Construction Begins on 45 Park Place
- Jun 21, 2016
New York—Construction is underway at 45 Park Place, a condo tower in the Tribeca neighborhood of Manhattan not far from the World Trade Center site. The 665-foot glass and steel tower will be completed in 2018.
Work began not long after the developer, Sharif El-Gamal’s Soho Properties, obtained a $174 million construction loan from Malaysian bank Malayan Banking Berhad and Kuwait-based Warba Bank. MASIC, a Saudi investment firm, provided a $45 million mezzanine loan.
In 2010, El-Gamal proposed the development of a 15-story Islamic center at 51 Park Place, which was widely if erroneously called the “ground zero mosque.” Later he altered his plans, opting instead to develop the 45 Park Place condos, though there will be a three-story Islamic museum adjacent to the tower.
45 Park Place will offer 50 units, with asking prices of more than $3,000 per square foot. SOMA Architects designed the building, with Ismael Leyva Architects the architect of record.
Common amenities will include a pool, fitness center, children’s playroom, and a more than 2,800-square-foot public plaza with retail and green space. Stribling Marketing Associates is overseeing unit sales.