New renderings have been revealed for The Rolex Building, a 30-story office tower nearing completion at 665 Fifth Avenue in Midtown, Manhattan. Designed by David Chipperfield Architects and developed by the Rolex Realty Company, the 469-foot-tall structure will bring 165,000 square feet of office and retail space to the southeast corner of Fifth Avenue and East 53rd Street.
Naftali Credit Partners has closed a $203 million loan for an office-to-residential conversion of 221 West 41st Street, a 25-story building in Midtown, Manhattan. The financing was structured for Yellowstone Real Estate Investments and marks the tenth deal from Naftali Credit Partners’ second opportunistic debt fund. According to the announcement, the loan will refinance existing bridge debt and cover construction-related costs tied to the office-to-residential conversion. The property is located between Seventh and Eighth Avenues.
New York State has awarded $42 million to seven community-based organizations to create 200 scattered-site supportive housing units for adults experiencing chronic homelessness in Brooklyn, The Bronx, Manhattan, and Queens. Administered by the state Office of Mental Health, the funding will support Housing First placements for people enrolled in programs such as Safe Options Support, Intensive Mobile Treatment, and Shelter Partnered Assertive Community Treatment. Awardees include Options for Community Living, Comunilife Inc., CLUSTER, Venture House, and ACMH Inc.
New York City will begin a street redesign this spring to permanently improve pedestrian and bicycle access to the Brooklyn Bridge at its Manhattan entrance in Manhattan’s Financial District, city officials announced. The project, led by Mayor Zohran Kwame Mamdani and NYC Department of Transportation Commissioner Mike Flynn, will create a new dedicated bike connection along Centre Street and fully separate bike and pedestrian access to the bridge for the first time. Work is expected to begin in the coming weeks and wrap before the FIFA World Cup begins in June.
Battery Park City Authority and local elected officials have reached an agreement with LeFrak and its partners, the Olnick Organization and Fisher Development, doing business as Marina Towers Associates, to preserve rent protections for about 430 units at Gateway Plaza in Battery Park City, Manhattan. The deal extends protections that had been set to expire in July 2030 through June 17, 2069, covering residents who have remained in continuous occupancy since July 1, 2009 and maintain their primary residence in New York State.
