another highrise for the E. 125th st corridor.
apparently this will be a part of a larger, 1000 unit mega-development which has been in the works for awhile. Plans have been filed for two of the buildings.
This former site of a MTA bus depot will be home to over 300,000 square feet of retail space, up to 300,000 square feet of creative office space, retail, 30,000 square feet of not-for-profit arts space, a 98,000-square-foot hotel, 24,000 square feet of open public space, and 1,000 units of housing at a variety of incomes. Construction began in May 2010, and details on some of the housing have been released: 201 East 125th Street, a 19-story building designed by S9 Architecture, will bring 404 apartments on top of a community facility and amenities such as on-site parking, bike room, business center, fitness center, and roof deck. 213 East 125th Street, a 14-story building, will have 80 apartments on top of commercial and community space.
I was in Yorkville the other day and was amazed by the change trickling in because of the subway extension. I can’t imagine how much different this chunk of Manhattan will be once that vision is fully realized. Dare I say the disruption was worth it? Maybe.
The deal closed on New Year’s Eve.
The debt, split into three categories, represents a veritable alphabet soup of public agencies that back housing loans. For starters, there’s a $137.5 million component from the HDC, subdivided into tax-free and taxable sections. Then, $63.5 million of the total—the taxable portion—was funded by Citibank but delivered to Richman by HDC in a participation structure. Another $50 million aspect of the HDC financing was also funded by Citibank provisionally, but with plans for HDC to refinance that part of the debt with future tax-exempt bond funding. The $24 million remainder represents an HDC-funded tax-exempt volume cap allocation. (Volume caps are federal rules that limit the amount of tax-exempt bonds local agencies can issue.)
On a second lien, HDC has provided an additional $15 million, split between $10.9 million and $4.1 million subsections.
A third tranche of debt worth $33 million, also issued in HDC’s name, brings to Richman proceeds funded by HPD, a source close to the transaction explained.
And, at the bottom of the debt stack, HDC signed off on a fourth-lien mortgage worth $3 million.