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Mixed-Use Development Secures $452M in Financing

NEW YORK CITY-Minskoff Equities plans a multi-building, mixed-use project in Lower Manhattan at 270 Greenwich St. The project, which features residential and commercial space, moves forward thanks to a number of financing packages.

By Barbara Jarvie | Updated on December 27, 2005

NEW YORK CITY-Construction will move forward on a mixed-use project in Lower Manhattan that has gone through several redesigns. Edward J. Minskoff Equities’s 270 Greenwich St., 1.1-million-sf multi-building effort secures a package totaling $452 million.

The Warren Street Condominium encompasses an entire city block adjacent to Battery Park City. The financing includes a $320-million construction loan facility for creation of a 228-unit condominium tower. It also contains an $82-million loan facility for the construction of a 155,000-sf commercial project including a 400-unit garage. Also part of the package is a $50-million letter of credit enhanced bond financing, supporting the construction of a “50/30/20″ residential rental building consisting of 163 units for low, moderate and market-rate units.

Minskoff’s plan for the L-shaped lot is a city-sanctioned project awarded to the developer through a New York City Economic Development Corp. RFP designation back in 2001. The project, originally expected to be completed in 2004, has gone through a number of incarnations since that time. The 90,565-sf lot is bound by Greenwich, Murray, and Warren Streets on the urban-renewal site known as Site 5B. In addition to the residential units, the project is now scheduled to include retail space for a planned Whole Foods supermarket and Barnes & Noble.

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