Related seals $200M loan for Tribeca luxury condo
Developer planning 13-story, 47-unit resi building at 70 Vestry Street
Related Cos. secured $200 million in funding from Bank of America for its planned 154,000-square-foot luxury condo development at 70 Vestry Street in Tribeca, according to property records filed with city Tuesday.
The Jeff Blau-led firm sealed two separate construction loans from the bank, valued at $161 million and $39 million, late last month. The funds will help Related develop the Tribeca site, which it acquired from Ponte Equities for $115 million last year.
Permits filed last year show Related is planning a 13-story, 47-unit condominium at the site, which includes six separate parcels along West, Desbrosses and Washington streets. Related filed plans to demolish five buildings as part of the development last year.
Neither Related nor Bank of America could be reached for comment.