SL Green announces milestones to develop mixed-use affordable NY building
SL Green Realty announced the completion of two major milestones to commence the vertical construction of 185 Broadway, a ground-up, 31-story, 260,000 gross square foot mixed-use building in the heart of Lower Manhattan: The acquisition of 66,186 zoning square feet of development rights from the owner of the adjacent corner lot located at 189 Broadway. Through this transaction, SL Green also obtained a light and air easement and cantilever right over 189 Broadway for the purpose of permitting lot line windows and maximizing efficient residential floor plates. SL Green recently closed on $225M of construction financing for 185 Broadway with United Overseas Bank Limited and Helaba. The floating rate facility has a term of three years, with two one-year extension options. Upon completion, the building will include approximately 209 rental units, of which thirty percent of the units will be affordable, with a mixture of studio, one-bedroom, two-bedroom and three-bedroom units. The project will enroll in the Affordable New York Housing Program, and, as a result, will receive a 35-Year property tax abatement. Demolition of three parcels - 183 Broadway, 187 Broadway and 5-7 Dey Street - has been completed. SL Green plans to complete foundations in December 2019, and receive a Temporary Certificate of Occupancy for the building in March 2021. Architecture firm, FX Collaborative, will design 185 Broadway, which will wrap around the corner of Broadway and Dey Street across from the Fulton Transit Center. Two floors of flagship retail and three floors of commercial space will be created, each with dedicated entrances on Broadway and Dey Street, respectively.