(To read more on the multifamily market, click here.)
(To read more on the debt and equity markets, click here.)
NEW YORK CITY-In one of the largest financing deals here, developers of 202-unit condominium complex proposed for the entire city block where the Mayflower Hotel used to be have secured construction financing of approximately $900 million. The deal closed yesterday, a source tells GlobeSt.com.
Zeckendorf Development LLC in a joint venture with the Whitehall Street Real Estate Funds and Global Holdings plans Fifteen Central Park West, a neo-classical style complex designed by architect Robert AM Stern. The site is located directly on Central Park West and Broadway, between 61st and 62nd streets.
A previous owner assembled the 59,700-sf property--which is the former home of the Mayflower Hotel—over a 30-year period. The hotel closed in November 2004 and was recently demolished. It was also home to the US Motor Co. The last building on the Broadway side was demolished in 1987.
The complex will have two wings: the 20-story the House and the 43-story the Tower. There will be full-floor penthouses measuring 6,617 sf, terraced duplex penthouses of 6,139 sf. One-bedroom apartments will measure 1,026 sf. Additionally, 29 suites may be purchased by residents for their guests, personal staff, or home office use. There will be multi-level retail space along Broadway.
Fifteen Central Park West will two distinct lobbies and the façade will be entirely clad in Indiana limestone. Amenities include a full-time staff of 40, private garden, a business center and a 13,500-sf fitness center and spa. Occupancy is slated for early 2007.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
