L&L Holding Company has secured $911 million in refinancing for 425 Park Avenue, an office skyscraper in Midtown East, Manhattan. Sumitomo Mitsui Trust Bank led the refinancing as the principal lender, with the new five-year floating rate loan intended to replace a similar-sized loan from 2021 that supported the tower’s final construction and leasing activities.
The affordable housing lottery has launched for 1 Park Point, a 13-story residential building at 11 Ocean Parkway in Windsor Terrace, Brooklyn. Designed by FXCollaborative with interiors by INC Architecture & Design and developed by JEMB Realty, the structure yields 375 residences. Available on NYC Housing Connect are 95 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $33,806 to $152,500.
Permits have been filed for an 11-story mixed-use building at 837 Maple Street in East Flatbush, Brooklyn. Located between 75th Street and 76th Street, the lot is one block north of the Freeman Street subway…
Construction continues to rise on 395 Carroll Street, a two-tower mixed-use development in Gowanus, Brooklyn. Designed by Hamish Whitefield Architects and developed by Rabsky Group with $92 million in construction financing from G4 Capital, the 226-foot-tall project will span 526,000 square feet and yield 298 condominium units with an average scope of 1,365 square feet, as well as 51,000 square feet of ground-floor commercial space, a cellar level, a 40-foot-long rear yard, and 52 enclosed parking spaces. President Union LLC is the owner and Sky Construction NY Inc. is the general contractor for the project, which is alternately addressed as 325 Bond Street and bound by Union Street to the north, Carroll Street to the south, the Gowanus Canal to the east, and Bond Street to the west.
The Garden State Community Development Corporation, working alongside the Wells Fargo Foundation and local developer Cara Squared LLC, announced the commencement of construction on 307 Bergen Avenue, a $6.3 million housing development in Jersey City’s Greenville neighborhood. The project, which was designed by Inglese Architecture & Engineering, aims to convert a former parking lot into a 12-unit residential condominium complex, intended specifically for low-income families earning 70 percent or less of the area median income.
