The Real Deal New York

Ian Schrager locks in $265M construction loan for 160 Leroy

Developer aims for a $470M sellout at the West Village project

February 05, 2016 05:10PM
By Ariel Stulberg

160 Leroy Ian Schrager

A rendering of 160 Leroy Street in the West Village (inset: Ian Schrager)

UPDATED: Feb. 18, 3:44 p.m.: Hotelier and developer Ian Schrager is one step closer to building 160 Leroy Street, securing a $265M construction loan from Dublin-based Talos Capital Limited, according to a representative of the developer. The loan will finance the Studio 54 co-founder’s planned 49-unit, 142,ooo-square-foot condo development at the West Village site.

His company, the Ian Schrager Group, is working with partners Vector Group and Carlton Group on the Herzog & de Meuron-designed project.

HFF’s Michael Tepedino, Eric Anton, Christopher Peck and Geoff Goldstein arranged the loan.

The developers expect a $470 million sellout at the building, up from an initial estimate of just under $400 million.

Schrager helped the sales process along last month when he announced he’d be buying a 12th-floor unit himself, at a cost of “around $15 million.”

Correction: A previous version of this article gave the loan amount as $50 million and gave the number of units at 47, based on city records. 

Broker information was appended.