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Wanted: $415M in construction financing for Douglaston’s Hudson Yards project

Firm is seeking money for 931-unit tower at 601 West 29th Street

Renderings of 601 West 29th Street and Jeff Levine (Credit: CityRealty and Douglaston)
Renderings of 601 West 29th Street and Jeff Levine (Credit: CityRealty and Douglaston)

It’s not going to get built by itself. Douglaston Development wants a $415 million construction loan for its multifamily project at 601 West 29th Street.

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Jeffrey Levine’s firm plans to build a 58-story, 931-unit project at the site, with construction set to finish in 2022, according to Commercial Observer. His firm started the search for construction financing about a week ago. Greystone Bassuk is negotiating a possible debt deal.

Douglaston signed a 99-year ground lease for the development site last month, as The Real Deal previously reported.  Douglaston pre-filed permits for the project in September and transferred 123,000 square feet of air rights from Chelsea Piers for the project. [CO]  – Eddie Small

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Construction LoansDouglaston DevelopmentHudson YardsReal Estate Finance