1491-1493 Reaches Halfway Mark On Manhattan’s Upper East Side

Construction has reached the halfway mark on 1491-1493 First Avenue, a 35-story residential building on Manhattan’s Upper East Side. Designed by Hill West Architects and developed by Carmel Partners, which purchased the property from Robert Chou for $73.5 million in early 2022, the 404-foot-tall structure will yield 206 condominium units, 7,120 square feet of ground-floor retail space, and a cellar level. CP VII 78th Street Owner is the owner and Carmel Construction East is the general contractor for the project, which is located at the southwestern corner of First Avenue and East 78th Street.

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425 Park Avenue, courtesy of L&L Holding

L&L Holding Company Secures Refinancing For 425 Park Avenue In Midtown East, Manhattan

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.

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Housing Lottery Launches for 1 Park Point at 11 Ocean Parkway in Windsor Terrace, Brooklyn

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.

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395 Carroll Street and 325 Bond Street Rise in Gowanus, Brooklyn 

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.

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