The Gotham Organization to Open NYC Luxury Community
The Lower East Side tower will make its debut this spring.
The Gotham Organization is set to open The Suffolk, a luxury rental property in New York City’s Lower East Side. Scheduled to welcome residents this spring, the 30-story tower comprises 378 units and 330,000 square feet of mixed-use space.
The development is subject to a $162.4 million construction loan, originated by Wells Fargo Bank, as shown by Yardi Matrix. According to the same source, the property is subject to a 35-year non arms-length unsubordinated net ground lease, which will expire on January 20, 2055.
Designed by Dattner Architects and JG Neukomm Architecture, The Suffolk is part of Gotham’s Broome Street Development, a master-planned community comprising two mixed-use buildings. At full build-out, the community will provide 493 rental units, a blend of indoor and outdoor amenities, a 40,000-square-foot community facility for the Chinese-American Planning Council, a 4,000-square-foot cultural heritage center for Beth Hamedrash Hagodol and 18,000 square feet of retail space.
A complex unit mix
According to the developer’s website, The Suffolk is also set to encompass 115 low-income senior housing units. Combined, the two buildings will provide more than 40 percent permanent affordability. The same source reveals that the proposed design is in harmony with the historic low-rise buildings of the Lower East Side and the existing towers in Seward Park.
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The Suffolk will also integrate three floors of micro-units in addition to traditional units, all being created by Gotham under a new program called Abode by Gotham. Apartments will range from 315 to 350 square feet and will include built-in murphy beds, sofas and storage space. Residents of Abode by Gotham will have access to all the building’s amenities, as well as a dedicated resident lounge, a kitchen and laundry facilities.
Upon completion, the development will incorporate a mix of Abode by Gotham units, as well as studios, one-, two- and three-bedroom traditional apartments. Each unit will be outfitted with built-in refrigerators, dishwashers, microwaves and in-unit washers and dryers.
A new luxury community in Manhattan
The development will offer a range of amenities for residents, such as a rooftop pool and sundeck, an outdoor terrace with lounge seating, fire pits and barbecues. Additionally, it will feature a full-floor amenity suite with coworking spaces, conference rooms, a dedicated resident lounge and a chef’s kitchen. A fitness club, a yoga studio, a 24-hour staffed lobby, personal concierge, package room, as well as resident storage, a bike room and laundry facilities are also among the offerings at the property.
The community is situated at 55 Suffolk St. and is close to Seward Park, the F, M, J and Z subway lines, the B39 and M14A-SBS bus lines, as well as an array of retail, dining and entertainment options in the Lower East Side.
As New York City continues to expand and attract new residents and businesses once again, there is an increasing demand for more residential options, noted President of Development at Gotham Organization Bryan Kelly, in prepared remarks. Earlier this month, a joint venture consisting of Claremont Development, Stanbery Development Group and PCCP secured $146.5 million in construction financing for The District at 15fifteen, a mixed-use project in Parsippany, N.J.