Durst gets $412M loan for West 57th Street condo project

Bank of New York Mellon, Wells Fargo each lent about $110M for 43-story tower

TRD New York /
Oct.October 30, 2014 06:00 PM

The Durst Organization received a $411.5 million construction loan to finance a 43-story rental tower at 625 West 57th Street on the far West Side.

The mortgage has a four-year term with a one-year extension option. Wells Fargo and the Bank of New York Mellon Corporation, as well as PNC Bank, TD Bank and M&T Bank, provided the loan, the New York Observer reported.

Bank of New York Mellon and Wells Fargo each lent about $110 million.

Last year, Durst was looking to raise roughly $260 million through the EB-5 visa program for the 57th Street project and a 41-story mixed-use glass tower project at Sixth Avenue and 31st Street. Bjarke Ingels Group is designing the 750-unit glass pyramid condominium building, which topped out earlier this month, as previously reported. [NYO]Mark Maurer


Related Articles

arrow_forward_ios
Douglas Durst (Getty)

Douglas Durst tapped to be next REBNY chair

Douglas Durst tapped to be next REBNY chair
Douglas Durst and a rendering of the project (Getty, DRWC)

Durst’s $2B Philly waterfront redevelopment project approved

Durst’s $2B Philly waterfront redevelopment project approved
A photo illustration of Douglas Durst (iStock)

Mayor grants Durst Org its Astoria ferry wish

Mayor grants Durst Org its Astoria ferry wish
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
Robert Durst (Photo by Alex Gallardo-Pool/Getty Images)

Pandemic pushes back Robert Durst murder trial yet again

Pandemic pushes back Robert Durst murder trial yet again
4 Times Square (Google Maps, TikTok)

What happens if Trump banishes TikTok, savior of NYC’s office market?

What happens if Trump banishes TikTok, savior of NYC’s office market?
Durst Organization chairman Douglas Durst and Amazon CEO Jeff Bezos with 1133 Sixth Avenue (Getty, Google Maps)

Another blow to Amazon in court battle with Durst Organization

Another blow to Amazon in court battle with Durst Organization
A rendering of the site at 44-02 Vernon Boulevard in Long Island City and Douglas Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst
arrow_forward_ios

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

Loading...