NEW YORK, NY - Mitsui Fudosan America, the U.S. operations of Japan’s largest real estate company and Taconic Investment Partners announced a joint venture to develop a residential building at 525 West 52nd Street in New York City’s Clinton neighborhood. The 392-unit project will include 79 units of low-income affordable housing – 20 percent of the development’s total.
“The progression of Manhattan’s west side, Taconic’s superior capability of delivering premium buildings for more than 18 years, and our desire to expand our residential portfolio makes this an exciting opportunity,” said John Westerfield, CEO of MFA.
“We’re proud to partner with Mitsui Fudosan America on this exciting project that will help meet the growing demands of a booming west side housing market, and the critical need for affordable housing citywide,” said Charles Bendit, Co-Chief Executive Officer at Taconic. “We hope this is just the first of many Taconic-Mitsui Fudosan collaborations as we look to expand housing opportunities for New Yorkers.”
Site work on the project has begun, with a formal groundbreaking to be held in the coming weeks. Construction is expected to be complete by spring 2017.
525 West 52nd will be Mitsui Fudosan’s largest rental housing development outside of Japan and its second residential project in Manhattan.
The development will feature 392 units spanning across 304,800 square feet of rentable floor space. The North Tower will ascend 22 stories high, while the South Tower will rise 14 stories and include a rooftop deck offering panoramic city views. The affordable units are being developed through New York State’s 80/20 Housing Program.
The project will also deliver significant greenspace benefits for the park-constrained neighbourhood, including $200,000 for the popular nearby DeWitt Clinton Park, and construction of two new pocket parks on the same block as the development.
In January 2015, MFA announced its investment to build Fifty Five Hudson Yards in Manhattan in partnership with Related Companies and Oxford Properties Group.
In addition to its commercial office and residential development and acquisition activities in New York, MFA is also actively developing projects in Washington D.C., San Francisco, Seattle, and Los Angeles.
Mitsui Fudosan Group, headquartered in Tokyo, Japan, is undergoing a global expansion pursuant to its “Innovation 2017” plan which, amongst other objectives, aims to grow the company’s $39 billion portfolio by adding high value-added development projects in international gateway cities, including London, Singapore, Shanghai, Bangkok, Kuala Lumpur, New York, San Francisco, Seattle and Washington, D.C.