The Real Deal New York

UK fund loans Zeckendorf $450M for 520 Park Ave. project

Children’s Investment Fund last year provided $660M to Silverstein Properties

October 29, 2014 02:55PM

From left: 520 Park Avenue and William and Arthur Zeckendorf

From left: 520 Park Avenue and William and Arthur Zeckendorf

UPDATED, Oct. 29, 4:03 p.m.: Zeckendorf Development received a $450 million construction loan for its 51-story condominium tower at 520 Park Avenue in Midtown East.

British hedge fund the Children’s Investment Fund Management, which notably loaned $660 million to Silverstein Properties last year for 30 Park Place, likely provided the mortgage, a source told the New York Observer.

JLL brokered the 520 Park financing deal, sources told The Real Deal.

Zeckendorf announced last month it would ask $130 million for the 12,394-square-foot penthouse triplex at its 520 Park development, the priciest current listing for a condominium unit in New York City, as previously reported. The New York State attorney general has approved the offering plan for the 31 units. [NYO]Mark Maurer

  • Leonard Steinberg

    WOW! Thats about $14,5million per apartment to build!

    • Guest

      Leonard, I think you meant $1.45m

      • Guest

        450MM / 31 = $14.5MM

    • no-permits

      math whiz over here.

    • myt080

      stupid money. newsflash: there’s not that many people that can afford the luxury high end market…NYC prices will bust in next 12-18 months….good luck!

  • LivingtheDream

    Prices start at $16m

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