NEW YORK CITY—Hines, the international real estate firm, has made a major announcement concerning its prime parcel of land adjacent to the Museum of Modern Art. Hines acquired the land in 2007 and has closed on the purchases of additional air rights necessary to build 53W53, a striking for-sale residential tower designed by Jean Nouvel with interiors by Thierry Despont. A spokesman for the firm declined to reveal to GlobeSt.com the amount of air rights involved in the purchases.
There were two air-rights closings: one with MoMA and one with Saint Thomas Episcopal Church. The project partnership also closed on an $860 million construction loan led by United Overseas Bank Limited with participation from three other Asian banks: Maybank; OCBC Bank; and DBS Bank. In addition, a guaranteed-maximum-price construction contract was finalized with Lend Lease.
Hines and project partner Goldman Sachs have entered into a joint venture agreement and equity partnership with Pontiac Land Group, a respected Singapore-based real estate developer and investor.
With the achievement of these milestones, the project is ready to commence construction. Corcoran Sunshine Marketing Group will handle marketing of the project, and a sales gallery will open on Fifth Avenue in early 2015.
53W53 is located adjacent to MoMA and spans the width of the block— from 53rd to 54th Streets. The 1,050-foot-tall, 82-story tower will comprise 140 highest-end condominium residences plus 28 service apartments and offer an extensive palette of luxury amenities. The new tower will also include, and rise above, a 39,000-square-foot expansion of gallery and public space for The Museum of Modern Art on lower floors.
“More than a decade of planning has gone into setting the stage for this architectural masterpiece. The building's singular elegance will be valued by future residents and treasured by New Yorkers and visitors as a new international design landmark,” says Hines senior managing director Tommy Craig.
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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
