Brookfield secures $530M loan for One Manhattan West

Wells Fargo provided the construction funding for the 67-story tower

New York /
Aug.August 01, 2018 09:37 AM

One Manhattan West at 435 West 31st Street and Brookfield CEO Bruce Flatt (Credit: ManhattanWestNYC)

Brookfield Partners has secured a $530 million construction loan for One Manhattan West.

The loan, provided by Wells Fargo, includes $450 million for the construction, and an $80 million project loan, Commercial Observer reported, citing loan documents. The 67-story, 2.1 million-square-foot office tower at 401 Ninth Avenue, is one of six buildings Brookfield is developing as part of its Manhattan West megaproject.

The New York Industrial Development Agency was included alongside Brookfield in property records filed July 27.

It is the latest in a string of loans from Wells Fargo, as the bank seeks to increase its presence in New York. In June it loaned $345 million for the acquisition of the office condominium portion of 1745 Broadway and in May provided $300 million in refinancing to HFZ Capital Group and Westbrook Partners for the Belnord, at 2360 Broadway on the Upper West Side.

When complete, the Manhattan West area will include a landscaped plaza and more than 7 million square feet of residential, office and hotel space. In November, accounting conglomerate EY announced it would take over 600,000-square-feet in the building, spread over 17 floors. It will join Amazon, Accenture and JP Morgan Chase[CO] — David Jeans


Related Articles

arrow_forward_ios
Southold Town Supervisor Scott Russell and 12500 Main Road in Mattituck (Google Maps, Getty, Town of Southold)
North Fork town smells victory in eminent domain fight
North Fork town smells victory in eminent domain fight
Carlyle's David Rubenstein (Carlyle)
Real estate venture backed by Carlyle’s David Rubenstein raises $240M
Real estate venture backed by Carlyle’s David Rubenstein raises $240M
A photo illustration of 111 East 59th Street (Google Maps, Getty)
Loancore seeks forced sale of Plaza District building
Loancore seeks forced sale of Plaza District building
(Getty)
Manhattan office leasing jumps as availability and rents drop
Manhattan office leasing jumps as availability and rents drop
New York attorney general Letitia James and 109-20 Queens Boulevard in Forest Hills (Getty, Google Maps)
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Pinnacle’s Joel Wiener penalized for hiding condo conversion costs
Brookfield 's Brian Kingston with 3333 Broadway (Brookfield Asset Management, Street Easy)
Brookfield eyes $400M for massive Harlem rental
Brookfield eyes $400M for massive Harlem rental
From left: Cushman & Wakefield’s Doug Harmon and Adam Spies; American Express CEO Stephen Squeri; and 200 Vesey Street (Getty Images, Cushman & Wakefield, Brookfield Properties, Manhattan College)
American Express to explore headquarters sale, move
American Express to explore headquarters sale, move
(Photo Illustration by The Real Deal with Getty Images)
US retail real estate rises from the ashes
US retail real estate rises from the ashes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...