Sunshine Cinema in the Lower East Side will soon be demolished to make room for a nine-story office building. Developers East End Capital and K Property Group have secured some $90 million in financing to fulfill their proposal at 141 East Houston Street. According to Crain’s Business, the development partners obtained a $67 million construction loan from CapitalSource and $19 million of mezzanine financing from Canyon Partners.
The Westchester County Industrial Development Agency (IDA) has announced three mixed-use developments that are expected to create more that 3,000 construction jobs and approximately 1,800 residential units. All together, the properties represent $1.2 billion in private investments and are poised to invigorate the downtown White Plains area.
Extensive rezoning proposals from New York City’s Department of City Planning could spur a dramatic uptick in development along the shores of Gowanus, Brooklyn. Known among city agencies as the “Gowanus Neighborhood Plan,” the initiative is designed to facilitate the construction of residential and commercial properties, to encourage population increase, and to help create new job opportunities for local residents.
Construction at 106 West 56th Street is ascending quickly. The multiple setbacks of the building’s northern elevation are beginning to take shape as the steel climbs toward its 403-foot planned height. The 27-story office tower is being designed by Perkins Eastman and developed by private equity firm Savanna Fund, along with Hong Kong-based developer Atom Assets. The site is located between Sixth Avenue and Seventh Avenue, just one block south of 57th Street, aka Billionaires’ Row. The closest subway is the F train at the 57 Street station on Sixth Avenue, while the N, Q, R, and W trains are to the west on Seventh Avenue and West 57th Street.
Construction on the Turkevi Center at 821 First Avenue, in the Midtown East neighborhood of Turtle Bay, is making quick headway. The future 35-story home for the consulate of the Republic of Turkey is located between East 45th Street and East 46th Street. The glass skyscraper will reach 563 feet when it tops out in the coming months. Perkins Eastman is the designer of the mixed-use tower.
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