The Real Deal New York

M&T lends William Macklowe $124M for Bowlmor site project

Developer planning a 23-story 122K sf resi building at the property

November 06, 2015 10:02AM

21 East 12th Street

21 East 12th Street in Greenwich Village (inset: Billy Macklowe)

Billy Macklowe’s luxury condo project on the former site of Bowlmor lanes in Greenwich Village took a step forward this week, with the developer securing a $124 million construction loan from M&T Bank.The three year loan will fund the William Macklowe Company’s planned 23-story, 52-unit, 122,000-square-foot luxury condo development at the site, located at 21 East 12th Street.

Macklowe, son of fellow developer Harry Macklowe, purchased a long-term controlling position in the building in 2012, paying $22.5 million between two transactions, that effectively gave him control over the property for the next 72 years. He’s since bought a ground lease at the site, the New York Observer reported, citing a source familiar with the matter.

The four-story, 75,000-square-foot structure currently occupying the property is slated to be demolished this week.

The planned building will have about 108,000 square feet of residential space, with about 14,000 square feet at the base for retail and a community facility. SLCE Architects is the architect of record. [NYO]Ariel Stulberg