The Real Deal New York

SJP, Mitsui Fudosan land $460M in financing for UWS’s tallest development

Japanese bank Sumitomo Mitsui provided loan for 200 Amsterdam Avenue
By Rich Bockmann | November 08, 2018 01:20PM

From left: renderings of 200 Amsterdam, SJP’s Steven Pozycki, and Mitsui Fudosan America CEO John Westerfield (Credit: Elkus Manfredi via Yimby, SJP Project Solutions, and Getty Images)

SJP Properties and Mitsui Fudosan America landed $460 million in financing for their controversial Upper West Side condominium development.

Japanese bank Sumitomo Mitsui Trust Bank provided the developers with a $464.1 million loan for their planned, record-breaking tower at 200 Amsterdam Avenue, property records filed with the city Thursday show.

Sumitomo Mitsui and Mitsui Fudosan are both subsidiaries of the same Japanese conglomerate, the Mitsui Group. The financing package includes $266 million in new debt and refinances a portion of the $160 million acquisition loan Sumitomo Mitsui made when the partner purchased the property in late 2015 for $275 million.

Representatives for SJP Properties and Mitsui Fudosan could not be immediately reached for comment.

Construction is already underway at the site north of Lincoln Center near West 69th Street. The tower, at a planned 51 stories standing 668 feet tall, is slated to be the tallest on the Upper West Side.

But the 112-unit project got to its record size by cobbling together a gerrymandered, 39-sided zoning lot that rankled local community members, who challenged the city Department of Buildings’ approval for the project. The city’s Board of Standards and Appeals in July sided with the developers, though the lead group opposing the project – the Committee for Environmentally Sound Development – filed a lawsuit last month challenging the tower’s legality.

The developers are eyeing a $732 million sellout for the project.