177 Grand St
Silverman · 413 units · NW Financial
Canal Crossing
Boraie / Hampshire · 508 units · TBG
Embankment
Albanese · 604 units · NW Financial
Project basics
Address
177 Grand St
850–902 Garfield Ave
437 Marin Blvd
Developer
Silverman
Boraie / Hampshire
Albanese (JC Embankment)
Building height
28 + 17 stories (2 towers)
6 (1A) / 10 (1B)
40 stories
Total dev cost
$229.7M ($556K/unit)
$318M ($626K/unit)
$360M ($596K/unit)
Aspire / LIHTC
LIHTC only
Aspire + LIHTC
Neither
Affordability
Affordable units
62 (15%)
102 (20%)
30 (5%)
AMI targeting
30%/50%/80% AMI (UHAC)
47% blended — 50%/30% AMI, $1,750/mo 2BR
50–80% AMI (UHAC)
Affordable trust payment
—
—
$1,001,541
PILOT rate structure
Opening rate (yrs 1–15)
12% AGR
10% AGR
10% AGR
Later years
Steps to 13% (yrs 16–30)
Steps to 12% (yrs 26–30)
Flat 10% all 30 yrs
Developer feasibility
IRR — full tax / PILOT
7.04% / 9.37%
4.8% / 9.8%
5.1% / 7.9%
YOC — full tax / PILOT
5.51% / 5.94%
4.2% / 6.2%
5.4% / 6.0%
DSCR — full tax / PILOT
1.14 / 1.23
0.81 / 1.21
1.17 / 1.29
Stabilized AGR
$20.0M
$27.6M
$30.5M
30-year public revenue — PILOT vs conventional
City — PILOT
$97.6M
$87.8M
~$122.7M
City — conv tax
$54.0M
~$58.9M
~$82.7M
City net
+$43.7M
+$28.9M
+$40.0M
Schools — PILOT (BOE trust)
$0 — no trust
$8.0M (10% of ASC)
$0 — no trust
Schools — conv tax
~$63.2M
~$68.9M
~$96.8M
Schools net
−$63.2M
−$60.9M
−$96.8M
County — PILOT
~$5.0M
~$6.0M
~$6.3M
County — conv tax
~$24.5M
~$26.7M
~$37.6M
County net
−$19.5M
−$20.7M
−$31.2M
Community benefits & context
Park / open space
None specified
Garfield Park (33K SF)
Block 2 Park + baseball field
Infrastructure
Storm water management and space for a new private school
Morris Canal Greenway ext.
Grand staircase, pedestrian bridge
Final negotiated rate
12% (opening, steps up)
10% (opening, steps up)
10% flat — no step-up
Sources: NW Financial memo + Ord. 25-101 (177 Grand); TBG feasibility slides + Ord. 26-045/046 (Canal Crossing); NW Financial memo + Ord. 25-118 (Embankment). County conv tax shares modeled at 17.3% of assessed OAT (pro-rata from stated year-1 figures). 30-yr projections use 2% annual growth. Schools receive nothing under any of these PILOTs except Canal Crossing's BOE trust (~$8M). County conv tax tick mark exceeds bar width on county chart — all three PILOTs reduce county revenue by $19–31M vs full taxation. 177 Grand IRR/YOC are NW Financial's Year-2 / 10-year-sale figures and may rest on a different return basis than the other two projects.