The developers of a new Renzo Piano-designed luxury condo tower in Soho have look east – Far East – to raise money for the project.
Bizzi & Partners Development, Aronov Development and Halpern Real Estate Ventures secured $450 million from Chinese lenders and investors to fund the planned 115-unit condo building at 565 Broome Street — also known as 100 Varick Street.
In addition to securing a $320 million construction loan from the Bank of China, the developers sold a $135 million equity stake in the project to Cindat, a U.S. subsidiary of Chinese investment firm Cinda Asset Management.
Sign up for China Watch, for weekly emails on Chinese real estate investments.
The 25-story development broke ground last month and is slated for completion in 2018, with sales expected to launch later this year, according to Crain’s. Bizzi, Aronov and Halpern began assembling the site, which spans Varick Street between Broome and Watts streets, in 2014. The partners recently closed on a $9 million neighboring site at 555 Broome Street that enabled the project to expand up to 320,000 square feet.
While developer Michael Shvo has a stake in the joint venture developing the property, Shvo isn’t one of the principal developers behind 565 Broome Street, according to a spokesperson for the project.
Renowned architect Renzo Piano, whose notable recent work includes the new Whitney Museum in the Meatpacking District, designed the twin-spired condo tower. [Crain’s] – Rey Mashayekhi