The Moinian Group and Bushburg have successfully closed on a $105 million construction loan to complete 2840 Atlantic Avenue, a rising property in East New York, Brooklyn that will include residential and affordable housing units, community space, lower-level retail, and 109 parking spaces.
Permits have been filed to expand a two-story structure into a seven-story mixed-use building at 1325 Broadway in Bushwick, Brooklyn. Located between Grove Street and Linden Street, the lot is a short walk to the Kosciuszko Street subway station, serviced by the J train. Paul Matalon of Solomon Equities is listed as the owner behind the applications.
Permits have been filed for an eight-story residential building at 528 Grand Street in Williamsburg, Brooklyn. Located between Union Avenue and Lorimer Street, the lot is a few blocks from the Metropolitan Avenue-Lorimer Street subway station, serviced by the G and L trains. HL&S LLC is listed as the owner behind the applications.
Demolition has begun at 550 Tenth Avenue, the site of a 47-story residential skyscraper in Hell’s Kitchen. Designed by Handel Architects and developed by Gotham Organization and Goldman Sachs Asset Management JV, the 430,000-square-foot structure will yield 453 units, with 316 market-rate and 137 moderate- and middle-income homes, as well as 9,000 square feet of retail space and over 20,000 square feet of amenities. The building will also house 26,764 square feet of administrative office space for Covenant House. Wells Fargo and US Bank provided a $212 million construction loan and Lionheart Strategic Management assisted with $35 million in mezzanine financing for the project, which is located along Tenth Avenue between West 40th and 41st Streets.
Extell Development has broken ground on Hudson Piers, a $585 million project that will rank among the largest mixed-use developments in Westchester. Located on the Hudson River waterfront in Yonkers, Hudson Piers will yield a mix of market-rate housing, affordable apartments, and retail space, and will be completed in multiple phases over a six-year period.