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though that intersection (125th and Lex) is probably the seediest in all Manhattan and I'm not sure how you'd lure market-rate tenants to buy or rent in a neighborhood full of derelicts. It really is close to a skid row there, with buses to the homeless shelters and jails on Rikers, plus several residences for the homeless, mentally ill, or recovering drug addicts nearby --and those people are often hanging out on that corner. I think it might be a hard sell for Extell to get the prices they usually do here. You couldn't pay me enough to live on that corner.
Yeah that corner always looked like crap. I never liked walking around there either on 125th - I would only go as far as Madison.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I favor the mixed-income housing idea, though that intersection (125th and Lex) is probably the seediest in all Manhattan and I'm not sure how you'd lure market-rate tenants to buy or rent in a neighborhood full of derelicts. It really is close to a skid row there, with buses to the homeless shelters and jails on Rikers, plus several residences for the homeless, mentally ill, or recovering drug addicts nearby --and those people are often hanging out on that corner. I think it might be a hard sell for Extell to get the prices they usually do here. You couldn't pay me enough to live on that corner.
Indeed. Lexington is pretty rough all the way down to 110th Street.
I just returned from a 2 week trip visiting Harlem (I'm German). I used to go to Pathmark for my everyday shopping and I couldn't say anything bad about the staff. They were always friendly and helpful. Yes it's not the fanciest place but they have all you need for a reasonable price. The only complaint I'd have was that there was never enough room to line-up
Update: Extell Plan to Buy East Harlem Site Falls Through
On Thursday, reports of Extell's plans to buy an East Harlem Pathmark supermarket at 160 E. 125th Street surfaced. Now, the neighborhood board that controls the site has denied making a deal, stating that negotiations are officially off the table.
Extell president Gary Barnett reportedly bid $39 million on the property, but the eight-member board of the East Harlem Abyssinian Triangle Corporation was split on whether to follow through with the deal. On April 10, board president Hannah Brockington confirmed that the deal was off, as board bylaws require a resolution within five days of a deadlock. Brockington wrote in a letter that selling the site would be "detrimental to our community," with some board members questioning Extell's commitment to providing affordable housing.
The project would have been Extell's first in Harlem.
The fact that Gary was even looking to expand uptown/Harlem is really what matters, even if this deal fell through. The major players are seeking opportunities all over...and Extell has been one of the few players acquiring properties and developing aggressively during the downturn.
I suspect he already has several other deals in the pipeline uptown. To be continued...
PS-Did anyone else notice the Perkins restaurant opening on 125th and I think 3rd or Lexington on the corner?
Update: Extell Plan to Buy East Harlem Site Falls Through
On Thursday, reports of Extell's plans to buy an East Harlem Pathmark supermarket at 160 E. 125th Street surfaced. Now, the neighborhood board that controls the site has denied making a deal, stating that negotiations are officially off the table.
Extell president Gary Barnett reportedly bid $39 million on the property, but the eight-member board of the East Harlem Abyssinian Triangle Corporation was split on whether to follow through with the deal. On April 10, board president Hannah Brockington confirmed that the deal was off, as board bylaws require a resolution within five days of a deadlock. Brockington wrote in a letter that selling the site would be "detrimental to our community," with some board members questioning Extell's commitment to providing affordable housing.
The project would have been Extell's first in Harlem.
Good. East Harlem needed Pathmark anyway, as it is still one of the only modern grocery stores in the area.
I'm not sure how well the project would have done anyway, as others have pointed out there's a lot of governmental housing/social services housing in that area. Moving the welfare housing out of that area would only result in the destruction or worsening of other areas as those people have to be somewhere and many of them won't leave NYC.
On April 10, board president Hannah Brockington confirmed that the
deal was off
Good to hear WriterDude,
Now I can still take a fast ride up and get fresh cod.
I'll bet community pressure had more than a little play in killing this awful deal.
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