Witkoff closes on $229M Chinese investment for 111 Murray

Taiping buys equity stake in Tribeca condo project

New York /
Jul.July 08, 2015 11:30 AM

Witkoff, Fisher Brothers and Howard Lorber closed on a major investment deal with a Chinese asset manager for Their Luxury Condo Project 111 Murray Street. Taiping Asset Management, a subsidiary of Chinese Insurance International Holdings, dished out $229 million for an equity stake in the planned Tribeca tower, according to public documents .

Howard Michaels’ Carlton Group and Eastdil Secured both advised Witkoff on the deal. The investment, which was first reported by The Real Deal in May, means the development partners have now secured at least $674 million in external funding for a project slated to cost $820 million.On Monday, the joint venture announced it has closed on a $445 million construction loan from a group led by Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank.

The 792-foot-tall luxury condo tower is scheduled for completion in 2018 and will include 157 condos over 58 stories. Witkoff could not be reached for comment by press time, while Fisher Brothers declined to comment.

Chinese insurers have been active investors in New York real estate over the past year. In early February, the insurer Anbang Group closed on the $1.95 billion purchase of the Waldorf Astoria hotel. Last year, Chinese developer China Vanke partnered up with Aby Rosen to develop another Manhattan condo project, 610 Lexington Avenue.


Related Articles

arrow_forward_ios
Howard Lorber and Steve Witkoff (Getty, iStock)
Lorber, Witkoff launch $250M SPAC
Lorber, Witkoff launch $250M SPAC
Equitable CEO Mark Pearson and Fisher Brothers’ CEO Ken Fisher with 1345 Avenue of the Americas (Google Maps)
Equitable Life Insurance inks 130K sf lease for new office
Equitable Life Insurance inks 130K sf lease for new office
Fisher Brothers partner Kenneth Fisher and 605 Third Avenue (Photos via Getty, Fisher Brothers/Illustration by Kevin Rebong for The Real Deal)
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
The Woolworth Building at 233 Broadway (Getty)
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
What office tenants pay at Witkoff & Cammeby’s Woolworth Building
Ken Fisher of Fisher Brothers and 605 Third Avenue (Fisher Brothers)
JPMorgan, Fisher Bros. land $400M refi on 605 Third
JPMorgan, Fisher Bros. land $400M refi on 605 Third
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)
JPMorgan eyes $600M valuation for Third Ave office tower
JPMorgan eyes $600M valuation for Third Ave office tower
Douglas Elliman chairman Howard Lorber (Getty)
Howard Lorber says bidding wars are still happening in NYC
Howard Lorber says bidding wars are still happening in NYC
Howard Lorber buys waterfront Sunset Islands home for $12M
Howard Lorber buys waterfront Sunset Islands home for $12M
Howard Lorber buys waterfront Sunset Islands home for $12M
arrow_forward_ios

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

Loading...