A new development firm makes a splash with an auspicious debut in Manhattan's Lower East Side.
"AvalonBay Communities has been circling New York City with upscale rental apartment buildings in Long Island, Westchester, Connecticut and New Jersey, coming into the city in 2003 with a 32-story tower on the East River in Queens. Now the real estate investment trust is about to enter Manhattan with a splash.The company has begun laying the foundation for the first of four buildings it is putting up on land that has been the target of fierce dissension and the site of failed plans for decades. To be called Avalon Chrystie Place, its 708 apartments will be in buildings scattered across four irregular parcels sitting between East Second Street to the north, Stanton Street to the south, the Bowery to the west and Second Avenue and Chrystie Street to the east. The property, which measures more than three acres, is traversed by East First Street and Houston Street."
Thanks to Linsey Cameron
FULL STORY: Rental Developer's Manhattan Debut: Lower East Side
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