New York—A site on 61st St. on Manhattan’s Upper West Side will be the location of a new 43-story luxury rental tower to be called 21 West End Avenue.
In a joint venture with the AFL-CIO Building Investment Trust (BIT), The Dermot Company Inc. has acquired the site and broken ground on the development. The LEED Certified building will feature 616 apartment homes, 30,000 square feet of luxury amenities, a four-story New York City pre-Kindergarten through 8th grade public school and 23,725 square feet of retail space.
The building is expected to be complete in June 2015.
Apartment homes will feature floor-to-ceiling windows offering sweeping views of the Hudson River and the Manhattan cityscape. Washers and dryers, walk-in closets, hardwood flooring, stainless steel kitchen appliances and upscale kitchen and bathroom fixtures and finishes will be part of every home.
Common-area amenities start with a digital waterfall in the lobby that will display lighted designs on the surface of the falling water. In addition, residents will enjoy a 60-foot, custom-shaped swimming pool and separate hot tub, a 21,000-square-foot fitness center, yoga and dance room, private wine bar and lounge, children’s play area, hobby room and dedicated dog-grooming area.
Under the New York State Housing Finance Agency’s 80/20 Program, 80 percent or 489 of the apartments will be market-rate, and 20 percent or 127 apartments low-income units. Long-term 34-year, tax-exempt bonds are used in the 80/20 Program to create affordable housing for low-income residents in residential locations throughout New York City. The $275 million bond offering will finance the construction and lease-up of 21 West End Avenue. Bank of America N.A. and Capital One, N.A. served as joint book runners and joint lead arrangers for the letter of credit providing credit enhancement for the bond issuance.
The Dermot Company COO Stephen N. Benjamin said his company is excited about the building’s development and its likely impact on the Upper West Side.
“We believe that 21 West End Avenue will generate strong interest for renters on the Upper West Side, and the new public school will be a great benefit for the building residents and others in the neighborhood.”
This is the 12th project the AFL-CIO BIT has invested in in New York City, and the fourth project in which it has invested with The Dermot Company. Kevin McCarthy, president of PNC Realty Investors, Inc., the BIT’s investment advisor, noted the BIT likes the project‘s job-generating qualities. “In addition to being a prudent investment for the BIT, 21 West End Avenue will create over 2,000 jobs for the skilled men and women of the New York Building Trades,” he said.
SLCE Architects, founded in 1941 and one of New York City’s leading architectural firms, will serve as architect for 21 West End Avenue.