A waterfront waiting game.One of Manhattan's largest undeveloped tracts of waterfront was acquired by a development group that plans to build a five million SF-plus mixed-use complex. The developers, lead by the Fisher family, signed a contract for the 9.2 acres and could pay up to $680 million for the Lower East Side site. The group's winning bid beat out several other competing developers interested in this lucrative tract. Part of the proposal includes plans for a waterfront esplanade. "The acquisition of these properties presents an exciting opportunity for residential, commercial and waterfront development," said Sheldon H. Solow, president of Solow Realty and Development. The property, which currently belongs to Consolidated Edison This article is about the utility company in New York. For ComEd in Illinois, see Commonwealth Edison. Consolidated Edison, Inc. NYSE: ED is one of the largest investor-owned energy companies in the United States. , is located east of First Avenue between 35th and 41st Streets. The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times described the project as " a developer's dream," but with a catch. Con Ed must receive approval to demolish a century-old electric and steam generating station here. Also, community organizations are up in arms armed for war; in a state of hostility. See also: Arms against the proposal already. "The sale of these properties will greatly benefit the customers of Con Ed and the residents of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," said Kevin Burke, president of Con Ed. Burke claimed that the project "will prove advantageous for customers while enhancing the city's ability to grow." But it may take years before anything is likely to happen. If Con Ed demolishes the Waterside steam plant, they must expand the generating capacity of their sister plant on nearby East 14th Street. And therein lies another obstacle for the project. "This is a smoke and mirrors game that threatens to choke -- literally -- residents of the Lower East Side," said Assemblyman Steve Sanders, whose district includes the neighborhoods around the 14th Street plant. The purchase price of the sites is expected to be between $576 and $680 million, with the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). ostensibly os·ten·si·ble adj. Represented or appearing as such; ostensive: His ostensible purpose was charity, but his real goal was popularity. benefiting customers, according to a Con Ed press release. The purchase price hinges on Con Ed gaining approval to demolish the Waterside plant and thereby expand their 14th Street plant. The sale is projected "to be completed over time, pending the city's land use review process and completion of related remediation and demolition." In other words Adv. 1. in other words - otherwise stated; "in other words, we are broke" put differently , it will be some time before the proposed waterfront esplanade graces the East River shore here. |
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