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. [more]
Posts Tagged ‘children’s investment fund’
A plan to build the tallest residential tower in the United States, at 432 Park Avenue — with an estimated price tag of $1.25 billion — just scored an important financial backer. The Children’s Investment Fund Foundation, famous for donating a portion of its profits to charity, will lend $400 million to Los Angeles-based real-estate investors CIM Group and Harry Macklowe, the project’s developers, according to the Wall Street Journal. [more]
The London-based Children’s Investment Fund inked its first New York City real estate investment this month, providing $250 million in first mortgages for Macklowe Properties’ condominium conversion of the luxury apartment building 737 Park Avenue in Lenox Hill.
The fund, run by low-key hedge fund manager Christopher Hohn, makes investments in a wide range of industries globally, and gives a portion of its profits to children’s charities around the world.
“It is the first direct real estate investment we have made in New York,” Martin Frass-Ehrfeld, a partner with the fund, said. It is not the first in the United States, however. … [more]