The Real Deal New York

SMI pays $73M for stake in Toll project

Companies plan to build luxury condo on Tribeca site
By Kathryn Brenzel | November 13, 2017 03:07PM

Rendering of 351-355 Broadway (Credit: Toll Brothers)

The U.S. arm of Shanghai Municipal Investment just shelled out $73 million for a majority stake in a Toll Brothers project in Tribeca.

SMI USA and Toll Brothers City Living plan to develop a 19-story, 111-unit luxury condominium at 351-355 Broadway, the companies announced earlier this month. According to records filed on Monday with the city’s Department of Finance, as part of the companies’ joint venture, SMI bought a 75 percent stake in the two development sites for $73 million.

Toll Brothers purchased the sites in 2015 for $21 million. The condo project — dubbed 91 Leonard — is being designed by Skidmore Owings & Merrill and Hill West. The joint venture has also secured a construction loan from a syndicate of banks including MUFG Union Bank, CIT Bank and Santander Bank.

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Representatives for Toll Brothers didn’t immediately respond to messages seeking more information.

SMI, whose parent is Shanghai’s largest state-owned company, has been very active in the city over the past few years. The firm, along with Ceruzzi Properties, bought a development site at 520 Fifth Avenue for $325 million in 2015. Last year, SMI purchased a $300 million stake in Extell Development’s Central Park Tower. In August, SMI extended the deadline to secure financing for the project, giving Extell until June 2018 before SMI’s put option is triggered.