NEW YORK CITY—Fisher Brothers, Witkoff and New Valley have announced the closing of a $445 million construction loan from its lead lender Blackstone Real Estate Debt Strategies—as well as from M&T Bank and Deutsche Bank. The loan is in connection to 111 Murray St., a 58-story ground-up residential condominium breaking ground in Tribeca this month.
“The closing of these loans marks another important milestone as we move forward in creating a residential condominium that brings together the best in class in every facet of its design, offerings, location and quality," says Winston Fisher, a partner with Fisher Brothers. “We are very proud of this project and are pleased that Blackstone, M&T Bank and Deutsche Bank have demonstrated such overwhelming confidence in our vision.”
Due for completion in 2018, 111 Murray Street will stand nearly 800 feet tall. The flared-glass tower will house 157 residences and boast 20,000 square feet of amenity spaces. A private garden for residents and an adjacent 10,000-square-foot landscaped plaza also will be made available to residents.
“We are eager to lend funds to seasoned developers such Fisher Brothers, Witkoff and New Valley, whose proven-track records speak for themselves," says Michael Nash, a senior managing director of Blackstone Real Estate Debt Strategies. "From the development team to the design team, 111 Murray St. will prove to be an extremely important market entrant, which we are thrilled to be part of.”
Adds David Lowery, VP of M & T Bank, “It was evident from the start that 111 Murray St. would pose an incredible investment opportunity for the borrower. M&T Bank is proud to be part of a project that, because it is so beautifully designed and skillfully engineered, is poised to transform the Manhattan skyline.”
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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.
