New York developer Ian Bruce Eichner has reportedly secured $420m in financing for the development of a 777-foot condo tower at 45 East 22nd Street, near Manhattan’s Madison Square Park.
More than $340m was provided through a Goldman Sachs debt fund, while the balance was $80m in preferred equity from Dune Real Estate Partners.
The funding comes more than a year after Eichner purchased the land and adjacent air rights for a reported $100m, subsequently completing the demolition of existing structures at the site this summer. When zoning permits, New York City developers can purchase undeveloped “air” above or adjacent to a property to expand the square footage of projects.
The Kohn Pedersen Fox-designed tower will rise 64 stories and feature as many as 90 units. Recent activity within the city’s condo market suggests that the tower could pull in jaw-dropping pricing as foreign buyers continue to infuse the city with capital. Units in prime locations have sold for as much as $5,000 per sq ft.
Related Companies’ nearby One Madison tower is shooting for impressive numbers too, pricing its 7,000 sq ft penthouse at $50m.
More recently a triplex penthouse at Zeckendorf Development Co.’s 520 Park Avenue on Manhattan’s Upper East Side was said to have become the city’s most expensive listing when it hit the market for $130m last month.
The Wall Street Journal first reported on the Eichner financing.