A new 181-unit luxury rental building with a retail component will rise on Broadway and 77th Street thanks to a recently closed $125 million loan funded by the issuance of bonds provided by the New York State Housing Finance Agency, GlobeSt.com reported.
The building, slated to be called the Larstrand, will be developed by Friedland Properties and its representative Rose Associates. CVS has already agreed to lease part of the retail space.
Thirty-seven of the units at the Larstrand will be designated as affordable.
“The site is shovel ready, and we plan to begin construction immediately with completion scheduled for third-quarter 2013,” said William Friedland, principal at Friedland Properties. [GlobeSt.com]