227 West 77th Street - The Larstrand, is being developed by Friedland Properties and Rose Associates reported Carl Gaines of Globe Street Financial.
A $125 million loan was funded by the issuance of bonds that were provided by New York State Housing Finance Agency, a state agency that works "to create and preserve high-quality affordable multifamily rental housing" through out the state. 37 of the units at The Larstrand will be designated affordable.
The site is shovel ready, construction is supposed to begin immediately with completion scheduled for 2013.
The building will feature a mix of studio, one, two and three bedroom rental apartments. There will be 40,000 square feet of retail space along Broadway between 77th and 78th Streets. it was reported that CVS has agreed to lease a portion of the space.