500 East 81st Street. Rendering courtesy of S20M.

By Michael Young and Matt Pruznick

Façade Work Nears Completion on 500 East 81st Street on Manhattan’s Upper East Side

Construction is closing in on completion on 500 East 81st Street, an 11-story residential building in the Yorkville section of Manhattan’s Upper East Side. Designed by S20M and Zproekt Architecture and developed by Rybak Development, the 100-foot-tall structure will span 37,378 square feet and yield ten condominium units. The project will also include a parking garage and ground-floor retail space. The 3,104-square-foot property is located at the southeast corner of York Avenue and East 81st Street.

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Financing Closes For $26 Million Rehabilitation Of 44 Affordable Homes In East Williamsburg And Bushwick, Brooklyn

By Max Gillespie

St. Nicks Alliance has closed on financing for the redevelopment of three Brooklyn properties yielding 44 affordable homes in East Williamsburg and Bushwick. The $26 million project encompasses two adjoining 16-unit buildings at 984-988 Greene Avenue and six-unit properties at 315 Harman Street and 19 Kingsland Avenue. The development is backed by a $2.26 million construction and permanent loan from LISC NY, which will cover hard costs associated with the redevelopment, along with soft costs and financing costs.

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Housing Lottery Launches for 664-672 Beck Street in Longwood, The Bronx

By Vanessa Londono

The affordable housing lottery has launched for 664-672 Beck Street, a five-story residential building built in 1925 in Longwood, The Bronx. Owned by Mhany Management, the structure was recently renovated and yields 42 residences. Available on NYC Housing Connect are four newly constructed units for residents at 40 to 77 percent of the area median income (AMI), ranging in eligible income from $0 to $162,008.

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