Construction has officially wrapped at 275 South Street, in Manhattan, following a full-scale renovation of the aging residential building. The project is one of the most recent properties to debut in “Two Bridges,” a neighborhood nestled at the southern end of the Lower East Side that has witnessed a remarkable uptick in high-rise developments including Extell’s One Manhattan Square and 259 Clinton Street, designed by Perkins Eastman.
A year and a half ago, YIMBY wrote about a pair of affordable rental buildings headed for the rent-stabilized Lafayette Boynton complex in the Soundview section of the South Bronx. Now, Nelson Management Group and L+M Development are breaking ground on the two towers at 1520 and 1530 Story Avenue.
In 2015, L+M Development Partners and Nelson Management Group acquired the 19-story, 260-unit mixed-income residential building, called Lands End I, located at 257-275 South Street, on the Lower East Side, for an undisclosed amount. Now, renderings of the building’s planned renovation have been revealed by Curbed NY. The 236,065-square-foot building is expected to host 256 rental apartments after the renovation, which will include the construction of a roof deck, a fitness center, a community lounge, and a laundry. There will also be 24-hour doorman service, and amenities will be available to all of the building’s residents. Units will come in studio, one-, two-, and three-bedroom configurations. Half of the apartments, which are currently partially subsidized, will continue to rent at below-market rates. ORE Design + Technology is designing. Construction is expected to be complete in early 2017.
Nelson Management Group and L+M Development Partners are conducting a top-down renovation of the 32-story, 318-unit former affordable housing tower at 150 West 225th Street, in Manhattan’s Marble Hill. The outdoor deck abutting Spuyten Duyvil Creek will receive an extensive overhaul, featuring green space and cabanas. Dubbed The Promenade, the majority of the units are currently rent stabilized, but units are allowed to be converted into market-rate rentals if vacated, according to the Daily News. Renovations should wrap by 2016.