Construction has topped out on 241 West 28th Street, a 22-story two-tower residential project in Chelsea. Designed by COOKFOX for MAG Partners, Atalaya, Safanad, and Qualitas, the 235-foot-tall, 400,000-square-foot development will yield 480 residential units with 30 percent reserved for low- and middle-income households. King Contracting Group is in charge of brickwork and Urban Atelier Group is the general contractor for the complex, which is located between Seventh and Eighth Avenues. MAG Partners acquired the Midtown, Manhattan property in December 2018 when it was still an open-surface parking lot and established a 99-year ground lease with Edison Properties.
Excavation is progressing at 308 West 43rd Street, the site of a two-building residential development in Midtown, Manhattan. Designed by Handel Architects and developed by Taconic Partners under the 311 West 42nd Street Associates LLC, the 373,133-square-foot development will yield 321 apartments averaging 839 square feet apiece as well as 25,202 square feet of retail space. Triton Construction is serving as the general contractor for the property, which is located between West 42nd and 43rd Streets and Eighth and Ninth Avenues, directly north of the Port Authority Bus Terminal.
The Rabsky Group recently closed on a $72 million construction loan to complete a new high-rise residential building at 240 Willoughby Street in Fort Greene, Brooklyn. Provided by SCALE Lending, the construction loan will also fund the renovation of an existing 21-story, 189-unit multifamily development within the same complex.
Permits have been filed for a six-story residential building at 990 Franklin Avenue in Crown Heights, Brooklyn. Located between Sullivan Place and Montgomery Street, the interior lot is near the Prospect Park subway station, serviced by the B, Q and shuttle trains. Ian Bruce Eichner of Continuum Company under the Franklin Avenue Property Owner LLC is listed as the owner behind the applications.
Phipps Houses has closed on $116 million in financing to complete the fourth phase of Rockaway Village, a mixed-use affordable housing project in Far Rockaway, Queens. The ongoing development is slowly replacing an abandoned shopping center and will comprise 1,700 units of affordable housing, 120,000 square feet of commercial and community facility space, and 590 parking spaces.