Brookfield Property Partners announced today that it has commenced construction on the firm’s 62-story Manhattan West residential tower, which will feature 20 percent affordable apartments.
The 844-unit building at 435 West 31st Street between Ninth AvenueAnd Dyer Avenue will have studio, one- and two-bedroom units. SLCE designed the $800 million skyscraper. The initial residents of the property will move in during the first quarter of 2017. Construction on the building is expected to be completed by 2018.
The tower will feature amenities including a regulation-sized basketball court, a climbing wall, kitchens and dining rooms available for private entertaining and a roof deck with grills.
To fund the construction, Brookfield issued $479 million in credit-enhanced bonds, according to a release from the company. The offering was handled by the Bank of China.
In June, The Real Deal reported on the feverish investment on Manhattan’s far west side, including Brookfield’s development and Related’s Hudson Yards. New renderings of Manhattan West were released in August. — Tess Hofmann