The developers of a 62-story, 139-unit mixed-use tower at 101-111 Murray Street, in Tribeca, have reportedly found financing, valued in the hundreds of millions, from a Chinese insurance company. YIMBY confirmed in March that 111 Murray Street will rise 857 feet tall, but first revealed the design in June of 2014. Witkoff Group and Fisher Brothers are developing; Kohn Pedersen Fox is designing. The site’s predecessor has now been demolished, and completion is expected in 2017.
PNC Bank has provided $154 million in financing to Heatherwood Communities to construct their planned 58-story, 477-unit residential tower now under construction at 42-12 28th Street, in Long Island City. YIMBY first revealed the project in April 2014, and construction was underway in January. Dubbed 28 on 28th, completion is expected in 2017.
Hotel developers are piling into manufacturing zones from the South Bronx to Bushwick, but the de Blasio administration is considering a ban on hotel development in these areas, particularly in protected industrial business zones (IBZs).
Commercial Observer has the reveal of The Daten Group’s seven-story, 46-unit luxury rental building planned for the vacant lot at 600 Harrison Street, in Hoboken, New Jersey. First Niagara Bank has provided $15 million on construction funding to the developer. Nastasi Architects is designing, and construction appears imminent.
According to Brownstoner, Renaissance Realty Group’s two-story, 34,480 square-foot retail building has topped out at 252-260 Atlantic Avenue, in Boerum Hill. Dubbed Atlantic Galleria, TD Bank, Blink Fitness and Michaels have already signed leases, and opening is expected later this year. SBLM Architects is designing the project.