Gotham’s Full-City-Block, Four Building, $520M Groundbreaking in NYC

November 8, 2011
By Nicholas Ziegler, News Editor

In one of the largest developments in New York City outside of the World Trade Center site, the Gotham Organization Inc. has begun construction on a $520 million residential project that will span from West 44th to West 45th Streets and from 10th to 11th Avenues. The development will include more than 1,200 units among its four buildings, transforming a block originally condemned for redevelopment in the 1970s in to a vibrant community on the west side of Manhattan.

“We’ve always believed that the Far West Side of Manhattan has tremendous potential for providing what our growing city needs: more jobs for New Yorkers, and more affordable housing for them to live in,” said New York Mayor Michael Bloomberg. “In the near future, this development will provide homes for some 2,500 New Yorkers, but in the meantime it will grow our economy by creating 2,900 construction-related jobs.”

The development’s centerpiece will be a 31-story tower located on the corner of 45th Street and 11th Avenue which will include approximately 550 luxury apartments. And through a partnership with the city, the development will provide 682 income-restricted housing units, predominately within the three mid-rise buildings along 44th and 45th Streets. Gotham is targeting middle-income households for those units and will have an additional affordable-housing component for households with annual earnings of up to $40,000.

But the development won’t be only residences, as a 630-student capacity school is slated to open adjacent to the residences. This will be the only part of the development to renovate an existing structure, a vacant 1904 school building.

The residential buildings are slated to open in 2014, and the school will be fast-tracked to open prior to the apartments.

A Gotham affiliate worked with the City of New York and the local community to change the zoning to allow for residential use. The residential development will be financed with primarily tax-exempt bonds issued by the New York State Housing Finance Agency, led by lenders from Wells Fargo Bank.

“Through an innovative partnership with the City of New York, Gotham Organization is proud to take the lead on a development that will change the face of Midtown West,” David L. Picket, president of Gotham, said.