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Gotham grabs $250M for massive mixed-use project on Far West Side

Developer planning 430K sf tower at 550 Tenth Avenue

 Gotham Organization's Joel Picket and David Picket with 550 10th Avenue (Getty, Gotham/Handel Architects)
Gotham Organization's Joel Picket and David Picket with 550 10th Avenue (Getty, Gotham/Handel Architects)

Gotham Organization is one step closer in its plans for a 430,000-square-foot, mixed-use building on the Far West Side.

The developer secured nearly $250 million in financing for the project, Crain’s reports. Wells Fargo and US Bank are kicking in $212 million for a construction loan, while Lionheart Strategic Management is contributing $35 million via a mezzanine loan.

Gotham is planning a 47-story tower at 550 Tenth Avenue, which sits between West 40th and West 41st streets. Once completed, the building will include 453 apartments, 137 of which will be affordable. The development will also have 9,000 square feet of retail space and 27,000 square feet for an office condo for homeless youth organization Covenant House.

A permit application for the building’s construction was filed in January. Handel Architects was listed as the architect of record, while planned amenities included a pet spa, bike room, Amazon package storage and 45th-floor terrace.

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Gotham entered into contract to buy 538 Tenth Avenue from Covenant House in 2019 for $78 million. As part of the deal, the developer agreed to build a new facility for Covenant House.

According to Crain’s, work on the new 80,000-square-foot Covenant House facility at 460 West 41st Street has been completed, clearing the way for Gotham to start demolishing the property at 550 Tenth Avenue.

The developer last month scored a win for its controversial 23-story mixed-use building in Fort Greene, getting the green light in October from City Council. The project at 130 St. Felix Street will feature more than 120 residential units, as well as a space for the expanding Brooklyn Music School.

Community Board 2’s Land Use Committee’s advisory opinion opposed the rezoning, but City Council still approved it in a 41-1 vote.

[Crain’s] — Holden Walter-Warner

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Commercial Real EstateDevelopmentFar West SideFinancing