Hudson Companies Closes on $119M Financing Deal for Hell’s Kitchen Mixed-Use Project

NEW YORK—The Hudson Companies and Housing Works, in partnership with the New York City Department of Housing & Preservation and the Metropolitan Transit Authority, announced on March 29 the closing of $119 million in financing for the construction of The Lirio, a mixed-use development located in Hell’s Kitchen in Manhattan. 

The construction of The Lirio will transform a parking lot into permanently affordable housing, office space for the MTA and neighborhood retail space. Financing was provided by Webster Bank, Merchants Capital, Red Stone Equity Partners, the New York City Department of Housing Preservation and Development (HPD) and Reso A funding from Councilmember Erik Bottcher and Borough President Mark Levine. The project was designed by CetraRuddy. Construction is set to begin in the coming weeks and is expected to be complete by 2026. 

Located at 364 West 54th St., the project will deliver 112 much-needed permanently affordable homes including 67 units of supportive housing for formerly homeless individuals—59 of which will be targeted for formerly homeless long-term survivors of HIV/AIDS—44 affordable homes for families earning between 30% and 120% of Area Median Income, one superintendent unit, approximately 30,000 square feet of office space for the Metropolitan Transportation Authority and retail space along Ninth Avenue. 

“We’re proud to deliver a project that meets a wide range of needs—supportive and affordable housing at a range of incomes, MTA office space which will enable new technology to be rolled out throughout the subway system, and neighborhood retail space, all in one sustainable building,” said Sarah Pizer, Development Director, Hudson Companies. “With today’s milestone, we are grateful to Mayor Adams and his administration, HPD, the MTA, City Councilmember Erik Bottcher, Borough President Mark Levine, Community Board 4, our financial partners and the project’s design team, without whom this project would not have been possible.” 

“The Lirio is named after the Liriodendron tree, the oldest living thing in NYC and a testament to not only surviving but thriving in the face of life’s challenges,” said Andrew Coamey, Senior Vice President for Housing, Housing Works and Executive Director of Bailey House. “With a record number of our fellow New Yorkers facing the seemingly endless challenges of being homeless or significantly rent burdened Housing Works is excited to be part of developing a brand-new building in the heart of New York City that will offer families and individuals, including long-term survivors of HIV, a safe, beautiful, affordable and amenity filled home.” 

In 2019, Hudson Companies and Housing Works were designated by HPD through a request for proposals to develop The Lirio, which is currently a vacant parking lot formerly operated by the MTA. The project successfully completed its Uniform Land Use Review Procedure in August 2022. According to the NYC Department of Hygiene and Mental Health, the Chelsea-Clinton neighborhood has the highest rate of people living with HIV in the city and one of the highest rates for new infections. Named after the oldest living tree in NYC, the Liriodendron tree or “Queen’s Giant,” The Lirio is meant to honor and serve the long-term survivors of HIV and AIDS who have survived and persisted against the odds. Designed to complement the existing neighborhood fabric, The Lirio is targeting the rigorous Passive House standards as well as LEED Gold certification. The Lirio will also participate in the NYSERDA Multifamily Performance Program. 

The Lirio is located steps away from the Port Authority Bus Terminal, near the C and E trains on West 50th Street and the 59th Street-Columbus Circle station, which offers the A, B, C, D and 1 trains. Future residents of The Lirio will also be in close proximity to the 50th and 57th Street subway stations and walking distance to neighborhood attractions such as Times Square, Central Park, Hudson River Park, Broadway theaters, Rockefeller Center, world-class restaurants, grocers and cafes.