Rialto West in New York City

Joint Venture Secures Construction Financing for $125 Million Affordable Housing Project in Hell’s Kitchen

by Channing Hamilton

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan.

Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless tenants. Amenities will include a fitness center, laundry room and bicycle storage area.

The property will also include more than 5,500 square feet of cultural space as well as a public restroom facing an approximately 25,000-square-foot public plaza that will be built at 705 Tenth Ave. The plaza will be operated by the NYC Department of Parks and Recreation.

The New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development provided more than $106 million in tax-exempt, bond-funded loans and subsidy loans to the project. This financing included a city housing infrastructure fund loan for the foundation platform spanning the active Amtrak Empire line at the residential building base and grant funding for the plaza construction.

Levine Builders, the general contracting affiliate of Douglaston, will construct the residential building and the plaza. Clinton Management, the management affiliate of Douglaston, will manage the building upon completion, which is slated for 2026.

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