Douglaston Begins Leasing Manhattan High-Rise
Construction on the 60-story building was subject to a $415 million loan.
Douglaston Development has commenced the leasing of 3Eleven, a 60-story, 938-unit mixed-income rental community located at 601 W. 29th St., in Manhattan’s Chelsea district. The firm developed the $600 million project alongside Ares Management Corp. The building’s construction was subject to a $415 million loan, according to Yardi Matrix data.
The opening of 3Eleven marks Douglaston’s second New York City project completion this year, following its topping out of a 188-unit affordable senior housing community in the Bronx, which is expected to be ready for use in 2023.
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Construction of 3Eleven began in 2019 and finished in 2021, and is the largest multifamily project in Manhattan, according to a 2022 Yardi Matrix report. It includes 703 market rate apartments, as well as 235 affordable units. A mix of studio, one- and two-bedroom units are available for lease, with move-ins scheduled to begin in the fall. The building includes 60,00 square feet of amenity spaces, including lounges, co-working offices, a fitness center, a pool and roof decks.
Additionally, the building includes 15,000 square feet of retail space, serving both the building’s residents and the larger Chelsea and Hudson Yards communities. Its location in Manhattan’s West Chelsea neighborhood gives it quick access to many nearby sites including The High Line and Hudson River Greenway, in addition to many more restaurants, shops and cultural attractions.
Manhattan’s multifamily turbulence
After experiencing a flight of residents and many other disruptions over the past two years, Manhattan’s multifamily sector has seen struggles. According to a 2021 New York City Housing and Vacancy Survey, nearly a third of renters in the city spend more than 50 percent of their income on rent, amidst both inflation and high interest rates.
Understanding these trends, Douglaston Development CEO Jed Resnick told Multi-Housing News, “As New York City continues growing coming out of the pandemic, we as a city and a region need to be increasingly aggressive in developing housing options for households at all income levels. That means we need more affordable housing and more market-rate housing, too.”