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.”
