Financing Complete For 25-Story, 115-Unit Mixed-Use Project At 565 Broome Street, Hudson Square

555 Broome Street555 Broome Street, rendering via Bizzi & Partners

Over the summer summer, YIMBY partially revealed renderings for the planned 25-story, 115-unit residential building at 565 Broome Street (a.k.a 100 Varick Street), in Hudson Square. The developers have now secured a $320 million construction loan for the project, according to Crain’s, and Cindat (the U.S. branch of Beijing-based China Cinda Asset Management Co.) also acquired a $135 million stake in the project. The development team – SHVO, Bizzi & Partners Development, Halpern Real Estate Ventures, Aronov Development, and Itzhaki Acquisitions – recently acquired the two-story annex at 555 Broome for $9 million, completing the assemblage.

The building will encompass 322,154 square feet, with 242,350 square feet set aside for residential use. Units will average 2,107 square feet apiece, and 17,134 square feet of retail space will span the first and second stories. Besides the two-story annex, the entire site has been cleared and excavation is currently underway. Completion is currently scheduled for 2018. Renzo Piano Building Workshop is the design architect and SLCE Architects is serving as the architect of record.

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