Starrett Corporation Seeks to Sell Two Bridges Development Site

259 Clinton Street (Perkins Eastman / McNamara Salvia)

With the legal issue over the plans for the Two Bridges apartment towers settled, the developers cash in their tokens.

The Starrett Corporation is looking to sell the development site of its 700-foot-high project for around $ 100 million, said a source with knowledge of the company’s plans. The real deal.

The offer comes after the announcement that another group – a joint venture between CIM Group and L + M Development Partners – has reached a deal to sell its neighboring development site for just under that amount.

A representative of Starrett Corporation did not respond to a request for comment.

The company offers its development site at 259 Clinton Street, which can be built into a 61-story tower with up to 765 apartments.

At a height of 718 feet, the skyscraper will offer views of Manhattan, Brooklyn and Queens from one of the “last developable sub-markets south of 96th Street,” according to documents from Eastdil Secured, which markets the site.

Starrett has filed a building permit with the city and plans to have parts of the foundation in place by the spring to qualify for the 421-a tax break before the program expires on June 15, according to the memo. offer.

There are more than 2,700 planned apartments in a trio of developments in the Two Bridges neighborhood, which have been the subject of a vigorously contested court challenge.

Opponents of the new buildings sued in 2018, saying the developers needed political approval as part of Two Bridges ‘large-scale development plan put in place in 1972. Critics’ goal was to reduce the size of buildings and give the local city council member leverage to dictate its scope and negotiate benefits for the community.

A judge temporarily suspended the projects, but the courts eventually sided with the developers and administration of Blasio. The case was decided in May when the state’s highest court refused to hear an appeal in the battle.

The decision seems to have motivated some of the developers who have gone through the legal battle to take.

The agreement between CIM and L + M for the sale of their development site at 265 South Street has been concluded with the Chetrit Group.

About Barbara J. Ross

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