Jonathan Rose Companies and Atlas Capital Group recently announced the closing of financing for 570 Washington Street, a 180,000-square-foot residential development in Manhattan’s West Village. The project will provide 175 units of affordable senior housing, available to households earning 50 percent of the area median income and below.
The total development cost is $179 million, with approximately $80 million in HOME and city capital funds provided by the New York City Department of Housing, Preservation, and Development. The project is also financed with a $60 million Citi Bank Construction Loan and a $65.5 million Freddie Forward Permanent Mortgage.
The 17-story building, designed by CookFox and SLCE, will meet Zone Green requirements. It will feature 5,600 square feet of modern amenity spaces and aim for LEED Gold certification while meeting Local Law 97 requirements.
Rendering of 570 Washington Street. Designed by CookFox and SLCE
“The 175 units of affordable senior homes at 570 Washington Street will provide critically needed housing and services for current and future generations of New Yorkers from the West Village and beyond,” said New York City councilmember Erik Bottcher. “I’m excited by the partnership with the Jewish Association Serving the Aging (JASA), one of the preeminent nonprofit providers of aging services in New York City. Thank you to The Jonathan Rose Companies, Atlas Capital Group, Community Board 2, my predecessor Council Speaker Corey Johnson, and everyone else who contributed to making this project a reality.”
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Seniors housing really? Why do seniors need to live in the most expensive area in the most expensive city? Give it to young families starting their life…
Age discrimination… Nice.
Really us seniors need a nice place to live too. Shame on you.