The Real Deal New York

Bizzi, Shvo hit their $175M EB-5 mark for 125 Greenwich Street

Sales office for 91-story, 275-unit tower expected to open in September
March 16, 2016 10:03AM

125 Greenwich St

From left: Proposed rendering of 125 Greenwich Street (credit: ArX Solutions), Davide Bizzi, Michael Shvo and Howard Lorber (credit: Max Dworkin)

Davide Bizzi’s Bizzi & Partners, Michael Shvo and Howard Lorber’s New Valley raised $175 million through the EB-5 program from the Chinese for their 91-story tower at 125 Greenwich Street.

The Real Deal reported in February that the developers were about halfway to reaching their fundraising goal through the EB-5 program, which grants foreign investors a U.S. green card in exchange for a $500,000 investment.

Separate from the round of EB-5 financing, the developers are also in advanced talks for a little more than $500 million in construction financing, TRD reported last month. Sources told TRD the lender is Singapore’s United Overseas Bank. The bank originated a $135 million land loan for 125 Greenwich in August 2014, according to property records.

Another equity raise, overseen by JLL, is expected soon, the New York Post reported.

The Rafael Vinoly-designed building is slated to have 275 condominiums over 306,312 square feet, according to an offering plan filed with the Attorney General’s office.

A sales office on the 84th floor of One World Trade Center is expected to open after Labor Day, the Post reported. Prices for the condos have yet to be released, but units will range in size from a 403-square-foot studio to a three-bedroom pad measuring 3,625 square feet. The developers paid $185 million for the site. [NYP, 2nd]Dusica Sue Malesevic