20-Story Tower Project Begins to Rise in Murray Hill
General contractor,
, has begun to form the concrete superstructure of a 20-story, residential tower project, going up at 255 East 39th Street in Manhattan's Murray Hill neighborhood.
Developed by
, the building is set to contain
rental apartments. Approximately 48 of these units will be dedicated to affordable housing. It will also feature
square feet of ground-floor retail space and over 10,000 square feet of tenant amenities.
Designed by
, the structure will stand
feet tall and total
square feet. Back in February, the team secured a $75 million loan for the project. Issued by J.P. Morgan and First Citizens Bank, this influx of capital is being used to fund all construction costs from the ground up. The
square foot project site consists of an area that was previously 4 separate properties, and as such is alternately addressed as 251 East 39th Street and 729-739 Second Avenue.
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