New Avalon Buildings On The Way

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Posted 05/Dec/2005 by Gromco in AvalonBay Communities, Inc., Avalon Chrystie Palace, Avalon Bowery Place I, Lower East Side, East Village

According to a recent [article] in "The Villager", more Avalon buildings are on the way in Downtown Manhattan. Right now, in addition to one in Long Island City (and the second one being built in the same area), we have a newcomer on Houston & Chrystie - Avalon Chrystie Palace (built in 2005). According to the abovementioned report, we should expect two more buildings:

AvalonBay has begun construction on its second rental apartment building on the Bowery and the north side of E. Houston St. A nine-story building, it will feature 206 rental apartments, a lounge, roof terrace and fitness center for residents, along with 20,000 square feet of ground-floor retail space. The first residents are expected to move into this building by the end of 2006.
AvalonBay is also currently in the design and development phase for a third building, which will be located on Second Ave. and the north side of E. First St. While designs are still being completed, it is anticipated that this building will be seven stories and offer approximately 100 rental apartments. AvalonBay expects to complete the development by early 2008.

The new buildings (as well as Avalon Chrystie Palace) fall inside the so-called Cooper Square Urban Renewal Area and are part of the relevant HPD-approved program. In practical terms, it means that about a quarter of all apartments in those buildings will rent for below-market rates (to qualify, one would need to demonstrate income below 60% of the Area Median Income).

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