Extell Purchases Pathmark Site for $175M
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It was the worst-kept secret in downtown development. For months, the community operated under the assumption that the Extell Development Company was to purchase the Pathmark site at 227 Cherry Street. That speculation was finally confirmed yesterday, with Crain’s reporting that Gary Barnett and company are in contract to acquire the property for a whopping $175 million. Not a typo.
Zoning in that area allows for 1 million square-feet of development, likely earmarked for residential. What this means is luxury living encroaching on the stomping grounds of lower income residents in the immediate vicinity. Do you really think a Pathmark will support the newcomers in the complex? Fuck no.
Plus, when these towers finally rise, future tenants will likely complain about the Coleman Skatepark…