News

Sep 08, 2020

Zero Irving tech hub building at tops out

Developers of the Zero Irving building that’s under construction at 124 E. 14th St. said the building has topped out.

RAL Development Services said topping-out ceremonies for the 21-story, 240,000-square-foot office building, located at the site of the former PC Richard & Son store, were held last week.

The building will house the Union Square Training Center, which is expected to create 550 permanent jobs for the area.

“We are excited to celebrate a major milestone for one of the most promising new developments in the city. We are confident this uniquely transformative public-private project will be an engine of opportunity and prosperity for New Yorkers and the local community,” said Spencer Levine, president of RAL Development Services, in a statement.

The building is called Zero Irving because of its proximity to Irving Place.

The first seven floors of the building will house the technology training center and incubator, co-working spaces, event space, and a street-level food hall. The next 14 floors will house 176,000 square feet of Class A office space. The building is supposed to open later this year.

RAL and its equity partner previously secured $120 million of construction financing from Bank OZK and simultaneously entered into a long-term ground lease with the New York City Economic Development Corporation (NYCEDC), RAL said. The project broke ground in summer 2019.

“This project not only builds on the city’s tech ecosystem, it creates pathways to good-paying jobs for New Yorkers,” said Rachel Loeb, COO of NYCEDC, in the statement.

https://www.bizjournals.com/newyork/news/2020/09/08/zero-irving-tech-hub-building-at-tops-out.html