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Hell’s Kitchen Mixed-Income Dev Secures $125M Financing
Douglaston Development and the Entertainment Community Fund have secured construction financing for Rialto West, a 158-unit affordable housing project in Hell’s Kitchen. The $125 million project includes 5,500 square feet of cultural space and a public plaza named after playwright Lorraine Hansberry. HDC and HPD are providing over $106 million in funding. Construction begins this month and is expected to finish in 2026.
Rialto West will offer studios, one-, two-, and three-bedroom units for low- to middle-income households, with 15% designated for formerly homeless individuals. The building will feature a fitness center, laundry room, and bicycle storage.
IndieSpace will lease and operate rehearsal and co-working spaces for artists. The project fulfills a commitment made fifteen years ago in the Western Railyards Rezoning Points of Agreement. “Once complete, Rialto West will offer over 150 brand new affordable homes in a particularly high-cost area of New York City,” said HDC president Eric Enderlin.
- ◦Development
- ◦Financing
