Developers Secure Financing for The Lirio at 364 West 54th Street in Hell’s Kitchen, Manhattan

Rendering of The Lirio, by CetraRuddyRendering of The Lirio, by CetraRuddy

The Hudson Companies, in collaboration with Housing Works and supported by the New York City Department of Housing and Preservation and the Metropolitan Transit Authority, has finalized a $119 million financing package for The Lirio, a new mixed-use development located at 364 West 54th Street in Hell’s Kitchen, Manhattan. The project aims to transform a parking lot into a property that offers affordable housing, MTA office space, and retail space.

When construction completes in 2026, The Lirio plans to yield 112 affordable housing units, with 67 designated as supportive housing for formerly homeless individuals, including long-term survivors of HIV/AIDS. Additionally, the property plans to offer office space for the MTA and ground-floor retail space along Ninth Avenue. Project plans were designed by CetraRuddy.

Rendering of The Lirio, by CetraRuddy

Rendering of The Lirio, by CetraRuddy

Financing for The Lirio is coming from a variety of sources, including Webster Bank, Merchants Capital, and Red Stone Equity Partners, alongside city funding, with contributions from Councilmember Erik Bottcher and Borough President Mark Levine.

“The Lirio is named after the Liriodendron tree, the oldest living thing in NYC and a testament to not only surviving but thriving in the face of life’s challenges,” said Andrew Coamey, senior vice president for housing, Housing Works and executive director of Bailey House. “With a record number of our fellow New Yorkers facing the seemingly endless challenges of being homeless or significantly rent burdened, Housing Works is excited to be part of developing a brand-new building in the heart of New York City that will offer families and individuals, including long-term survivors of HIV, a safe, beautiful, affordable and amenity filled home. We hope The Lirio will serve as a model of what can be achieved when housing developers, city government and agencies along with communities like Hell’s Kitchen work together to provide solutions to those challenges.”

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11 Comments on "Developers Secure Financing for The Lirio at 364 West 54th Street in Hell’s Kitchen, Manhattan"

  1. this building should be like 40 stories or taller, with how insanely close it is to midtown. egregious that it’s barely over 100 housing units. completely unserious use of government property to alleviate the housing crisis.

  2. David in Bushwick | March 30, 2024 at 10:48 am | Reply

    This address makes no sense as it shows it’s located mid block.
    Otherwise, it’s a great project that unfortunately should have many more housing units. Retail on the ground floor is dumb. The city is choking on way too much retail as people now shop online or can’t afford to shop beyond overpriced groceries.
    Will the building be all electric and built to passive standards? That choice is an obvious must.

    • This and the new rail control center at 354 W 54 is the site of the old 54 St Bus Depot, thus why MTA is involved.


      The 54th Street Depot was a Manhattan Divison bus depot located on Ninth Avenue, between 53rd Street, and 54th Street streets in Midtown Manhattan (40.765227°N 73.985540°W).The address was 806 Ninth Avenue. It was built as the Ninth Ave. car barn of the Ninth Avenue Railroad in the late 1800s. The streetcar line was replaced by Fifth Avenue Coach Company buses on November 12, 1935, and the facility became a bus depot for the company. In March 1962, it fell under municipal operations. This depot was closed in 1992 and replaced by the newly rebuilt Manhattanville Depot, and was demolished between 1996 and 1997, and replaced by the Rapid Transit Division’s Rail Command Control Center, at 354 West 54th Street between Eighth and Ninth Avenues. Before it closed in 1992, it operated the following Manhattan bus routes, M6, M7, M11, M42, M27/M50, M57, M72, and M79.

      The contract for the command center was awarded in November 1997, with the intent of creating a central control room for the New York City Subway that would implement automation of the system, including automatic train protection. The use of non-union labor by the construction contractor led to a protest by thousands of union members at the site and at the MTA’s midtown headquarters in June 1998. Adjacent to the control center is an NYCT parking lot on the east side of Ninth Avenue. The parking lot is planned to be redeveloped into affordable housing as part of the “Western Rail Yard” project, which would redevelop this site and the West Side Yard on West 33rd Street.

      • Columbia University owns the Manhattanville Bus Depot property and will be razing it for part of its new Manhattanville campus.

  3. Should be forty stories taller.

  4. David : Sent From Heaven. | March 31, 2024 at 12:08 am | Reply

    Experienced from developers, to advantageous for their a challenging life: Thanks.

  5. There’s a lot of restaurants on 9 Ave

  6. Hi: Zoning prohibited anything larger and there was opposition to the project as it contains housing for homeless people. The community and the local elected officials requested retail space for a grocery store as an FYI.

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