HFF reports the proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work on the project.

The initiative named BEC Continuum Resyndication involves 550 rental housing units located in 13 commercial properties concentrated Bedford Stuyvesant and Crown Heights.

Colliers notes that Downtown's average asking rents passed the $60-a-square-foot threshold for the first time on record, finishing the first half of this year at $63.46-a-square-foot.

Based on conceptual engineering, the estimated cost to complete the new Hudson River Tunnel is $11.1 billion. The rehabilitation of the North River Tunnel is estimated to cost $1.8 billion, putting the total estimated cost of the Hudson Tunnel Project at approximately $12.98 billion.

Allianz contributed the 353,000-square-foot 114 Fifth Ave. office building in Manhattan, valued at $220 million that Allianz has owned since 2015 along with its 1% partner, L&L Holding Co.

L+ M Development, which is headquartered in Larchmont, NY, and New York City-based Tahl Propp Equities are expected to begin construction this month on the 400-unit development at 1465 Park Ave.

"This TIFIA loan will help transform the James A. Farley Post Office Building in Manhattan to include a modern, state-of-the-art train station, delivering extensive improvements for passengers in easing congestion and delays,” says US Transportation Secretary Elaine L. Chao.

The luxury residential market in Manhattan is very strong, with the luxury median sales price in the borough rising 3.5% to $6,836,269.