$305M Earmarked for NYC Luxury Condo
- Mar 14, 2017
New York—Lightstone has received $305 million in financing to develop 130 William, a new 59-story luxury condominium planned for Manhattan’s Financial District.
The loan is being provided by Mack Real Estate Credit Strategies LP. Construction has already commenced.
“We had strong demand from the lending community for this loan. It was a complicated and obviously large transaction,” Mitchell Hochberg, Lightstone’s president, said. “The Mack team’s knowledge of development and keen understanding of its nuances was instrumental in its consummation.”
Located in the heart of the historic Financial District, 130 William will consist of 249 units and stretch 800 feet high, and plans are for the development to offer unparalleled river views.
“30 William Street will be a world class luxury condominium with amazing views of the New York Harbor, Manhattan and Brooklyn,” Hochberg said. “It will be one of the tallest buildings in lower Manhattan, and we’re proud to be developing what will be a remarkable 800-foot luxury condominium, complete with superior amenities.”
That includes two floors of amenity spaces consisting of a wine cellar, pet spa, pool, sauna and massage room, fitness center, basketball court, yoga studio, lounge and game room, screening room, children’s play area and a rooftop observatory terrace offering expansive views.
Sales are expected to commence in early 2018.
Lightstone originally acquired a 12-story distressed building on the property in 2014 for $60 million with plans to build a luxury tower.
Lightstone’s $2-billion portfolio currently includes over 6-million square feet of office, retail and industrial commercial properties, 10,000 residential units and 3,843 hotel keys spread out among 26 states.