As developer, Gotham transformed this entire city block between 44th and 45th Streets east of 11th Avenue. The groundbreaking project includes four new residential buildings, the renovation of a historic school building and a new school, along with a first-of-its-kind Gotham West Market. The four-acre building site was originally condemned by the city of New York. Gotham worked hand-in-hand with city agencies and the local community to develop the 1,250 housing units, new school and the market. An undertaking of this type and scale meant satisfying stakeholders, while developing a plan that was economically feasible. Gotham’s visionary team led this formal rezoning called the Uniform Land Use Review Process.
The 31-story tower on 11th Avenue is surrounded by mid-rise buildings on 44th and 45th Streets and includes 15,000 square feet of retail along 11th Avenue with a 200-space parking garage below grade. The new public school takes up a portion of the site. In all, Gotham sourced $520 million in project financing to fund all costs. Gotham’s vertical and integrated approach was key during the analysis, feasibility, financial modeling and capital sourcing as well as the design and construction supervision, marketing, leasing and asset management.