Developer Secures US$86 Million Loan for Manhattan Skyscraper

111 Washington Street development site (formerly 8 Carlisle Street); image courtesy of New York YIMBY

Grubb Properties will receive a US$86 million loan to build a residential skyscraper at 111 Washington Street in Manhattan’s Financial District, New York YIMBY reports. Plans show a 64-story tower with more than 326,00 ft2 of interior space. The mixed-use development will contain a ground-floor retail tenant, up to 460 rental apartments and a variety of lifestyle-oriented amenity spaces. Renderings show a series of stepped cantilevers that rise to cover the corner entrance to the double-height lobby, which will feature a curtain wall composed of floor-to-ceiling glass and light-colored mullions. Financing was secured by Naftali Credit Partners. Site excavation has begun, and a 2026 construction completion date is expected.