Hines gets $1B financing for Jean Nouvel-designed MoMa tower

New York /
Oct.October 30, 2013 08:21 AM

Hines’ planned 1,050-foot-tall tower next to the Museum of Modern Art has secured about $1 billion in financing, allowing the Jean Nouvel-designed project to move ahead after years of limbo.

The billionaire Kwee family of Singapore is putting a $300 million equity stake into the 53 West 53rd Street project, while a consortium of Asian banks is making a $860 million loan to the developer, a partnership between Hines and Goldman Sachs. The tower will have 145 luxury condominiums and house the MoMA’s new 36,000-square-foot gallery expansion.

The total costs for the 78-story project – where construction is slated to kick off next year — are expected to hit about $1.3 billion, sources familiar with the deal told the Wall Street Journal.

MoMa’s director Glenn Lowry told the newspaper that it looks forward to creating “new and engaging public spaces.”

Last year, Hines tapped Corcoran Sunshine Marketing Group as the exclusive sales and marketing agency for the tower.  [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
Hines' Dusty Harris and Gensler's Steven Paynter (Hines, Gensler)
Hines reveals secret sauce behind office-to-resi conversions
Hines reveals secret sauce behind office-to-resi conversions
A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
Night at the museum: Ghost town general store turned-home lists at $1M
Night at the museum: Ghost town general store turned-home lists at $1M
Tishman Speyer, Goldman Sachs plan 2K units in Jersey City
Tishman Speyer, Goldman Sachs plan 2K units in Jersey City
Tishman Speyer, Goldman Sachs plan 2K units in Jersey City
Goldman Sachs' David Solomon and 15 Brooklyn Park Drive (Streeteasy, Getty)
Goldman Sachs buying $90M Brooklyn Heights apartments
Goldman Sachs buying $90M Brooklyn Heights apartments
Goldman Sachs CEO David Solomon and 200 Wall Street (Getty Images, Dan DeLuca, CC BY 2.0 - via Wikimedia Commons)
Goldman Sachs lightens Covid rules in push for full-time office return
Goldman Sachs lightens Covid rules in push for full-time office return
427 Broadway and Robert Frey (HGetty, THCNYC)
Former Vegas club owner bringing cannabis museum to SoHo
Former Vegas club owner bringing cannabis museum to SoHo
DH Property Holdings's Dov Hertz, CBRE Investment Management’s Chuck Leitner and 640 Columbia Street (CBRE, 640 Columbia)
CBRE nears $330M deal for Amazon-leased warehouse in Red Hook
CBRE nears $330M deal for Amazon-leased warehouse in Red Hook
Taconic's Charles Bendit and Paul Pariser with rendering of One Essex Crossing (Taconic Partners, VMI Studio)
Essex Crossing developers land $466M refi
Essex Crossing developers land $466M refi
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...