Since the bottom fell out of the real estate market in 2007, stalled construction sites have become part of the landscape on the Lower East Side, as well as throughout New York City. We see a hole in the ground or scaffolding over the sidewalk, and make certain assumptions about what went wrong. But most of the time, the specifics remain a mystery.
Later today, we’ll be posting an in-depth report about the Young Israel synagogue on East Broadway, where a proposal to replace an aging house of worship with a new synagogue, and condos on the upper floors, has stalled. Our story, based on an examination of court records and interviews with the developers, takes a close-up look at just one deal that unraveled – and its consequences. Every project is, of course, different, but we think the facts surrounding the Young Israel agreement also shine a little bit of light on the broader turmoil in New York’s real estate market.
This story is reported by Jennifer Strom, a Lower East Side resident and veteran investigative journalist, who recently joined our team. Across the country, hyperlocal news is taking on many forms. Community board meetings, restaurant openings, gallery shows and street fairs are all definitely parts of the equation for us. But we also want The Lo-Down to be an online destination for comprehensive reporting about issues impacting our community. That’s a part of what today’s piece represents.
As always, we welcome story suggestions. Email us your ideas and tips.