Barnett is one of the city’s most prolific developers with a reputation for building over-the-top luxury buildings.
There’s no question one could build a huge number of apartments at this location but the lack of subway service, and the total absence of any kind of decent retail would seem to make this a tough sell. Certainly not the type of location for a typical Extell project.
How strange… How can a super-luxury condo building be successful in that area? Who would pay big bucks to live surrounded by housing projects with no nearby restaurants or shops of any interest?
Another anti-urban parking lot bites the dust.
I hope the local residents will get some new retail as part of this…
It’s a couple of blocks from the F train.