GlobeSt.com EXCLUSIVE: $107M in Construction Funds Fuels Macklowe Mixed-Use Build

NEW YORK CITY-A 245,000-sf Macklowe Properties development in the Turtle Bay section received construction financing in the amount of $107 million. When completed in the spring of 2007, the 28-story residential building at 53rd Street and Second Avenue will contain 89 luxury residences consisting of mainly two- and three-bedroom units with privates terraces as well as 11 duplexes. A Macklowe representative say the firm does not comment on financing arrangements.

Hypo Real Estate Capital Corp., the New York-based subsidiary of Hypo Real Estate Bank International, closed on the financing to Thatch, Ripley & Co., LLC for the construction of a mixed-use residential cooperative. The project will also contain 7,200 sf of ground-floor retail space and an underground parking garage with a capacity of 70 vehicles. The Gotham Construction Co. will act as the construction manager for the project. Gotham focuses on the construction of health care and educational facilities, hotels, urban commercial and retail centers, government subsidized housing and luxury residential high-rise buildings. Recent projects include the Harlem USA retail complex, the Capitol at 776 Sixth Ave. Carnegie Hill Place and 777 Ave. of the Americas.