The closing of construction financing was announced for a new 47-story mixed-use residential development at 550 Tenth Avenue in Hell’s Kitchen. The project is developed by Gotham Organization and Goldman Sachs Asset Management JV in a joint venture equity partnership, with Wells Fargo and US Bank providing a $212 million construction loan, and Lionheart Strategic Management providing $35 million in mezzanine financing.
Permits have been filed for a seven-story residential building at 128 West 167th Street in Highbridge, The Bronx. Located between Ogden Avenue and Nelson Avenue, the lot is within walking distance of the 167th Street subway station, serviced by the 4 train. Zev Mayer of Skyrock NYC is listed as the owner behind the applications.
Construction is continuing to rise on Disney’s 1.2 million-square-foot headquarters at 137 Varick Street in Hudson Square. Alternately addressed as Four Hudson Square, the 22-story, 338-foot-tall steel-framed structure is designed by Skidmore, Owings & Merrill and is being developed by Silverstein Properties. The media giant purchased the full-block parcel from Trinity Church Real Estate for a total of $650 million and Skanska demolished four old structures that occupied the site last summer. Lendlease is constructing the new headquarters, which is bound by Varick Street to the east, Spring Street to the south, Hudson Street to the west, and Vandam Street to the north.
A new 24-story commercial tower at 141 Willoughby Street in Downtown Brooklyn has officially topped out. From developer Savanna Real Estate, the new property comprises 400,000 square feet with a mix of Class A office space and retail on the lower floors.
The affordable housing lottery has launched for Plank Road Apartments, a 27-story residential building at 662 Pacific Street in the Pacific Park mega-development in Prospect Heights, Brooklyn. Designed by Marvel Architects and developed by The Brodsky Organization, the structure yields 312 residences. Available on NYC Housing Connect are 94 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $53,040 to $167,570.
