RXR lining up $75M in construction financing for BK rental

State Housing Finance Agency considering loan on 363-unit 810 Fulton Street

TRD New York /
Nov.November 23, 2016 01:50 PM

RXR Realty is lining up $75 million in construction financing for its first residential development in the city: a planned 363-unit rental building at the border of Fort Greene and Clinton Hill.

The Long Island-based developer – known mostly in the city for owning commercial properties like the Starrett-Lehigh Building and 230 Park Avenue – is looking to get $75 million in tax-exempt bond financing from the state Housing Finance Agency, a public notice shows.

When RXR TRData LogoTINY acquired the leasehold on the development site at 810 Fulton Street this summer for $29.6 million, it already had a 421a tax exemption in place under the previous iteration of the program that expired earlier this year.

That means RXR will be required to set aside 20 percent of the project’s units at below-market rents, instead of the 25 to 30 percent required under the new tentative agreement hammered out by the Real Estate Board of New York and the Building and Construction Trades Council of Greater New York.

RXR plans to build a 12-story, 400,000-square-foot building with studios and one- and two-bedroom units, per the company’s website.

A representative for RXR was not immediately available for comment. The HFA has scheduled a hearing on the application for Dec. 12.


Related Articles

arrow_forward_ios
RXR's Scott Rechler and a rendering of 55-15 Grand Avenue (Getty, RXR Realty)

Amazon’s future Queens warehouse, Robert DeNiro’s film studio among top NYC projects

Amazon’s future Queens warehouse, Robert DeNiro’s film studio among top NYC projects
Airbnb’s Brian Chesky, RXR Realty’s Scott Rechler and 75 Rockefeller Plaza (Credit: Rechler by Eugene Gologursky/Getty Images, 75 Rockefeller)

Airbnb and RXR nix resi conversion deal at 75 Rock

Airbnb and RXR nix resi conversion deal at 75 Rock
RXR Realty's Scott Rechler and 2413 Third Avenue in the Bronx (Credit: Getty Images; Google Maps)

RXR planning 200-unit South Bronx project

RXR planning 200-unit South Bronx project
James Whelan, Scott Rechler and Jonathan Gray (Credit: Rechler by Eugene Gologursky/Getty Images; Whelan by Axel Dupeux; Gray by Drew Angerer/Getty Images; CDC)

With New York in crisis, real estate pitches in

With New York in crisis, real estate pitches in
CBRE CEO Mary Ann Tighe and RXR Realty CEO Scott Rechler

Rechler, Tighe assess pandemic’s effects on NYC real estate

Rechler, Tighe assess pandemic’s effects on NYC real estate
TRD Talks Live

Tune in tonight: TRD Talks with Mary Ann Tighe and Scott Rechler

Tune in tonight: TRD Talks with Mary Ann Tighe and Scott Rechler
A photo illustration of Scott Rechler and the SS United States (Credit: Eugene Gologursky/Getty Images for National Eating Disorder Association, Brian W. Schaller via Wikipedia)

RXR is looking for space…to park a $500M ocean liner

RXR is looking for space…to park a $500M ocean liner
Colony Capital's Tom Barrack and RXR Realty's Scott Rechler (Credit: Getty Images)

Colony Capital sells stake in RXR Realty

Colony Capital sells stake in RXR Realty
arrow_forward_ios

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

Loading...