Gotham, DT Salazar get $278M in city funding for rental tower

New York /
Dec.December 30, 2013 02:30 PM

Developers the Gotham Organization and DT Salazar secured $278 million in financing for the construction of a 586-unit, 52-story residential tower on a vacant Downtown Brooklyn site formerly owned by the city, according to the city Department of Housing Preservation and Development.

The department, under Mayor Bloomberg’s New Housing Marketplace Plan, is providing full funding of the FXFOWLE-designed project at 250 Ashland Place. Of the total units, which range from one- to three-bedrooms, 282 will be affordable. There will also be 8,000 square feet of office space and 10,200 square feet of Retail Space Along Fulton Street, a release said.

HPD provided the land to the developers at a nominal cost. Low-income housing tax credits are expected to generate $19.3 million in equity for the project. Wells Fargo, Capital One and TD Bank provided a $142 million loan to the city, as part of the total financing.

In October, a six-firm team of architects and developers were brought aboard to tackle the proposed mixed-use development site BAM North II on Lafayette Street between Rockwell Place and Ashland Place – another New Housing Marketplace Plan project. — Mark Maurer


Related Articles

arrow_forward_ios
Gotham Organization Chairman Joel Picket with the proposed development at 130 Felix Street. (Gotham, 130 Felix)
Gotham Org’s Fort Greene development faces headwinds
Gotham Org’s Fort Greene development faces headwinds
60 Norfolk Street with Gotham Organization Chairman Joel Picket and CEO David Picket (Gotham/Dattner Architects)
Gotham Org lands more loans for Lower East Side development
Gotham Org lands more loans for Lower East Side development
Gotham's Joel Pickett and Gotham West. (Gotham)
Gotham faces rent overcharge lawsuit in Hell’s Kitchen
Gotham faces rent overcharge lawsuit in Hell’s Kitchen
Gotham Organization CEO David L. Picket and renderings of the (Photos via Gotham; FXCollaborative)
Brooklynites sue Landmarks over “devastating” 265-foot project
Brooklynites sue Landmarks over “devastating” 265-foot project
60 Norfolk Street and 1607 Surf Avenue (Credit: Google Maps)
The top 10 biggest real estate projects coming to NYC
The top 10 biggest real estate projects coming to NYC
Gotham lands $184M to refi two Manhattan rental buildings
Gotham lands $184M to refi two Manhattan rental buildings
Gotham lands $184M to refi two Manhattan rental buildings
Nonprofit files plans for new assisted living building in Hudson Yards
Nonprofit files plans for new assisted living building in Hudson Yards
Nonprofit files plans for new assisted living building in Hudson Yards
Gotham Organization scoops up part of Covenant House site
Gotham Organization scoops up part of Covenant House site
Gotham Organization scoops up part of Covenant House site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...