SL Green has had a giant project in the works for 185 Broadway in lower Manhattan since 2015. On Friday, the developer finally announced plans to go vertical on construction of the 35-story, 260,000 square foot development in the first quarter of 2019. This announcement came in light of a recent securement of a $225 million construction loan from the Singapore lender, United Overseas Bank, and from the German bank, Helaba.

The 185 Broadway project will receive a 35-year tax abatement, and according to SL Green’s managing director, Brett Herschenfeld, it will be the first building constructed in lower Manhattan under the city’s new Affordable New York Housing program.

Architecture firm FX Collaborative designed the 279-unit mixed-use building, which will offer both studios and one-, two-, and three-bedroom units. 165,000 square feet are planned to be utilized for apartment space, and 37,000 square feet will be dedicated to commercial space. The first two floors will be used as retail space, and a health club is set to occupy the third, fourth, and fifth floors.

SL Green recently paid MTA, the Metropolitan Transportation Authority, $17.7M for more than 60,000 square feet of air rights over the Fulton Street subway entrance for the 185 Broadway development. The developer also bought 183 Broadway for $28.5 million in 2016, and two neighboring properties for $63.7 million in 2015. They also reportedly contacted the owners of the bordering office properties at 179 and 181 Broadway, inquiring about a possible acquisition, but this has not been confirmed thus far.

SL Green expects to have the ground-up apartment tower finished in 2021, which will rise to 404 feet in the Financial District.

Article by Katya Demina