Silverstein Properties has reached an agreement with a London-based investment firm for a construction loan of up to $660 million to build an ultra-luxury Lower Manhattan tower, the Wall Street Journal reported.
Silverstein’s Larry Silverstein had previously tried to build the 926-foot condo-and-hotel building at 30 Park Place, but plans were shelved after the economy tanked in 2008. If the financing deal with Children’s Investment Fund Management does close, the developer will have his second shot at the project, located just a block and a half away from Silverstein’s World Trade Center complex.
The Robert A.M. Stern-designed tower will include a 189-room Four Seasons hotel and 157 condominium units, with the penthouse expected to ask $34 million.
The company “waited until the world turned back,” Martin Burger, co-chief executive at Silverstein, told the Journal. Indeed, the success of several high-profile new developments, such as 56 Leonard and Steven Witkoff’s 150 Charles Street, helped inspire confidence in the 30 Park project, Burger added. [WSJ] – Hiten Samtani