The Moinian Group scored fresh financing for a Financial District project that’s been lingering since 2018.
Joseph Moinian’s firm received a $111 million construction loan from MSD Partners for a 250-unit project at 3 Platt Street, PincusCo reported. The loan is on top of a $58 million land loan also provided by MSD back in 2022.
Plans for a mixed-use development at the site — which appears to have multiple alternate addresses, including 7 Platt Street — date back to 2018. That’s when the developer filed plans for a 37-story, 200,000-square-foot building.
The development is being designed by Rockwell Group and Hill Street Architects, according to a page on Moinian’s website. Amenities at the development will include an outdoor pool, a virtual reality room and a fitness club with a rock-climbing wall.
Moinian topped out construction of the ground-up development last month, according to ConnectCRE, and the property is slated for completion in the first quarter of 2026. The project is being developed under the old 421a program, principal Matthew Moinian said.
The development is next door to another Moinian luxury multifamily property, the completed Renaissance at 100 John Street. It’s also next to a 172-key hotel being developed by Moinian.
The Moinian Group did not immediately respond to a request for comment from The Real Deal.
It’s been a notable week for Moinian. On Thursday, New York Gov. Kathy Hochul tapped the developer, along with BXP, BRP Companies and the Urbane Group, to build a two-tower, $1.4 billion project at 418 11th Avenue in Hudson Yards.
The East tower will rise 72 stories and feature 1,349 residential units, 404 of which will be affordable. The 28-story West tower, meanwhile, will house a 455-key Hilton hotel.
BXP and Moinian each own a 34.5 percent stake in the joint venture responsible for the development.
— Holden Walter-Warner
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