JLL Capital Markets has secured $152 million in construction financing for the development of 35 Cottage Street, a 588-unit apartment building in Journal Square, Jersey City, New Jersey. The financing was secured on behalf of the borrower, Namdar Group, with senior financing provided by Centennial Bank and mezzanine financing through a private lender.
The affordable housing lottery has launched for 1559 Prospect Place, an eight-story residential building in Crown Heights, Brooklyn. Designed by ESKW/Architects and developed by Settlement Housing Fund, the structure yields 45 residences. Available on NYC Housing Connect are 36 units for residents at 30 to 80 percent of the area median income (AMI), ranging in eligible income from $18,480 to $134,160.
Permits have been filed for a five-story mixed-use building at 37-18 Broadway in Astoria, Queens. Located at the intersection of 38th Street and Broadway, the lot is near the Steinway Street subway station, serviced by…
Construction is nearing completion on 11 and 55 Gerry Street, a two-building residential complex in the Broadway Triangle section of South Williamsburg, Brooklyn. Designed by Fischer + Makooi Architects and developed by Rabsky Group, the project consists of the ten-story 11 Gerry Street, which stands 105 feet tall, and the eight-story 55 Gerry Street, which stands 85 feet tall. Both structures span around 160,000 square feet and yield a combined 106 residential units. Both will also include ground-floor retail space and ambulatory diagnostic centers on their second stories. 11 and 55 Gerry Street are alternately addressed as 322-330 and 352 Wallabout Streets and occupy a trapezoidal plot bound by Harrison Avenue to the northeast, Wallabout Street to the northwest, Gerry Street to the southeast, and the confluence on Marcy and Union Avenues to the west.
The Domain Companies, in partnership with VOREA Group, Silverstein Properties, and Cantor Fitzgerald, L.P., has launched an affordable housing lottery for 90 homes at 420 Carroll in Gowanus, Brooklyn. The affordable homes, which are reserved for families earning between 40 and 100 percent of the area median income, represent 25 percent of the total 360 apartments in the development. The project was designed by FXCollaborative.
