NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received construction financing for Rialto West, a $125 million affordable housing development in Manhattan’s Hell’s Kitchen neighborhood. Located at 509 W. 48th St., the eight-story building will include 158 units for low- and moderate-income residents.
Rialto West will feature a mix of studio, one-, two- and three-bedroom units that will be designated for households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless households. Shared amenity spaces will include a fitness center, laundry room and bicycle storage area.
Additionally, the development’s ground floor will include more than 5,500 square feet of cultural space as well as a public restroom facing an approximately 25,000-square-foot public plaza that will be built at 705 Tenth Ave.
The NYC Department of Parks and Recreation will operate the public open space, which is to be named after Lorraine Hansberry, the famed playwright and author of “A Raisin in the Sun.” The developers are in discussions with IndieSpace, a provider of affordable workspaces for artists, to lease and operate rehearsal and coworking spaces at the property.
The New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development (HPD) provided more than $106 million in tax-exempt, bond-funded loans and subsidy loans. This financing included a city housing infrastructure fund loan for the foundation platform spanning the active Amtrak Empire line at the residential building base and grant funding for the plaza construction.
According to the development team, Rialto West delivers on the promise for affordable housing at the site made 15 years ago in the Western Railyards Rezoning Points of Agreement. HPD issued a public request for proposals to develop two Hell’s Kitchen sites in 2018. Douglaston was awarded the Rialto West site in February 2019, and completed the land use review procedure for the development in October 2022.
“Rialto West represents a promise to create more affordable homes in high-cost Manhattan neighborhoods, ensuring that all New Yorkers, regardless of income, have access to safe, secure and affordable homes,” says HPD Commissioner Adolfo Carrión Jr.
Levine Builders, the general contracting affiliate of Douglaston, will construct the residential building and the public plaza. Clinton Management, the management affiliate of Douglaston, will manage the building upon completion, which is slated for 2026.
Douglaston is a New York City-based real estate development company specializing in mixed-use developments, high-rise mixed-income rentals, market-rate condominiums, hospitality, seniors housing communities and commercial spaces.
The Entertainment Community Fund, formerly The Actors Fund, is a national human services organization that addresses the unique needs of people who work in performing arts and entertainment with services focused on health, wellness, career, life and housing.
— Kristin Harlow