SL Green lands $225M construction loan for Lower Manhattan apartment tower

Developer plans to start vertical construction next year on 209-unit rental and retail mixed-use building

TRD New York /
Nov.November 30, 2018 12:25 PM

SL Green’s Marc Holliday and the site at 185 Broadway (Credit: SL Green and Google Maps)

SL Green Realty picked up a $225 million construction loan for its planned rental tower in Lower Manhattan.

Singapore lender United Overseas Bank and the German bank Helaba provided the construction financing for the 209-unit development at 185 Broadway, SL Green announced Friday.

The company plans to go vertical on construction of the 31-story, 260,000-square-foot mixed-use building in the first quarter of next year.

SL Green managing director Brett Herschenfeld said 185 Broadway “will be the first building to be constructed in Lower Manhattan under the City’s new Affordable New York Housing program” and that the company will deliver a flagship retail store at the base.

An Ackman-Ziff team headed by Marc Sznajderman, Romano Tio and Simon Ziff advised SL Green in securing the financing.

The project will receive a 35-year tax abatement, and will include a mix of studios and one-, two- and three-bedroom apartments. Architecture firm FX Collaborative has designed the building, which is scheduled to be completed in 2021.

SL Green, the city’s largest office landlord, is mostly known for commercial projects — though the company does own a 50 percent stake in Ofer Yardeni’s Stonehenge Partners.

The developer recently paid $17.7 million to buy more than 66,000 square feet of air rights for the project from the Metropolitan Transportation Authority for the 185 Broadway assemblage.

SL Green has been assembling the site since 2015, when it paid $63.7 million to buy a pair of properties for the project. The following year, the company paid $28.5 million to buy the property at 183 Broadway.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

Rudin Management's Bill Rudin and 55 Broad Street (Credit: Getty Images and Google Maps)

Charter school inks lease for FiDi office

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Clockwise from left: 707 Eleventh Avenue, One Vanderbilt, SL Green chairman and CEO Marc Holliday and 410 Tenth Avenue (Credit: Google Maps, SL Green, Hines)

SL Green snaps up West Side office property

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

Boston Properties CEO Owen Thomas (left), Shearman & Sterling's David Beveridge, and 599 Lexington Avenue (Credit: Wikipedia)

Boston Properties inks big renewal with law firm at 599 Lex

arrow_forward_ios
Loading...