Retail

Rendering of 26-25 Fourth Street - J Frankl Associates

Developers Secure $65.9M for 165-Unit Building at 26-25 Fourth Street in Astoria, Queens

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.

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1,046-Room Hilton Tower Nears Completion at 150 West 48th Street in Times Square, Manhattan

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.

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TSX Broadway New Superstructure Steadily Takes Shape at 1568 Broadway in Times Square, Manhattan

Construction is progressing on the new superstructure of TSX Broadway, a 470-foot-tall hotel at 1568 Broadway in Times Square. Designed by PBDW ArchitectsMancini Duffy, and Perkins Eastman and developed by L&L Holding CompanyMaefield 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.

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