644 East 14th Street Update 08/05/24

Dev Lands $130M Loan for 24-Story Residential Tower in East Village

Developer, Madison Realty Capital, recently secured a $130 million loan for a 24-story, residential tower, going up at 644 East 14th Street in Manhattan's East Village. Issued by Apollo Global Management and Lionheart Strategic Management, this influx of capital will help to fund construction costs. Designed by 

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, and to be known as "14+C" (a reference to the lot's cross streets: 14th Street and Avenue C), the building is set to contain
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apartments, offered in studio, one, and two-bedroom configurations. A select amount of these units will be dedicated to affordable housing. Plans also call for ground-floor retail space.

Constructed by 

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,  the structure will stand
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feet tall and total
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square feet. Prior to construction starting, the 10,000-square-foot project site had sat vacant and unimproved for around 6 or 7 years. Madison Realty Capital purchased the lot from Opal Holdings in 2020 for $31.3 million and then requested a non-ULURP zoning modification in order to get the development proposal approved.

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