The Real Deal New York

Durst gets $412M loan for West 57th Street condo project

Bank of New York Mellon, Wells Fargo each lent about $110M for 43-story tower

October 30, 2014 06:00PM

625

625 West 57th Street on the far West Side (Inset: Alexander Durst)

The Durst Organization received a $411.5 million construction loan to finance a 43-story rental tower at 625 West 57th Street on the far West Side.

The mortgage has a four-year term with a one-year extension option. Wells Fargo and the Bank of New York Mellon Corporation, as well as PNC Bank, TD Bank and M&T Bank, provided the loan, the New York Observer reported.

Bank of New York Mellon and Wells Fargo each lent about $110 million.

Last year, Durst was looking to raise roughly $260 million through the EB-5 visa program for the 57th Street project and a 41-story mixed-use glass tower project at Sixth Avenue and 31st Street. Bjarke Ingels Group is designing the 750-unit glass pyramid condominium building, which topped out earlier this month, as previously reported. [NYO]Mark Maurer

MENU