Brookfield Property Partners announced that construction has begun on a 62-story residential tower at Manhattan West that will contain 844 units with 20 percent of the studio, one- and two-bedroom units priced at affordable rates.
Brookfield has closed on$479 million in HFA credit enhanced bonds through the Bank of China with a seven-year term to fund the construction.
Designed by SLCE, the Manhattan West residential tower is an $800 million structure that is slated to welcome its first residents in the first quarter of 2017 with substantial completion in 2018. Located at 435 West 31st Street between Ninth and Dyer Avenues, it will feature an array of amenities including a regulation-sized basketball court, a climbing wall, kitchens and dining rooms available for private entertaining, and a roof deck with grills. Hunter Roberts is the construction manager of the residential project.
When completed, the $4.5 billion Manhattan West development will include two new class-A office towers, retail, a five-star hotel, rooftop gardens, restaurants and cafes in addition to the residential building. The site will be transected by a two-acre public park.
Brookfield’s Manhattan West development sits at the gateway to Manhattan’s new West Side in the heart of the Hudson Yards district one block west of Penn Station.