Hines’ planned 1,050-foot-tall tower next to the Museum of Modern Art has secured about $1 billion in financing, allowing the Jean Nouvel-designed project to move ahead after years of limbo.
The billionaire Kwee family of Singapore is putting a $300 million equity stake into the 53 West 53rd Street project, while a consortium of Asian banks is making a $860 million loan to the developer, a partnership between Hines and Goldman Sachs. The tower will have 145 luxury condominiums and house the MoMA’s new 36,000-square-foot gallery expansion.
The total costs for the 78-story project – where construction is slated to kick off next year — are expected to hit about $1.3 billion, sources familiar with the deal told the Wall Street Journal.
MoMa’s director Glenn Lowry told the newspaper that it looks forward to creating “new and engaging public spaces.”