The Real Deal New York

El-Gamal gets $33M financing for Park Place project

Madison Realty's loan allows developer to move ahead with condo and Islamic museum
By Hiten Samtani | September 04, 2014 08:00AM

Sharif El-Gamal secured $33 million in financing for his Park Place condominium and Islamic museum project, The Real Deal has learned. Madison Realty Capital provided the loan, which El-Gamal will use to finalize the $10.7 million fee interest acquisition of 49-51 Park Place and fund predevelopment costs for the 120,000-square-foot residential condo project at 45 Park Place.

“Madison Realty Capital preempted our market request and provided us with a customized financing solution perfectly tailored to the needs of our project,” El-Gamal told TRD in a statement. Given the site’s controversial past, some market observers had questioned whether El-Gamal would be able to get the funds needed to build the project.

“It’s a very good loan basis from a lending standpoint, and will really help get Sharif moving,” Madison Realty principal Josh Zegen told TRD today. With neighboring condos such as 30 Park Place selling for more than $3,000 per square foot, 45 Park Place showed tremendous promise, he added.

Jean Nouvel is designing the three-story Islamic museum section of the project at 49-51 Park Place.

Meanwhile, Michel Abboud of SOMA Architects and Ismael Leyva Architects are designing the 665-foot-high condo tower at 45 Park Place, which is being marketed by Stribling & Associates. Construction on the tower is slated to kick off next year and be completed in 2017.