Rendering of One57 and Extell President Gary Barnett
Extell Development is close to securing the $700 million loan it needs to construct the 1,000-foot condominium and hotel tower it is building on West 57th Street across from Carnegie Hall, the Wall Street Journal reported. The developer is partnering on the project with an Abu Dhabi government fund, which controls most of the equity. The building is already 22 stories and until now, the work has been financed purely with equity. Designed by Christian de Portzamparc and known as One57, the building will have a Park Hyatt hotel on its first 30 floors, and 95 luxury condos will take up the remaining 60 floors. Neither the two banks nor the Abu Dhabi fund involved in the project provided a comment to the Journal. [WSJ]