Published On: Mon, Apr 24th, 2017

Eliot Spitzer talks the rental market, putting up his own equity and partnering with Related

Former Gov. is building a 857-unit rental complex on the Williamsburg waterfront

SPITZER-420 Kent Avenue superJumbo- New York YIMBY

Eliot Spitzer’s Spitzer Enterprises is gearing up to market its biggest project since the former governor returned to the family company in 2014.

The $700 million, 857-unit rental complex, at 420 Kent Avenue in Williasmburg, is designed by ODA’s Eran Chen. The complex comprises 762,000 square feet of space, with 20 percent of units designated as affordable. The former governor bought the 2.8-acre site in August 2014 for $165 million and later scored a $330 million loan from Starwood Capital Group to begin construction last year. The first building is slated to launch in 2018, marketed by Dave Maundrell of Citi Habitats.

Spitzer likely has plenty of his own capital left to invest, after selling the famed Crown Building on West 57th Street for $1.8 billion in 2015. In February, The Real Deal revealed that Spitzer and the Related Companies are joining forces to build a 1.4 million-square-foot apartment-and-office development on a pair of adjacent sites they own in Hudson Yards. Related signed a contract in September 2013 to buy its site at 517 West 34th Street for an undisclosed price, while Spitzer paid $123 million to assemble his site next door… Read more at The Real Deal, by Katherine Clarke 

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