Hell’s Kitchen Mixed-Income Development Secures $125 Million Financing

Hell's Kitchen Mixed-Income Development Secures $125 Million Financing

Douglaston Development and the Entertainment Community Fund have successfully secured construction financing for Rialto West, a 158-unit affordable housing project located in Hell’s Kitchen. This $125 million development will include 5,500 square feet of cultural space and a public plaza named after renowned playwright Lorraine Hansberry. Funding for this project is being provided by HDC and HPD, totaling over $106 million. Construction is set to begin this month with an estimated completion date of 2026.

Rialto West will offer a variety of units including studios, one-, two-, and three-bedroom options for low- to middle-income households. Additionally, 15% of the units will be designated specifically for formerly homeless individuals. The building itself will feature amenities such as a fitness center, laundry room, and bicycle storage.

IndieSpace has been selected to lease and operate rehearsal spaces as well as co-working spaces for artists within Rialto West. This development fulfills an agreement made fifteen years ago in the Western Railyards Rezoning Points of Agreement.

According to HDC president Eric Enderlin: “Once complete,Rialto Westwill provide over150 brand new affordable homesinoneofthe most expensive areasof New York City.”

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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