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New York

Construction lending shackles loosen

Money starts flowing in New York City, albeit slowly, and only for select projects

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From left: Related CEO Stephen Ross and his West 30th Street lot, DDG Partners CEO Joe McMillan and a rendering of Gansevoort Square, and Minskoff Equities President Edward Minskoff and a rendering of 51 Astor Place

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From the January issue: Has the construction lending spigot, once jammed shut, turned to allow a slow stream of financing for New York City development projects? Industry insiders think so.

Construction loans big and small are starting to add up in the city: $26 million for a condo project in Chelsea. Another $66 million for two Fashion District hotel developments. Most recently, Related secured a whopping $200 million construction loan for a 30-story Apartment House On West 30th Street, and Minskoff Equities secured a loan in the $165 million to $200 million range for an office tower at 51 Astor Place. [more]