Developer’s Digest®: This Week's Top Development News

Developer’s Digest®: This Week's Top Development News


Two Mixed-Use Towers Proposed for Manhattan’s "Automobile Row"

January 3, 2025

Developers Chapman Group and Friedland Properties plan two mixed-use towers on Manhattan's West Side, near DeWitt Clinton Park. The 42-story and 38-story buildings would replace existing structures at 629 W. 54th St. and 801 11th Ave., respectively, featuring 1,064 apartments and 199,750 square feet of commercial space for car dealerships. Spanning over 1 million square feet, the project requires city rezoning and special permits, with completion projected by 2029. Chapman seeks to utilize transferable development rights from Hudson River Park Trust, potentially funding public open space at Pier 76.

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Source: Crain's New York Business


Prologis Purchases Greenpoint Site for $122 Million

January 2, 2025

Prologis acquired a 10-acre site at 440 Kingsland Avenue in Greenpoint, Brooklyn, from ExxonMobil for $122 million. The logistics firm has not disclosed plans for the property, which could serve as a logistics facility, vehicle storage hub, or support New York City's Blue Highways initiative to enhance waterway-based transportation. ExxonMobil's history in the area spans generations, including a refinery and bulk storage terminal. Prologis, a major industrial property owner, recently completed other significant acquisitions, including a $57 million Florida warehouse and a $3.1 billion portfolio from Blackstone Group.

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Source: The Real Deal


Santander, Related Provide $73M Construction Loan for Mixed-Use Development

January 2, 2025

Hudson Companies secured $73 million in financing from Santander, Related Real Estate Debt Fund, and a joint venture "Green Fund" to build Pelham House, a five-story, mixed-use development in Pelham, NY. The project, at 217 Fifth Avenue, will include 127 housing units (six affordable), 219 parking spaces, 5,300 square feet of retail, and a 27,000-square-foot Municipal Center for fire, police, and administrative offices. Initiated in 2019 by Excelsior Development, it aims to revitalize Pelham's downtown, combining community housing needs with state-of-the-art municipal facilities.

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Source: Commercial Observer


Residential Conversion Underway at 738 Greenwich Street in West Village, Manhattan

January 4, 2025

Work is underway for the 738 Greenwich Street project in Manhattan’s West Village. It involves converting a 1931 parking garage into a five-story condominium by Alf Naman Development. Designed by Leroy Street Studio and Ismael Leyva Architects, the 79-foot-tall building will span 39,520 square feet, featuring seven luxury units (averaging 5,448 square feet), 1,383 square feet of commercial space, and three parking spots. The design preserves the historic façade with modern upgrades, including a glass-clad fifth-floor expansion. Amenities include penthouses, private terraces, wine cellars, a gym, and a pickleball court. Purchased for $64 million in 2022, completion is expected in 2026.

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Source: New York YIMBY


Breaking Ground Signs $120.8M Construction Loan for Conversion to Affordable Housing in Carnegie Hill

January 3, 2025

Breaking Ground, through 1760 Third Avenue Housing Development Fund Corp, secured a $120.8 million rehab construction loan from NYS Housing Finance Agency to convert a hotel at 1760 3rd Avenue in Carnegie Hill, Manhattan, into 434 affordable housing units. The property spans 247,615 square feet, with a loan price of $487 per square foot. Breaking Ground purchased the building for $172.1 million in June 2024. The deal closed on December 19, 2024, and was recorded on January 2, 2025. David Beer signed for Breaking Ground, while Russell Hubley represented the lender

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Source: PincusCo



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