M&T lends William Macklowe $124M for Bowlmor site project

Developer planning a 23-story 122K sf resi building at the property

TRD New York /
Nov.November 06, 2015 10:02 AM

Billy Macklowe’s luxury condo project on the former site of Bowlmor lanes in Greenwich Village took a step forward this week, with the developer securing a $124 million construction loan from M&T Bank.The three year loan will fund the William Macklowe Company’s planned 23-story, 52-unit, 122,000-square-foot luxury condo development at the site, located at 21 East 12th Street.

Macklowe, son of fellow developer Harry Macklowe, purchased a long-term controlling position in the building in 2012, paying $22.5 million between two transactions, that effectively gave him control over the property for the next 72 years. He’s since bought a ground lease at the site, the New York Observer reported, citing a source familiar with the matter.

The four-story, 75,000-square-foot structure currently occupying the property is slated to be demolished this week.

The planned building will have about 108,000 square feet of residential space, with about 14,000 square feet at the base for retail and a community facility. SLCE Architects is the architect of record. [NYO]Ariel Stulberg


Related Articles

arrow_forward_ios
Billy Macklowe (right) and David Welsh with renderings of 120 Fifth Avenue in Park Slope (Credit: Macklowe by Patrick McMullan/Patrick McMullan via Getty Images; Senlac Ridge Partners)

Billy Macklowe, David Welsh close on Brooklyn dev site buy

Billy Macklowe, David Welsh close on Brooklyn dev site buy
Billy Macklowe and 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe in contract for contested Park Slope site

Billy Macklowe in contract for contested Park Slope site
Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe looking to break into Brooklyn

Billy Macklowe looking to break into Brooklyn
21 East 12th Street with Charles Kushner and Seryl Kushner (Credit: Getty Images)

Kushner trust buys at Billy Macklowe’s Greenwich Village condo

Kushner trust buys at Billy Macklowe’s Greenwich Village condo
Julie and Billy Macklowe upsize at 1001 Fifth Ave

Julie and Billy Macklowe upsize at
1001 Fifth Ave

Julie and Billy Macklowe upsize at
1001 Fifth Ave
California firm to buy Billy Macklowe’s Midtown office tower for $130M

California firm to buy Billy Macklowe’s Midtown office tower for $130M

California firm to buy Billy Macklowe’s Midtown office tower for $130M
The Blue Man Group’s school is opening a new 45K sf school in the Seaport

The Blue Man Group’s school is opening a new 45K sf school in the Seaport

The Blue Man Group’s school is opening a new 45K sf school in the Seaport
Placeholder image

Billy Macklowe: “I think retail is f*cked, plain and simple”

Billy Macklowe: “I think retail is f*cked, plain and simple”
arrow_forward_ios

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

Loading...