Lower East Side’s “Grittiness and History” a Big Draw for Local Developers

On January 18, several of the neighborhood’s leading developers gathered at the Sunshine Theater on E. Houston Street for a lecture to discuss the future of real estate on the Lower East Side.

Panelists included Ben Shaoul, who’s Magnam Real Estate is developing 94 condos at 196 Orchard Street; Charles Bendit, co-founder of Taconic Investment Partners, which is developing 242 Broome Street, a 55-unit condo that’s part of the $1.1 billion Essex Crossing project; Arthur Stern, CEO of Cogswell Lee Development, the firm behind the condo conversion at the former Streitz matzo factory; Nikolai Fedak, founder of pro-development blog New York YIMBY; and Jose Antonio Grabowskky, head of real estate investments for Brazil-based Vinci Partners and Andres Hogg of HOGG Holdings, which are co-developing 287 East Houston Street.

“There is a real grittiness and history,” said Arthur Stern, according to The Real Deal. “People appreciate that. A lot of New York has become the opposite of that now.”

Compass Real Estate president, Leonard Steinberg said, “The future of this area is very bright,” he said. “It’s probably as cool as Williamsburg without the L train.”

Read the full article here: https://therealdeal.com/2017/01/18/les-developers-bet-on-history-to-draw-future-residents/

IMAGE SOURCE: The Real Deal

 

Eric Ferrara

I'm a 4th generation Lower East Sider, professional NYC history author, movie & TV consultant & personality, founder of Lower East Side History Project, and real estate agent at LOHO Realty.

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