Starrett’s 70-Story Tower Can Proceed with Foundation Work
It’s a frenzy on the Lower East Side waterfront, where two developers are rushing to pour foundations, allegedly to take advantage of expiring 421a tax exemptions.
Last week, the Department of Buildings issued permits to the Chetrit Group for excavation and foundation activities related to their two-towered, 70-story behemoth at 265 South Street.
Days later, on Thursday, the Starrett Corp. obtained permits for foundation activities beneath its super-tall just down the block at 259 Clinton Street.
As previously reported, this proposed development will pierce the sky at 710 feet, and boast 1,021 apartments (656k square-feet).
The filing comes on the heels of Starrett listing the 259 Clinton site for a slim $100 million.
Meanwhile, both waterfront properties filed foundation plans without the broader projects being city-approved. The piecemeal approach is, according to neighbors in opposition of the towers, a tactic to capitalize on the 421a tax exemption set to expire June 15.
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