Brookfield scores $479M refi on Manhattan West resi tower

The debt, from Bank of China, covers the residential portion of the mixed-use tower

TRD NEW YORK /
Jan.January 03, 2020 05:53 PM
The Eugene at 435 West 31st Street and Brookfield's Ric Clark (Credit: StreetEasy and Brookfield)

The Eugene at 435 West 31st Street and Brookfield’s Ric Clark (Credit: StreetEasy and Brookfield)

Brookfield Property Partners and the Qatar Investment Authority refinanced their Manhattan West residential tower, the Eugene.

Bank of China provided $479 million to refinance the residential portions of the 62-story tower, located at 3 Manhattan West, according to property records filed with the city Friday. The deal includes $33 million in new financing.

Brookfield and QIA representatives did not immediately respond to requests for comment, and a representative for Bank of China could not be reached.

The skyscraper has 844 apartments, 169 of which are affordable, with retail space on the lower four levels. The financing appears to cover just the residential part of the building.

Completed in 2017, the Eugene, which has a street address of 435 West 31st Street, was the first completed ground-up tower in QIA and Brookfield’s six-building megadevelopment in Manhattan West, separate from but near Related Companies and Oxford Properties Group’s Hudson Yards megadevelopment. It’s also the tallest rental tower in New York City. The retail portion is occupied by a Bluestone Lane cafe.

Rents among the market-rate apartments available range from $3,431 for a studio to $9,045 for a two-bedroom, according to StreetEasy.

The building is popular with Chinese students, many of whom were brought to the complex by brokers Susanne Zhu and Lei Pan. The duo helped to fill many of the rising residential towers in Manhattan West.


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