The Real Deal New York

Hines still seeking financing for Torre Verre

Construction equipment at site fueled speculation that building was underway

November 29, 2012 01:30PM

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A rendering of Torre Verre

Despite rumors that the long-delayed Jean Nouvel-designed 1,050-foot MoMA Tower was nearing construction, the developer has confirmed that the project is still in its financing phase, the New York Observer reported.

What looked like construction equipment outside the MoMA had led to speculations that the project, officially known as Torre Verre, would finally be breaking ground. However, developer Hines told the Observer that they have yet to secure the financing necessary to begin building.

“That is not construction,” Tommy Craig, the director of Hines’ New York office told the Observer through a spokeswoman. “We are progressing on financing.”

When originally proposed four years ago, Torre Verre would have been the tallest residential tower in New York, but both Gary Barrnett’s plan for a 1,550-foot skyscraper on West 57th Street and Harry Macklowe’s 1,397-foot tower at 432 Park Avenue South have dashed any hope Hines had of achieving the distinction. The tower’s planned height was also slashed by about 200 feet during the city approval process.

However, it does appear that the super-tall luxury development on West 53rd Street will be on its way, now that the ultra-luxury condominium market has strengthened and banks have become interested in funding high-end developments again.

“[We're] not breaking ground YET,” the Hines spokesman said. “[We're] not sure what machinery is on site, but not related to building construction.” [NYO]Christopher Cameron

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