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Lightstone has just locked down a $120,000,000 loan for the first phase of its 700-unit megadevelopment at 363-365 Bond Street along the Gowanus Canal, and the Observer’s article on the financing has additional details on what will be built between 1st and 2nd streets. The 12-story complex will have 429 units, including 86 affordable ones. In addition, as previously reported, there will also be a landscaped courtyard, roof decks, a fitness facility, a theater room and a waterfront park on the banks of the canal.

Overall, the controversial rental project will have 140 affordable units (20 percent of the project), as the developer promised in 2012. The buildings will range in height from six to 12 stories, and the development will also have a 25-year tax abatement, as previously reported.

Canyon Provides Construction Loan for Gowanus Development [NYO]
Lightstone Coverage [Brownstoner]
Rendering via NYO

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The Lightstone project at 50-01 2nd Street, across the street from Hunters Point South, looks like it should comfortably meet its target opening date of April 2014. The 12-story, 199-unit residential project is being built by the same group that’s got a 700-unit rental development in the works for the banks of the Gowanus Canal in Brooklyn. When Crain’s wrote about the project last year, the developer was targeting rents of at least $48 a foot but we think it’s a safe bet that they’ll clear $50 at this point for residential rents. Meanwhile, Winick Group is marketing about 12,000 square feet of ground-floor retail space. Click through below to see a rendering of how the project is supposed to look when it’s finished. GMAP