Eastern Consolidated has secured a $121.35 million debt and equity package for 140 West 28th Street, a 45-story, 526-key hotel set to rise in Chelsea. The deal is comprised of two sources, which are $97.5 million for the mortgage with Bank of the Ozarks, and $23.85 million for mezzanine construction by Square Mile Capital Management.
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The Williamsburg development boom continues apace, and today YIMBY has the details for a mixed-use project that is coming to 72 South Second Street. T.F. Cusanelli & Filletti will be designing the building, which will result in a completely refurbished corner fronting directly onto Wythe Avenue, and we first reported on the DOB applications back in September of 2016.
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The five-building complex will be completed in three phases
A new set of renderings have emerged for the massive project that’s set to replace the Spofford Juvenile Detention Center, in Hunts Point, in the Bronx. 6sqft first reported on the renderings, which have appeared on developer Gilbane Development Company’s website.
Gilbane is collaborating with the Hudson Companies, and Mutual Housing Association of New York on the project, which is known as The Peninsula. The city’s Economic Development Corporation awarded the contract to the trio of developers in October 2016, and the development is going to take place in three phases.
In all, the project will create a total of 740 affordable apartments, 52,000 square feet of open recreational space, which includes a public plaza, 49,000 square feet of light industrial space, 48,000 square feet of community facilities like artists workspaces, and 21,000 square feet of retail. Also part of the overall development are a school, and a health and wellness center.
The non-residential portion of this five-building development will be occupied by several local businesses like Il Forno Bakery, Soul Snacks, Bascom Catering, Mass Ideation, Hunts Point Brewing Company, and Lightbox NY film studio, many of which can now be seen in these new renderings.
The first phase of this $300 million development will wrap up in 2021, followed by the second phase in 2022, and the final phase in 2024.
- The Peninsula, a Hunts Point mixed-use complex on former juvenile jail site, gets new renderings [6sqft]
- Bronx juvenile center’s affordable housing replacement gets new renders [Curbed]
- Notorious Bronx juvenile center will transform into affordable housing, community space [Curbed]