SMA Equities recently secured a $56 million financing package to complete a new 20-story mixed-use building in Kips Bay, Manhattan. The project is located at 202 East 23rd Street and will yield a mix of income-restricted and market-rate apartments and around 2,400 square feet of lower-level retail.
The building is designed by Hill West Architects and will be constructed to Passive House standards. When complete, the structure will comprise around 90,000 square feet.
The residential component will include 108 rental units. Floor plans will range from studios to two-bedroom homes. It is reported that 80 of the units will be set at market-rate pricing and the remaining 28 will be designated as affordable homes. Residential amenities will include a fitness center, a communal lounge, coworking space, bicycle storage, and a roof deck.
The project team has not announced a tenant for the commercial component.
Bank Leumi, the primary banking arm of Israel’s Leumi International, provided the financing package. JLL Capital Markets’ represented SMA Equities in negotiating the agreement. The project team has also not released an anticipated date of completion for the project.