Delancey Street Associates has closed a deal for funding the construction of 180 Broome Street, on the Lower East Side. The capital comes from Wells Fargo and M&T Bank, along with equity from DSA and Goldman Sachs Urban Investment Group. The loan secures $200 Million out of the projected total construction cost of $300 million. Essex Crossing is being developed by Delancey Street Associates, which is comprised of BFC Partners, L+M Development Partners, Taconic Investment Partners, and Goldman Sachs.
Articles by Andrew Nelson
Permits have been filed for a six-story building at 144 West 125th Street, in Harlem, Manhattan. The new structure will add to the Studio Museum in Harlem, an international center for contemporary artists of African descent. In September the institution announced a $175 million capital campaign to help fund construction, and the development will be a private-public initiative in partnership with the City of New York.
A new high-rise could be coming right next to the future supertall at 9 DeKalb Avenue. Permits have been filed for a 34-story residential building and parking garage at 61 DeKalb Avenue, on Long Island University’s campus in Downtown Brooklyn. The site is just a handful of blocks away from the A, B, C, D, G, Q, R, 2 3, 4, and 5 train, giving it near-immediate access to the rest of the city. Also in the neighborhood is NYU’s growing Brooklyn campus. LIU will be responsible for development.
Permits have been filed for a four-story residential building at 1547 Leland Avenue, in The Bronx’s Park Versailles. The site is nine blocks away from the Parkchester Subway Station, serviced by the 6 train, and eleven blocks from the East 180th Street Subway Station, serviced by the 2 and 5 trains. The lot was sold in July for over a quarter of a million dollars, and Alba Developers is listed as responsible for the project.
Shutdown plans for the George Motchan Detention Center on Rikers Island were announced yesterday, in what City officials are calling a major step forward in their effort to close the infamous prison complex. The detention center is one of nine on the 413-acre island, with a current capacity of 600 inmates. The stated reason for closing the complex is that the city wants to create a smaller, safer, and more ethical justice system. Rather than dedicating an island to the prison complex, officials hope to build smaller detention facilities around the Five Boroughs, which also opens up the possibility of eventually redeveloping Rikers Island.