Expectations are high for the proposed 7-story, 82-unit residential development at 615 Tenth Avenue in the Hell's Kitchen district of Midtown West. Xin Development International, the US subsidiary of Xinyuan Real Estate Ltd., received a $108 million commercial construction loan for the full-block project last week, which is only the second NYC venture for the developers - the first being the successful u-shaped Oosten condominium in Williamsburg. Permits were filed in July for the mixed-use condo building and with demolition out of the way, construction is now in progress.
“Securing a construction loan of this caliber in the current financing environment for only our second project in the New York market is a testament to the quality and success of our South Williamsburg project, the Oosten.”
In this article:
— John Liang, Executive Vice President of Investment Strategies and International Operations at XIN Development International.
Latest Glassy Rendering via Eastern Consolidated
Photo Credit: Target
Retail Rendering via RKF
According to Eastern Consolidated, who coordinated financing of the loan, there will be 71,699 square feet of residential space, and 36,053 square feet of retail space on the ground floor and lower level. The site will feature 200 feet of frontage on Tenth Avenue and 125 feet of frontage on the corners of West 44th and West 45th Streets. We already know Target will serve as the anchor tenant, which is sure to create tremendous value for the site. Xinyuan paid $57.5 million for the lot in January 2016 when it was just home to a gas station and convenience store.
Second Rendering by Marvel Architects via Realdit.com
Older Renderings
Xinyuan Real Estate Co., Ltd
While much faith has been put into the future project, it looks like there have been a few design changes since permits were initially filed. The first of which was (and still is) posted on Xinyuan's site. The renderings showed a bold design with an exterior accentuated by inset terraces and greenery. The second rendering, obtained by Realdit.com looks very similar to the current one - with two 7-story structures joined by a slightly shorter glass enclosure in the middle. The project was also previously dubbed "Hudson Garden," no doubt because of its location near Hudson River Park, but the recent press release for 615 Tenth Avenue shows no mention of the name.
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Sandra Herrera
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