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Greystone Bassuk Secures $200M for Hell's Kitchen Project

New York

Greystone Bassuk Group secured $200M in construction to permanent financing for Taconic Investment Partners and Mitsui Fudosan Americas, for a $330M development at 525 West 52nd St in Hell's Kitchen. This marks the largest construction financing structured entirely as a private placement ever under the New York State Housing Finance Agency's 80/20 Housing Program, the Commercial Observer reports. 525 West 52nd St will be a 445k SF two-tower residential property on a through-block site. There will be a 14-story tower and a 22-story tower, with a common one-floor base that will have the building's lobby and ground-floor retail. Of the 392 residential apartments, 80 will be affordable housing units, while 312 will be market rate. Amenities will include a penthouse roof deck with panoramic views and a BBQ area, a resident lounge with a screening room and a golf simulator, a health club and a children's playroom. Delivery is expected in 2017. [CO]