L&L Holding Company and Columbia Property Trust have successfully closed on $1.25 billion in construction financing to complete a commercial overhaul of Terminal Warehouse in Chelsea, Manhattan. Led by COOKFOX Architects, the property will eventually house a mix of Class A office suites, retail space, and dining area.
Foundation work is progressing on 555 Greenwich Street, a 16-story office building in Hudson Square. Formerly addressed as 561 Greenwich Street, the structure will yield 270,000 square feet and will connect on nearly every floor with the adjacent 345 Hudson Street. The project is designed by COOKFOX Architects and developed by the joint venture Hudson Square Properties, which includes Trinity Church Wall Street, Norges Bank Investment Management, and Hines, and is planned to debut as one of the city’s most sustainable buildings.
Below-grade work is progressing at 241 West 28th Street, a 22-story, 479-unit residential project in Chelsea. Designed by COOKFOX for MAG Partners, Atalaya, Safanad, and Qualitas, the two-tower development recently acquired $173 million in construction financing arranged by Maverick Commercial Properties. MAG Partners acquired the Midtown, Manhattan property in December 2018 and established a 99-year ground lease with Edison Properties. 241 West 28th Street is located between Seventh and Eighth Avenues and will have 30 percent of residential units reserved for low- and middle-income households. Urban Atelier Group is the general contractor.
The affordable housing lottery has launched for Betances Senior Residence, a Passive House senior housing building at 445 East 142nd Street in Mott Haven, The Bronx. The 12,000-square-foot development is designed by COOKFOX Architects and is developed by Breaking Ground. Available on NYC Housing Connect are 78 units for residents at 50 percent of the area median income (AMI), ranging in eligible income from $0 to $53,700.
MAG Partners is teaming up with affordable housing cooperative Penn South to redevelop 335 Eighth Avenue in Chelsea, Manhattan. The new seven-story mixed-use building will include ground-floor commercial space and 200 residential units with affordable housing for low- and middle-income residents. COOKFOX is designing the 200,000-square-foot structure.