Friday, May 12, 2017

Builder Gets $300M Construction Loan for 800-foot Tower

Lower Manhattan is getting more luxury condos targeted at the next generation.

Lightstone Group has secured a $305M construction loan to build an 800-foot-tall spiral condo tower at 130 William Street.

The building, scheduled to begin construction in September, will cost about $700 million. The project is expected to be completed by the fall of 2019.

The developer ditched initial plans to build a hotel at 130 William Street and decided to turn the entire building into condominiums instead.

Current plans call for 244 condo units at the 61-story building which will be designed by noted architect David Adjaye.

Adjaye is best known for designing the National Museum of African American History and Culture on the National Mall in Washington, D.C.

Lightstone Group plans to put $113 million of its own cash and land equity into the project, and is seeking an additional $100 million, or 18 percent of the project’s total cost, in EB-5 funds from investors in China and Vietnam. 

130 William Street will have panoramic views over the entire city including the Statue of Liberty.

Additionally, the tower will boast a rooftop observatory for residents and two floors of amenities including a wine cellar, indoor pool and spa, fitness center, lounge, a movie theater and children’s playroom.

Lightstone worked through a complex process, buying several properties to purchase the development parcel for below-market prices. Units will be sold at lower prices than the ultra-luxury condos that have struggled to sell. Condos at lower price points have experienced rapid sell-outs.

The firm will sell units on average at $2K/SF, below the $3K/SF number at some of the most expensive new projects. Half the building will be studios and one-bedrooms — smaller apartments targeting the young, single community of workers in downtown Manhattan.

Unit pricing will start at roughly $630,000 for a studio and $4.7 million for a four-bedroom.

The company bought the existing 12-story building on the site from Triangle Assets for $60 million in 2014 and plans to demolish it this summer.

Lightstone Group is currently also developing three Manhattan hotels for Marriott’s Moxy brand.

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