Lower East Side affordable complex lands $162M construction loan

Gotham Organization’s complex will have rentals, cultural centers

New York /
Dec.December 28, 2020 09:35 AM
Gotham Organization CEO David Picket and a rendering of the Broome Street Development complex (Gotham; Community at Broome)

Gotham Organization CEO David Picket and a rendering of the Broome Street Development complex (Gotham; Community at Broome)

UPDATED, Dec. 28 2020, 3:20 p.m.: A mixed-use building in the works on the Lower East Side landed a $162.4 million construction loan from Wells Fargo and US Bank.

The loan is for 55 Suffolk Street, which is part of the two-building Broome Street Development complex (which also includes 64 Norfolk Street), spearheaded by a joint venture between the Gotham Organization and Goldman Sachs Urban Investment Group, Commercial Observer reported.

In total, 400,000-square-foot project — which was one of the biggest new real estate projects filed this year — will feature about 500 rental apartments, including 209 affordable units and 115 units set aside for seniors. The Chinese American Planning Council, a nonprofit providing educational, social, and community services for Asian Americans, will also have its headquarters within the complex, occupying 40,000 square feet at 55 Suffolk Street.

The project has been in the works for several years, following a fire that gutted the Beth Hamedrash Hagadol Synagogue, which previously stood on the site. A new synagogue with a cultural heritage center will occupy part of the Norfolk Street building.

In addition to the construction debt, the Suffolk Street building, which is the project’s first phase, secured a $70 million equity commitment. The second phase of the project at 64 Norfolk Street has secured $3 million in the federal Low Income Housing Tax Credit on the second phase of development, sources told Commercial Observer. [CO] — Akiko Matsuda

CORRECTION: An earlier version of this story stated the $162 million loan was for the entire complex. It is just for the building at 55 Suffolk Street. 


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Ardie Tavangarian (Photo by Kevin Scanlon)
LA’s gentleman builder on developing for the ultra-wealthy
LA’s gentleman builder on developing for the ultra-wealthy
495 Hoffman Lane in Hauppauge and Beechwood Organization CEO Michael Dubb (Google Maps, Belmont Child Care)
Luxury senior living could replace shuttered Hauppauge school
Luxury senior living could replace shuttered Hauppauge school
66 University Place (Google Maps)
Grove Press building to be pulverized by luxury condo development
Grove Press building to be pulverized by luxury condo development
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
arrow_forward_ios

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

Loading...