YIMBY went to check on the construction progress at 185 Broadway, a new 31-story residential tower in the Financial District designed by FXCollaborative and developed by SL Green. The 260,000-square-foot mixed-use tower is located at the southwestern corner of Dey Street and Broadway, directly next to one of the entrances to the Fulton Street subway station. Pilings and excavation are currently happening.
The ground-up structure will yield 209 rentals with 63 units, or 30 percent, dedicated to affordable housing. Residences will range from studios to three-bedroom homes, and two flagship retail spaces are set to come on the ground floor. Three floors of commercial space will have their own dedicated entrances on Broadway and Dey Street and be separated from the main residential doors. The rendering also shows a number of landscaped outdoor terraces on the multiple setbacks of the superstructure, which will be enclosed in glass panels with two distinct patterns of window mullions.
Developers had to overcome a number of obstacles to get to this point, beginning with the demolition of three low-rise structures at 183 Broadway, 187 Broadway, and 5-7 Dey Street. SL Green then had to obtain 66,186 square feet of air rights from 189 Broadway, as well as light and air easements for the cantilevered portions of the building’s L-shaped design. A 35-year property tax abatement was acquired, thanks to the enrollment with the New York Housing Program. Finally, $225 million in construction financing was secured from United Overseas Bank Limited and Helaba to enable the project to rise.
YIMBY last reported that the reinforced concrete foundations for 185 Broadway are scheduled to be completed by December 2019. Meanwhile, SL Green is aiming to obtain a Temporary Certificate of Occupancy by March 2021.