News

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.

As reported in The Real Deal and New York YIMBY, $414 million in construction financing has been secured for an affordable housing development at 3875 Ninth Avenue in the Inwood neighborhood of New York City. Developed by Maddd Equities and Joy Construction, the planned 30-story tower will deliver over 600 units of below-market-rate housing. Eligible residents will be those earning 20-90% area median income (AMI) and formerly homeless individuals. HSE served as deal counsel.