EV Grieve recently published a list of, for better or worse, five developments that will change our area’s aesthetic quite significantly in the coming months.
There is, of course, the August-scheduled demolition of the building that houses the famous dive haunt Mars Bar on Second and Second – just east of us. In it’s place a polished 12-story high rise will be erected. However, developer BFC partners is giving nine tenants in the adjoining buildings the opportunity to purchase apartments in the new building for just $10, tax free. The deal is economically sound. With two-bedrooms across the street going for close to $8,000, it’s cheaper to use market-rate rentals to subsidize free and affordable apartments for existing tenants than to revamp the existing building, which is dilapidated and very much in need of attention.
The Cooper Union engineering building at 51 Astor place will be replaced with a highly modern, angular office building. Construction begins July 1st and is set to be completed within the next 17 months or so.
The Salvation Army on the corner of Bowery and East 3rd, bought by the Parisian development company Louzon in January, is set to become a 72-room boutique hotel, including a high-end Parisian restaurant. The illustration of the planned building, if accurate, would change the feel of the iconic Bowery corner dramatically; bright, modern with cubed red balconies jutting out its sides. There is no timeline on this project as of yet.