Fields Grade and Ursa Development Group have announced the completion of construction on The Devan, a residential development at 3 New York Avenue in Jersey City‘s The Heights neighborhood. The project is situated between Jersey City and Hoboken and yields 336 rental units. Leasing has officially launched for the property and move-ins are set to begin on May 1.
The affordable housing lottery has launched for 194 Buffalo Avenue, a four-story residential building in Crown Heights, Brooklyn. Designed by Wu Woody Chen of Infocus and developed by Hagai Laniado, the structure yields eight residences. Available on NYC Housing Connect are three units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $68,400 to $165,230.
Construction has reached the halfway mark on 1487 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.
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.
