56 Leonard secures $350M construction loan

January 10, 2013 09:00AM

Construction was restarted in October on the previously stalled luxury condo building at 56 Leonard Street in Tribeca and now a fresh $350 million construction loan has been secured for the project, Izak Senbahar, president of Alexico Group, the project’s developer, confirmed. A consortium of seven major banks, led by Bank of America, are backing the massive loan.

The 830-foot Herzog & de Meuron–designed condo project had been put on hold following the financial crisis, but today, with luxury real estate back from the brink, a sales effort led by Corcoran Sunshine Marketing Group is set to begin in the first quarter of this year. Back in 2008, Alexico was asking between $3.5 million and $35 million for the building’s 145 units.

“This has been a landmark initiative and a long-held dream,” Kelly Kennedy Mack, president of Corcoran Sunshine Marketing Group, said. “In the time since this building’s architectural design was unveiled in 2008, the world has changed dramatically but the sponsorship team’s commitment to 56 Leonard Street has never waned, nor has their desire to make a significant contribution to the culture and character of New York City.”

The structure will include a  sculpture by acclaimed London-based artist Anish Kapoor, integrated into the building’s base. It will be the artist’s first permanent public work in New York City. —Christopher Cameron