Mitsui Fudosan, Taconic JV to Build Housing

NEW YORK CITY—A joint venture of Mitsui Fudosan America and Taconic Investment Partners will break ground in the coming weeks on a twin-tower 392-unit housing development on Manhattan's West side.

The 392-unit project at 525 West 52nd St. will include 79 low-income housing units, comprising 20% of the total development. The complex will feature 304,800 square feet of rentable floor space, with the North Tower rising 22 stories high while the South Tower will total 14 stories and include a rooftop deck. The affordable units are being developed through New York State's 80/20 Housing Program.

The project will also provide $200,000 for the nearby DeWitt Clinton Park and construction of two new pocket parks on the same block as the property, the developers state. Site work on the project has already begun. Company officials say a formal groundbreaking will be staged in coming weeks. Construction is expected to be complete by spring 2017.

“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,” says 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,” says Charles Bendit, co-CEO 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.”

525 West 52nd will be Mitsui Fudosan's largest rental housing development outside of Japan and its second residential project in Manhattan. In January of this year Mitsui Fudosan announced its investment to build 55 Hudson Yards in partnership with Related Companies and Oxford Properties Group.