Douglaston Development has placed the final beam for its partially affordable community in Manhattan’s Chelsea neighborhood.
The developer topped out its residential project at 601 W. 29th St. and is expecting to complete the property in summer 2022. The community was designed by FXCollaborative while Levine Builders, an affiliate of Douglaston Development, began construction on the project in 2019. Douglaston also landed an equity partner with Ares Management Corp. and a $415 million loan that came from a group of lenders led by HSBC in June 2019.
The 60-story mixed-use community will have 938 rental units and 15,000 square feet of Class A retail space. The community will also be mixed-income with 10 percent of the units being reserved for those who make 40 percent of the AMI, another 10 percent for 60 percent AMI and 5 percent for 100 percent AMI, totaling 235 affordable units with the rest of the 703 units being market-rate. Residents will have access to the building’s 50,000 square feet of amenities that includes a gym, outdoor pool, garage, bike storage, tenant lounges, roof decks and pet spaces.
Located in Manhattan’s West Chelsea neighborhood, 601 W. 29th St. will be located next to Hudson Yards, the city’s massive mixed-use development on the west side, and The High Line, an elevated park created from a former subway line.
CHELSEA PORTFOLIO
When completed, 601 W. 29th. St. will add another mixed-use, mixed-income community to Douglaston Development’s portfolio in Chelsea. In 2010, the developer completed The Ohm at 312 11th Ave., located across from Douglaston’s latest Chelsea project. The 369-unit community offers 289 market-rate units and 80 affordable units as well as 5,000 square feet of retail.
North of Chelsea, Douglaston is also working on the first phase of a 450-unit affordable housing development in the Bronx. The first phase, which includes 188 units and a 12,000-square-foot supermarket, received $60 million in construction financing in January.
