75 Wall Street gets two-year loan extension

July 26, 2010 04:30PM

With more than half of its 346 condominium units still unsold, the developers of 75 Wall Street,
in the Financial District, announced today that they have received a
two-year extension on their $263 million construction loan from
Germany’s Bayerische Landesbank. The loan matured April 30, with an
option to extend it for one year according to Rex Hakimian, an
executive director at the Hakimian Organization who developed the
43-story building along with partners Peykar Brothers Realty and
Gorjian Properties. Andaz, a 253-room Hyatt hotel chain that opened in
January, is on the lower floors of the building, which is zoned for
residential and commercial use, and 346 condos are on the upper floors.
So far, 125 units — 36 percent of the condo units — are sold, with 10
currently in contract, according to the Corcoran Sunshine Group, which
is handling the sales and marketing for the project. Following the
opening of the hotel, “sales visits,
offers and closings have increased dramatically,” Hakimian said. Last
year, 75 Wall Street introduced a successful rent-to-own program,
where 100 percent of rent would go to the purchase price of the
apartment and developers said the program is still being offered on a
limited basis. TRD