Non-Profit Group Apparently Makes Deal For Extell’s Affordable Tower on Cherry Street
It looks like the Housing Partnership, a Midtown-based non-profit, will be overseeing the 205-unit affordable project at the former Pathmark site. Extell Development is putting up the 13-story building alongside its massive luxury condo tower at 250 South St.
According to documents filed with the city finance department, the deed for the affordable portion of the project, known as 229 Cherry St., was transferred to an entity called “HP Cherry Tower Housing Development Fund” on August 6. The papers were signed by Extell honcho Gary Barnett and Daniel Marks Cohen, who is director of real estate development for the Housing Partnership. We emailed Cohen for more information on Friday but have so far not received a reply.
His organization, according to the Partnership’s website, “has been partnering with the City and State of New York, developers, financial institutions, and community groups to provide affordable homes to hardworking New Yorkers for 32 years.” On the Lower East Side, the Housing Partnership is the marketing and administering agent for 331 East Houston St., a luxury project with 16 affordable apartments.
From the beginning, Extell made it clear the management of the affordable part of its South Street complex would be handed off to a not-for-profit group. The high profile developer sought tax exempt financing, low income tax credits and a 20-year tax abatement for building the 205 unit building.
The luxury tower is currently slated to rise 72 stories, but its height is a constant “work-in-progress.” The luxury and affordable portions of the project dubbed “One Manhattan Square” will share a base housing commercial tenants. Extell has been criticized for building segregated housing with separate entrances, including a so-called “poor door” for the affordable units.