A few weeks ago we noted that demolition was imminent at at the former Pathmark site on Cherry Street. Now, almost a year after the large supermarket in the Two Bridges area closed, paperwork has been filed to take down the one-story building. Extell Development Corp., which is planning a very large residential tower (with ground floor grocery), has filed a full demolition request with the Department of Buildings. No word yet on Extell’s specific blueprint for the site alongside the Manhattan Bridge.
It’s been almost a year since the Pathmark store at 227 Cherry St. closed to make way for a massive new residential tower from Gary Barnett’s Extell Development Company. Extell has not disclosed specific plans for the site, but pre-construction work is apparently getting underway sometime soon.
This afternoon a reader sent in this photo from the former Pathmark site at 227 Cherry Street. Workers are putting up a fence around the parcel, which was purchased by Extell Development last year. It’s widely expected that a very large residential complex, including a ground floor supermarket, will be going up here, but Extell has repeatedly declined to discuss its plans. Buildings Department records simply indicate that a “plywood fence” is to be erected around the lot.
Here’s a Friday afternoon press release from Lower East Side elected officials Sheldon Silver, Margaret Chin and Daniel Squadron:
It was just about the worst kept secret on the Lower East Side. Now city finance department records confirm Gary Barnett of Extell Development, one of New York’s biggest developers, is indeed the new owner of the former Pathmark site on Cherry Street. The property, listed as 250 South St., changed hands for about $103,400,000 on March 15. In a separate transaction, Extell paid $46.5 million to acquire Pathmark’s long-term lease. So the deal is worth closer to $150 million.
The Pathmark grocery store closed at the end of last year, amid rumors that Extell had made a deal for the site. Current zoning allows for a nearly one-million square foot building on the parcel, which features views of the East River. It also happens to be surrounded by a lot of public and subsidized housing. Barnett, who grew up on the Lower East Side, is known for his “over-the-top” luxury projects.
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.
We have more this morning on the closing of Pathmark at 227 Cherry Street, a story The Lo-Down broke Friday afternoon. A spokesperson for the supermarket chain told us the 40,000 square foot store would shut down at the end of this year and that Pathmark’s parent company, A & P, was “relinquishing the (long-term) lease to accommodate a large scale residential development and improvement project.”
The questions everyone’s been asking this weekend, of course, are “who’s the developer” and what is meant by “large scale residential development?” Today there are no firm answers about that but events occurring in the past five years or so offer some clues.