The developer has filed demolition plans two years after purchasing the site
Two years after it was first announced, Extell’s Pathmark-replacing project in Harlem is finally moving forward, Crain’s reports. Extell purchased the Pathmark building in 2014 for $39 million and subsequently bought out the grocery chain’s lease for $21 million after the company filed for bankruptcy. Extell also purchased the neighboring former U.S. Post Office building for $10 million that year, and by the end of it all had amassed a nearly full block-size property bounded by Lexington and Third Avenues and East 124th and 125th Streets.
There’s been a long radio silence since, but Crain’s has now learned that Extell filed demolition plans for the post office building and the Pathmark in September this year. Real estate experts told Crain’s that Extell could build up to 613,605 square feet of residential space at the site if it adhered to the city’s Mandatory Inclusionary Housing policy and created affordable units at the site. That would mean about 600 apartments overall.
The site is part of a 2008 rezoning effort of 125th Street and hence the recently proposed East Harlem rezoning effort doesn’t really affect this particular site. Extell will likely have to create some kind of commercial space and community facility here too. The latter could be a pre-k facility or a doctor’s office. No word yet on when demolition work will actually get underway.