Witkoff closes on $229M Chinese investment for 111 Murray
Taiping buys equity stake in Tribeca condo project
Witkoff, Fisher Brothers and Howard Lorber closed on a major investment deal with a Chinese asset manager for Their Luxury Condo Project 111 Murray Street. Taiping Asset Management, a subsidiary of Chinese Insurance International Holdings, dished out $229 million for an equity stake in the planned Tribeca tower, according to public documents .
Howard Michaels’ Carlton Group and Eastdil Secured both advised Witkoff on the deal. The investment, which was first reported by The Real Deal in May, means the development partners have now secured at least $674 million in external funding for a project slated to cost $820 million.On Monday, the joint venture announced it has closed on a $445 million construction loan from a group led by Blackstone Real Estate Debt Strategies, M&T Bank and Deutsche Bank.
The 792-foot-tall luxury condo tower is scheduled for completion in 2018 and will include 157 condos over 58 stories. Witkoff could not be reached for comment by press time, while Fisher Brothers declined to comment.
Chinese insurers have been active investors in New York real estate over the past year. In early February, the insurer Anbang Group closed on the $1.95 billion purchase of the Waldorf Astoria hotel. Last year, Chinese developer China Vanke partnered up with Aby Rosen to develop another Manhattan condo project, 610 Lexington Avenue.