Luxury high-rise in Lower Manhattan moves forward as one of the area’s few ground-up residential developments
Grubb Properties has secured $377 million in construction financing for a new luxury apartment tower in Lower Manhattan, marking a significant milestone for one of the neighborhood’s largest ground-up residential developments. The project at 8 Carlisle Street will become one of the tallest residential buildings in the area once completed.
The financing package includes a $300 million senior construction loan from Maxim Capital Group and $77 million in mezzanine financing provided by Skylight Real Estate Partners. Arrow Real Estate Advisors arranged the funding on behalf of the developer.
Designed by Handel Architects and built by Consigli Construction, the 64-story tower will rise approximately 789 feet and encompass more than 444,000 square feet of residential space. Upon completion, the building will feature 462 apartment units, offering a mix of market-rate and affordable housing options. Around 30% of the residences will be designated as affordable housing under New York’s former 421-a tax incentive program, while the remaining apartments will be leased at market rates.
Unlike many recent residential projects in Lower Manhattan that have involved converting aging office buildings into apartments, the Carlisle Street development is being constructed entirely from the ground up. Industry professionals say projects of this scale remain relatively uncommon within the Financial District, making the tower a notable addition to the neighborhood’s evolving skyline.
The surrounding Financial District has continued to experience strong demand for residential housing as it transforms into a mixed-use community where people can live, work, and enjoy nearby entertainment and amenities. Apartment rental rates in the neighborhood have reached record levels, reflecting ongoing demand for modern residential developments in Lower Manhattan.
The tower will operate under Grubb Properties’ Link Apartments brand and will become the company’s largest Link Apartments community in the United States. Residents will have access to a wide range of amenities, including a swimming pool, fitness center with an outdoor terrace, coworking facilities, resident lounges, and panoramic views overlooking the Hudson River, New York Harbor, and the Lower Manhattan skyline.
Construction is already more than halfway complete, with the reinforced concrete structure continuing to rise. Developers expect the building to reach its full height later this summer before work progresses toward final completion.
Source: Original reporting by Andria Cheng, CoStar News.
