Ian Bruce Eichner lands $420M in financing for Flatiron tower

Commitments give developer necessary funds for 83-unit condo project's completion

Ian Bruce Eichner And 45 East 22nd Street
Ian Bruce Eichner And 45 East 22nd Street

New York developer Ian Bruce Eichner has secured $420 million in financing for his 800-foot condominium tower at 45 East 22nd Street, giving the glassy tower the funding needed for completion.

The commitments include more than $340 million from a Goldman Sachs Group debt fund and an additional $80 million in preferred equity from Dune Real Estate Partners and Fortress Investment Group, the Wall Street Journal reported.

Sign Up for the undefined Newsletter

The 83-unit cantilevering tower is to stretch 60 stories and total over 372,000 square feet, according to previous reports. The units on offer will range from one- to four-bedrooms, the prices of which have not yet been disclosed.

Demolition of the site’s previous occupant was completed in July, and the new structure is slated for completion in 2016. [WSJ]Julie Strickland