The developer is seeking $376 million in financing to build 477 condos next to the Macy’s department store, according to Commercial Mortgage Alert. Tishman wants a floating-rate loan with a five-year term including options to extend. Its leverage is around 55 percent, pegging the development’s total cost at $685 million.
The condo development would also feature 41,000 square feet of retail space, approximately 55,000 square feet of indoor and outdoor amenities and 150 parking spaces. Tishman is shooting for a total sellout of $1,760 per square foot, CMA reported, citing an unnamed source.
The development at 422 Fulton Street, a creative hub spanning 620,000 square feet with an acre of outdoor space, will be ready for occupancy in mid-2019. HNA Group, the Chinese conglomerate behind the $2.2 billion deal for 245 Park Avenue, is backing that project, known as the Wheeler.
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