Michael Skrebutenas, HCR's Chief Operating Officer, joined New York City Mayor Michael Bloomberg, City Council Speaker Christine Quinn, Department of Housing Preservation and Development Commissioner Mathew M. Wambua and President of Gotham Organization David L. Picket recently to break ground on Gotham West, a mixed-use development encompassing an entire city block in the Clinton neighborhood of Manhattan between West 44th & West 45th Streets and 10th & 11th Avenues.
The development will create 1,238 new apartments with 682 of those units expected to be permanently affordable to low-, moderate- and middle-income New Yorkers. The residential development will be financed with $520 million primarily tax-exempt bonds issued by HCR's Housing Finance Agency (HFA). These bonds are credit enhanced by a syndicate of lenders led by Wells Fargo Bank. The project also leverages $35.5 million in Low Income Housing Tax Credits. The overall plan for the project will also include a new elementary school to replace PS 51, which currently sits on the site.
Commissioner/CEO Towns said, "Governor Cuomo is proud to support a project that will create jobs and maximize affordability. In Manhattan, where such real estate is scarce, this project will invigorate an entire underused square block of the city with a sustainable community, complete with a new elementary school, 682 units of affordable housing, and 15,000 square feet of retail space."
The residential portion of the project will be comprised of three separate buildings. Building A will be a 31-story tower with 698 total units with 141 affordable units (59 units being permanently affordable) and will contain the retail space at the ground floor level. Building B will be a 14-story tower with 297 permanently affordable units. Building C will be a 14-story building with north and south segments located over the Amtrak train tracks with a combined 243 permanently affordable units. Throughout all three buildings there will be 476 studio units, 419 One-bedroom units, 259 two-bedroom units and 84 three-bedroom units. The combined 600 permanently affordable Gotham West is the largest new construction project in Manhattan under Mayor Bloomberg's New Housing Marketplace Plan.
Last Updated: 11/16/2011