This out-of-date rendering of 81 Wellesley Street by Core Architects is also comparable.
I don't think that referring to this area as the lower east side is that ridiculous (the use of caps does make it ridiculous however, as if it were an actual entity). There's the east end, which is east of the Don, and the east side, which is Yonge to the Don... and it IS in the lower part of the east side.
It's an embarrassingly dumb name. This is a decidedly UNspectacular location and they're plainly trying to compensate by borrowing the name of a trendy, recognizable NYC location. Lame.