Brookfield Builds In Manhattan with Help From China
- Jan 21, 2015
New York –Brookfield Property Partners recently broke ground on a new 62-story residential tower in Manhattan. The $800 million structure will receive partial funding with $479 million in HFA credit enhanced bonds from the Bank of China with a seven-year term.
When completed the multi-use project will include two class A office towers, retail, a five-star hotel, rooftop gardens, restaurants and cafes in addition to the residential building. The site will also contain a two-acre public park. The complete project will total seven million square feet of office, residential and retail. The cost for the total development is estimated at $4.5 billion.
Located at 435 West 31st Street between Ninth and Dyer Avenues approximately 169 of the 844 units will be priced at affordable rates. Studio, one and two bedroom units will be available. Residents are expected to move-in in the first quarter of 2017. The majority of the project is expected to be completed in 2018. Hunter Roberts is managing the construction.
Dennis Friederich, Brookfield’s chief executive officer, tells MHN, “We’re excited to have begun construction on our residential tower, which will be home to young professionals and families and the foundation of the new neighborhood we are building.”
Amenities for the SLCE designed tower include a regulation-sized basketball court, a climbing wall, kitchens and dining rooms available for private entertaining and a roof deck with grills. The tower is positioned in the Hudson Yards district one block west of Penn Station.