SCALE Lending recently provided $65.9 million in financing to facilitate the completion of a new 19-story residential building at 26-25 Fourth Street in Astoria, Queens. Designed by J Frankl Associates and developed by Bruman Realty, the 289,000-square-foot structure will stand 204 feet tall and yield 165 rental apartments, 38,000 square feet of retail space, and a 101-vehicle parking garage on a lot between 26th and 27th Avenues.
Façade work is rapidly progressing on the recently topped-out 150 West 48th Street, a 418-foot-tall, 38-story triple-brand Hilton hotel tower in Times Square. Designed by Gene Kaufman Architect and developed by Sam Chang of McSam Hotel Group, the 320,000-square-foot structure will yield 1,046 hotel rooms with a Hampton Inn, a Home 2 Suites, and a Motto Hotel, Hilton’s newest brand of micro-hotels. McSam Hotel Group purchased the Midtown, Manhattan site from Rockefeller Group in early 2019 for $140 million, and also received a $250 loan before construction broke ground last year. Omnibuild is in charge of erecting the tower, which is located by the corner of West 48th Street and Seventh Avenue.
The first rendering has been revealed for a multi-family expansion at 155 Wythe Avenue in Williamsburg, Brooklyn. Designed by Spacecutter, the project involves the construction of a fourth floor and a horizontal addition on the three-story residential building.
Construction is progressing on the new superstructure of TSX Broadway, a 470-foot-tall hotel at 1568 Broadway in Times Square. Designed by PBDW Architects, Mancini Duffy, and Perkins Eastman and developed by L&L Holding Company, Maefield Development, and Fortress Investment Group, the Midtown, Manhattan project required the partial demolition of the DoubleTree Suites by Hilton while preserving a portion of the original steel-framed podium that’s being repurposed, refurbished, and incorporated into the 21st century overhaul. The end result will be a new 550,000-square-foot tower that will include Kirchoff & Rose’s 108-year-old Palace Theater, which is being renovated and raised 30 feet to make way for ground-floor retail space. The site is located at the corner of Seventh Avenue and West 47th Street, to the east of the red TKTS stairs, and is slated to cost $2.5 billion.
Leasing is now underway at 945 Stuyvesant Avenue, a new mixed-used building at Centurion Union Center in Union, New Jersey. The four-story property comprises a mix of rental apartments, amenity spaces, ground-floor retail, and surface-level parking.