As reported in New York YIMBY, significant construction progress has been made on 550 Tenth Avenue, the new 47-story residential skyscraper developed by the Gotham Organization and Goldman Sachs Asset Management IV. Excavation is now complete and the construction crane that will erect the 520-foot-tall building has been erected.
Located in Hell’s Kitchen, 550 Tenth Avenue will create 453 rental units, 137 of which will be set aside for moderate – and middle-income residents. The development will also include 9,000 square feet of commercial retail space and 26,764 square feet of office space for non-profit Covenant House. Construction was financed with a $212 million construction loan from Wells Fargo and US Bank, and $35 million in mezzanine financing from Lionheart Strategic Management. Hirschen Singer & Epstein LLP served as deal counsel.
More details and progress photos are available on New York YIMBY‘s website.