The closing of construction financing was announced for a new 47-story mixed-use residential development at 550 Tenth Avenue in Hell’s Kitchen. The project is developed by Gotham Organization and Goldman Sachs Asset Management JV in a joint venture equity partnership, with Wells Fargo and US Bank providing a $212 million construction loan, and Lionheart Strategic Management providing $35 million in mezzanine financing.
The Sapir Organization has partnered with Industrious to create a new co-working office space at 261 Madison Avenue in Midtown, Manhattan. The co-working suite, a former WeWork property, will occupy the building’s ninth and tenth floors or approximately 44,000 square feet.
Construction is continuing to rise on 255 West 34th Street, a 33-story hotel in Midtown, Manhattan. Designed by Stonehill Taylor Architects and developed by The Chetrit Group, the 397-foot-tall, 155,594-square-foot development will yield 330 hotel rooms. Flintlock Construction Services, LLC is the general contractor for the project, which is located on the southern edge of the Garment District between Seventh and Eighth Avenues, across from One Penn Plaza, Madison Square Garden, and the nearby James A. Farley Building and the new Moynihan Train Hall.
Work has begun on the re-cladding of PENN 2, a 31-story commercial building at Two Penn Plaza in Midtown, Manhattan. Designed by MdeAS Architects and developed by Vornado Realty Trust, the project involves the replacement of the 53-year-old structure’s dark façade with a much lighter glass enclosure. The 412-foot-tall, 1.61-million-square-foot tower was originally designed by Charles Luckman Associates and stands along Seventh Avenue between West 31st and 33rd Streets, immediately to the east of Madison Square Garden. PENN 2 is one of several buildings in the Penn Station revitalization plan, which YIMBY covered in an article last week.
The new glass curtain wall continues to rise up the sides of 660 Fifth Avenue, a 39-story commercial building in Midtown, Manhattan. Designed by Kohn Pedersen Fox and developed by Brookfield Properties, the project involves interior renovations and the complete re-cladding of the 1957 office tower originally designed by Carson & Lundin. The 1.25 million-square-foot property is located along Fifth Avenue between West 52nd and 53rd Streets and was formerly addressed as 666 Fifth Avenue.
