Below-Grade Work Continues for RAMSA’s 255 East 77th Street on Manhattan’s Upper East Side

Below-grade work is continuing at 255 East 77th Street, the site of a 36-story residential skyscraper in the Lenox Hill section of Manhattan’s Upper East Side. Designed by Robert A. M. Stern Architects with Hill West Architects as the architect of record and developed by Naftali Group, the 500-foot-tall structure will span 170,481 square feet and yield 62 condominium units, as well as 3,861 square feet of retail space, two cellar levels, and 33 enclosed parking spaces. The property is alternately addressed as 1481 Second Avenue and located at the corner of Second Avenue and East 77th Street.

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Photo by Michael Young

$18 Million Mezzanine Loan Provided For 24-01 Queens Plaza North In Long Island City, Queens

Naftali Credit Partners, a subsidiary of Naftali Group, has closed on an $18 million mezzanine loan for 24-01 Queens Plaza North, a new residential project in Long Island City, Queens. The loan is one of two recent mezzanine loans issued by Naftali Credit Partners, totaling $31.4 million combined, and was issued to the project’s developer, New Empire.
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Leasing Launches for 420 Carroll Street in Gowanus, Brooklyn

Leasing launched this week for 420 Carroll Street in Gowanus, Brooklyn. the first building developed through the 2021 Gowanus Neighborhood Rezoning. The waterfront development includes a 21-story tower and an adjacent 16-story tower connected via a subterranean tunnel, as well as 360 mixed-income apartments in a mix of studio to three-bedroom layouts, 27,000 square feet of commercial and retail space, and a 470-foot-long public promenade along the canal. 420 Carroll Street is developed by The Domain Companies and VOREA Group and designed by FXCollaborative with interiors by Alan Mainer Studios. Domain Companies’ affiliate Good Company will oversee residential leasing from an on-site office.

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YIMBY’s Q2 2024 Construction Report Counts More Than 1,000 New Building Filings in New York from April Through June

As New York City simmers in some of the year’s hottest weeks, the city’s construction and real estate markets remain equally hot. The second quarter of the year, which spans the period from April through June, registered a total of 1,077 new building permits filed with the city’s Department of Buildings. As such, Q2 2024 counts the second-highest number of new permit filings since YIMBY began its tally at the start of the decade and continues the strong trend established in the two preceding quarters, which now count the first- and third-highest permit filing totals. The 14,795 filed-for residential and hotel units also make for one of the highest quarterly counts of the decade, as do the 21.5 million filed-for square feet of new building floor area. YIMBY has meticulously vetted each of the thousand-plus new building permits submitted to the city in the second quarter and compiled a series of charts and analyses that look at emergent overarching trends.

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