Silverstein secures $153M refi for Far West Side dev site

SL Green provided the financing
By Kathryn Brenzel | January 17, 2017 02:35PM

From left: Marc Holliday, a previous rendering of 514 Eleventh Avenue and Larry Silverstein

Silverstein Properties snagged a $153 million loan from SL Green Realty to refinance a large West Side development site.

The financing replaces previous loans from SL Green TRData LogoTINY for 514 West 11th Avenue, including a $76 million acquisition loan and another $66 million for construction, city records show.

Silverstein bought the property in 2015 for $100 million and originally planned to build a 1.8 million-square-foot residential building at the site. The developer, however, abandoned those plans later that year and put the property on the market for a reported $500 million.

At the time, Larry Silverstein told the New York Post that his company was already swamped with ongoing construction — $10 billion worth — and decided to try to sell the property. Silverstein also dispelled rumors that he scrapped plans for the tower due to the city’s demands for affordable housing. The city reportedly wanted 375,000 square feet of affordable housing, while Silverstein only offered 250,000 square feet.

It’s unclear if the property is still on the market. A representative for Silverstein did not immediately return calls seeking comment.