Two of the nation’s largest multi-family construction projects commenced construction in New York in August, according to Dodge Data & Analytics.
The research service listed a $500 million structure within the Pacific Park Mixed Use Development in Brooklyn and a $250 million condominium building at the Union Theological Seminary Space in New York.
New York YIMBY reported earlier in the year that permits have been filed for a 41-story, 682 residence, mixed-use building at 700 Atlantic Ave. in Brooklyn’s Pacific Park complex. The 397-foot-tall development will total 587,200 sq. ft., with 580,324 sq. ft. designated for residential space and 4,362 sq. ft. for commercial space.
Also, during the summer Lendlease and L+M Development Partners closed on a $250 million construction loan from Barings for 100 Claremont Ave., a mixed-use, 42-story academic and residential tower in the seminary complex within Morningside Heights neighborhood of Manhattan, Multi-Housing News (MHN) reported.
Developers expect to complete the 354,000-sq. ft. building designed by Robert A. M. Stern Architects in the spring of 2023. The project will feature 54,000 square feet of new classrooms, academic offices and apartments for faculty, along with about 165 condo units ranging in size from one to four bedrooms.
The developers are targeting LEED Gold Certification and V2 of the WELL Building Standard for the new building, which sits near the Columbia University campus and the Hudson River, MHN reported.