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Thread: 188 Ludlow Street - Lower East Side - by Costas Kondylis

  1. #1
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    Default 188 Ludlow Street - Lower East Side - by Costas Kondylis

    This is a fairly large development currently under construction, so I think it deserves it's own thread. Sorry, unable to find any renderings yet.

    Here's the summary that I compiled:

    188 Ludlow St. (E. Houston St. and Ludlow)
    23 stories
    Costas Kondylis and Partners LLP Architects
    Dev-Edison Properties LLC
    Residential Rental
    243 units 210,000 sf
    Under construction



    Description:

    Executives from Edison Properties, LLC broke ground at 188 Ludlow St. to officially begin construction on Edison's first residential building, located at the southeast corner of Ludlow and East Houston Streets.

    The 210,000 gross s/f, 23-story, 243-unit residential development will be constructed with Hunter Roberts Construction Company acting as general contractor. The building was designed by Costas Kondylis & Associates.

    "2006 marks Edison's 50th anniversary. Entering into residential development in this dynamic location is the perfect way to celebrate this milestone. 188 Ludlow has been designed to complement and enhance this historic neighborhood and to meet the needs of the many people who want to enjoy the area's exciting stores and restaurants," said Gary DeBode, president of Edison Properties.

    The $90 million dollar project will be financed through developer equity and tax exempt bonds issued in accordance with the New York State Housing Finance Agency's 80/20 program. The bonds will be credit-enhanced by Landesbank Hessen-Thuringen Girozentrale. In addition to providing 20% low income housing, the developer is setting aside 5% for moderate income tenants.

    http://www.findarticles.com/p/articl...2/ai_n16110175

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    A photo of the parking lot site from the Villager:



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    A recent photo of the construction site from curbed:


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    Forum Veteran krulltime's Avatar
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    Developer Wins $83M Financing





    By Barbara Jarvie
    May 8, 2006

    NEW YORK CITY-Approximately $83 million in construction financing under the New York State Housing Finance Agency’s 80/20 program has closed for a project on the Lower East Side. The owner/developer of the property is an affiliate of Edison Properties LLC and Hunter Roberts Construction Group.

    The apartment at 188 Ludlow St., will total 208,000 sf with 6,000 sf of retail space. Once it’s completed in 2008, it will contain 243 units. In addition to providing 20% low-income housing, the developer is setting aside 5% for moderate-income tenants. The joint venture leased the land from Edison Properties LLC under a 99-year agreement. The building was designed by Costas Kondylis & Associates.

    The Singer Bassuk Organization arranged the construction leasehold financing including financing provided by low-floater tax-exempt bonds issued by the HFA. It also included a credit enhancement in the form of an $83-million letter of credit for the HFA bonds provided by Helaba. Richard Bassuk, president of SBO, also arranged a forward commitment on permanent financing from Helaba. “This cutting edge financing is the first time a commercial bank has agreed to provide permanent financing on such advantageous terms and is a very positive development for project owners.

    In the past, permanent financing has been provided by either Fannie Mae or Freddie Mac through a DUS lender.” The firm’s James O’Reilly and Evelyn Savino also worked on the financing.

    Gary DeBode, president of Edison Properties, said the project was designed to “complement and enhance this historic neighborhood and to meet the needs of the many people who want to enjoy the area’s exciting stores and restaurants.” Other recently completed SBO transactions include the $135-million construction loan financing and $155-million permanent financing for the Marc under HFA’s 80/20 residential program as well as the $120-million financing for 88 Leonard St. under HFA’s Liberty Bond Program. The firm also completed the $104-million construction and permanent financing for Chelsea 27th Apartments under HFA’s 80/20 residential program, the $145.2-million construction loan and $165-million permanent loan for 63 Wall St. under the Liberty Bond Program with HDC in addition to the $82.9-million construction and permanent financing for 90 Washington St. under the Liberty Bond Program.


    Copyright © 2006 ALM Properties, Inc.

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    Forum Veteran krulltime's Avatar
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    Here is a better rendering...



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    Unreal. You never know which Costas is going to show up. This looks awful.

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    Awful? Really? Well, it may not be the most inspired project this side of Houston, but it certainly IMO is an example of the new and improved Costas. Assuming the the materials are of a significant quality this could end up being a very respectable developement. Anything is better than the empty lot now, and the way the building is intergrated with into the nereby tenenments is respectable.

    Besides, every time I'm on the Lower East Side the lack of banks and Duane Reades is really jarring. I'm assuming this will fix that problem!

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    It looks like the building he designed that's going up on Leonard. Check out the pics to see how badly that one is turning out.

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    Quote Originally Posted by sfenn1117
    It looks like the building he designed that's going up on Leonard. Check out the pics to see how badly that one is turning out.
    I just walked by there and the leonard building is a disaster. I have to imagine that this will be better but you never know.

    I assume this will be rentals?

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    According to various reports, the building was nicknamed "the pencil", meaning it should be tall and thin. That rendering does not look thin to me.

    Of course, they may have changed the design, so just forget what I just said.

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    Quote Originally Posted by sfenn1117
    Unreal. You never know which Costas is going to show up. This looks awful.
    Not every building has to be a masterpiece. This building may not be a Taj Mahal but it's very nice and pleasant. Besides, if you make it too over-the-top, community groups will complain about contextuality (of course, they'll always find something to complain about but that's for another discussion).

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    I agree that not every building will be beautiful.

    This one looks very busy; look at the rendering very closely. There are alternating windows and stripes everywhere. I think simpler would have been better here.

    What bothers me about Costas is that his work gets very repetitive.

  11. #11

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    It looks like a combination of several of his buildings. I remember the storm of community opposition to this back when it was announced in 2001. Glad to see something happening, though it leaves much to be desired.

    You can see a rendering of the full building at Kondylis' redesigned website:
    http://www.kondylis.com/
    quite a portfolio...check out that Bank of China also.

    Also, AIANY finally released the 2005 Design Award entries on the web. Surprisingly Kondylis didn't win anything.
    http://aiany.org/designawards/2005/

  12. #12

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    Quote Originally Posted by Derek2k3
    ...check out that Bank of China also.
    Wow, the Chinese can get even Kondylis to be interesting.

  13. #13

    Default Bland buildings for bland people

    "Anything is better than the empty lot now, and the way the building is intergrated with into the nereby tenenments is respectable.

    Besides, every time I'm on the Lower East Side the lack of banks and Duane Reades is really jarring. I'm assuming this will fix that problem!"


    To be honest KuroKevin, these comments pretty much sum up why people who live in the LES are depressed with the direction in which this construction is taking the neighborhood.

    Let the whitewash continue! May the whole island look like 87th and 1st someday!

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    LES, bland they may be but it seems like the community people don't want it any other way. Any more "creative" and you have the same people crying about how non-contextual it is. Damned if you do, damned if you don't. Whaddya want?

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    I guess my sarcasm was not appreciated by LES Paul. I do not understand the appeal in having a parking lot for a next door neighbor, but that's Paul's perogative- not mine. While I hate the bank an Duane Reade trend, I do feel this is a much much needed development for the Lower East Side. Things cannot remain the same forever. Someday the Lower East Side will lose it's status as a hipster heaven whether or not it's caused by chain stores and expensive condos, and become a new identity all together. Cities grow and change.

    What's especially abnoxious is that these people today who cry about these changes are the same people who gentrifited the hood not too long ago. So, unless you are a 100 year old Jewish immigrant, you just may be a hypocrite.

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