Developer’s Digest?: This Weeks Top Development News
Wells Fargo Deploys $256M on Staten Island Affordable Housing Renovations
July 2, 2024
Wells Fargo has provided $256 million of financing within a $332.3 million funding package to renovate the West Brighton I and II affordable housing complex on Staten Island, according to Commercial Observer. The financing, originating from Wells Fargo’s community lending and investment (CLI) and multifamily capital (MFC) groups, will support the rehabilitation of 574 apartments and the reactivation of 24 vacant units. Of these, 12 will be restored as permanently affordable, and the remainder will be converted into senior housing.
Source: Commercial Observer
Developer to Convert Bank of China Employee Dorms Into Apartments
July 2, 2024
A former church-turned-theater-turned-dorm in Hell's Kitchen will be transformed into market-rate housing. Kings Capital Associates plans to convert the 7-story building at 359 W. 48th St. into a 40-unit rental property. The Bank of China sold the 37,000-square-foot site for $12.5 million after gutting it pre-pandemic. Kings Capital, which also redeveloped a nearby tenement into a 20-unit rental, aims to revitalize the block with this new project. The building, formerly home to the St. Nicholas Albanian Orthodox Church and later off-Broadway theaters, was used as housing for Bank of China employees before the sale.
Source: Crain's New York Business
‘Louie’ Tops Out at 21 West 17th Street and 16 West 18th Street in Flatiron District, Manhattan
July 4, 2024
Construction is advancing on Louie, a residential project in Manhattan’s Flatiron District at 21 West 17th Street and 16 West 18th Street. Developed by Vinbaytel Development and designed by Morris Adjmi Architects and Li Saltzman Architects, the two-building complex will feature 21 full-floor, three-bedroom condominium units. The buildings, which have topped out and are awaiting fa?ade installation, will have terracotta paneling and prewar aesthetics. Named Louie XVII and Louie XVIII, the 14-story and 10-story structures will include amenities such as a rooftop deck, fitness center, and spa. Prices range from $3.25 million to $4.45 million.
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Source: New York YIMBY
Nonprofit Buys East Harlem Building for $172M to Create Affordable Housing
July 2, 2024
Nonprofit social services organization Breaking Ground has acquired a 435-unit student housing building in East Harlem to convert it into supportive and low-income housing. Principal Asset Management and CenterSquare Investment Management sold the property at 1760 Third Avenue for $172 million. Breaking Ground secured a $128 million mortgage from the New York City Department of Housing Preservation and Development for the purchase.
Source: Commercial Observer
Developers Say Capital Sources Slowing Sustainability Progress
June 27, 2024
The commercial real estate sector has increasingly embraced sustainability, but progress is hindered by financial and political challenges, industry leaders said at Bisnow’s 2024 National Sustainability Conference. Investors often prioritize returns over environmental goals, and developers fear losing investor dollars if sustainability is perceived as political. This slows decarbonization and the use of low-carbon materials. While demand for sustainability data is growing, financing remains difficult unless environmental initiatives can demonstrate significant returns. Political hesitations also play a role, with some companies downplaying their ESG efforts to avoid backlash.
Source: Bisnow