A $140 million construction loan has been issued for a new seven-story residential development located at 2366 Bedford Avenue in Flatbush, Brooklyn. The loan was issued by SCALE Lending to Clipper Equity, the project’s developer. It marks a continuation of SCALE Lending’s aggressive financing strategy and pushes its 2024 transaction volume to over $400 million in loans provided.
The affordable housing lottery has launched for 3831 Carpenter Avenue, a six-story mixed-use building in Williamsbridge, The Bronx. Designed by Node Architecture Engineering Consulting and developed by Alban Haxhari of KGCJ Development Corp., the structure yields 30 residences. Available on NYC Housing Connect are nine units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $85,303 to $165,230.
Permits have been filed for a seven-story mixed-use building at 88 East 2nd Street in Manhattan’s East Village. Located near the northwest intersection of First Avenue and East 2nd Street, the lot is near the Bleecker Street subway station, serviced by the 6 train. Manny Ashourzadeh of Romah Management Corp. is listed as the owner behind the applications.
Wynn Resorts revealed a series of new renderings for its proposed casino and hotel location within phase two of Hudson Yards. Developed with Related Companies, the master plan, expected to cost $12 billion, consists of multiple skyscrapers that will additionally yield space for 1,500 apartments, two million square feet of office space, a public school, and a daycare center. The master plan is slated to rise directly west of the first phase of Hudson Yards over the 13-acre open-air Western Rail Yards bound by West 33rd Street to the north, West 30th Street to the south, Eleventh Avenue to the east, and West Street to the west.
BEB Capital and Totem, in partnership with Ofer Cohen and SK Development, have secured financing for a new residential development at 737 4th Avenue in Sunset Park, Brooklyn. The structure will yield 187 residential units with 46 designated as permanently affordable homes with a target average price of 48 percent of the area median income, as well as a ground-level retail space. Walker & Dunlop facilitated the $143 million loan for the 193,000-square-foot, 14-story project.
