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.
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.
Although two-family housing projects have basically dropped off the map since the financial crisis of 2008, small-scale residential development is slowly becoming feasible again. Although these are typically in-fill projects on formerly vacant lots, the burgeoning demand for residential is slowly paving the way for these little developments in eastern Queens.
Since YIMBY last checked in on progress at 220 Central Park South and 217 West 57th Street, the latter building has been revealed in official renderings. But now we have an update on both sites from YIMBY reader ILNY, with the latest set of photos peeking into the projects from ground level.