Construction is set to begin soon on a 38-story, 55 Willoughby Tower in Brooklyn, New York. Recently, a joint venture between Lonicera Partners and Rabina secured the funds needed to facilitate the implementation of the project from Santander Bank and City National Bank.
JLL was responsible for arranging the floating-rate loan on behalf of the developers. The Davis Companies also provided a Joint venture equity investment for the 268,000-square-foot, 55 Willoughby Tower project.
Thus far, the foundations are already in the ground and renderings of the building have been revealed. Colberg Architecture created the eye-catching designs of the tower.
Design plans for the 55 Willoughby Tower project
The renderings for the 55 Willoughby Tower project, show the structure rising from a multi-story podium, with earth-toned panelling. A glass curtain wall will also encase the building. Additionally, the design also features a cantilever on the tower’s eastern elevation. This distinctive feature extends the massing of the structure over the roof of its adjacent neighbour.
Upon completion, the 55 Willoughby Tower project will offer 295 apartments and a 3,500-square-foot retail component. In addition, the tower will also include over 12,000 square feet of amenity space for residences. The available units on the property will cut across both market-rate and affordable components. Especially since the project qualified earlier for the city’s 421a tax abatement. This allows the developer to allocate 89 apartments for affordable housing.
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The residential units at 55 Willoughby Tower will include studio, junior-one, one-, junior-two, and two-bedroom units. According to the developers, this unit mix will cater to mostly younger renters and students from higher education institutions. Especially those in the immediate area, seeking accommodations in the heart of Downtown Brooklyn.
Residents will have access to amenities such as a fitness centre, yoga studio and communal lounge, media room and coworking spaces. In addition, the tower also provides a rooftop terrace, a second outdoor deck, an indoor sky lounge, and bike storage.
