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Gotham lands financing for Broome Street Development

Rendering of Broome Street Development (Credit: Gotham / YIMBY)

Gotham Organization + Goldman Sachs Urban Investment Group have secured $162.4 in construction financing from Wells Fargo + US Bank for their two-building, mixed-use development at 55 Suffolk Street & 64 Norfolk Street, CO first reported. The duo also landed a $70 million equity commitment for the Lower East Side project that’s known as Broome Street Development.

  • 55 Suffolk details: The first phase of the 325,729-square-foot project will see the construction of 378 units (93 will be affordable), a retail component (18,750 SF), and a 38,914-square-foot community facility space occupied by Chinese American Planning Council.
  • 64 Norfolk details: Phase II calls for a 16-story property consisting of 66,962 SF of residential space that will house 115 low-income senior residences, in addition to a synagogue (4,739 SF)… The department of HPD has granted over $3 million per year in 9% federal low income housing tax credits (LIHTC), and construction for this phase will begin in spring 2021.
  • Worth Noting: In May, the development partners were able to lock in a needed zoning change for the development. Dattner Architects designed the project, CO noted.
  • Heard on the Street: Gotham Organization president of development Bryan Kelly: “The completion of this financing, during one of the most economically challenging years in recent memory, is a testament to the strength of our partnership with Goldman.” [CO+Gotham]

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