A US subsidiary of HSBC Holdings has provided $79.3m in loans to the developers of Soori High Line, a condominium project rising on Manhattan’s west side, Real Estate Capital has learned.
Siras Oriel Development — a joint venture between New York-based Siras Development and Singapore’s Oriel Development — is constructing the $125m, 11-story building at 522 West 29th Street in Manhattan’s Chelsea neighborhood, between 10th and 11th Avenues.
Designed by Soo Chan — of SCDA architects and a managing principal at Oriel Development — the property promises to “bring Asian luxury to New Yorkers,” with an “integrated landscape” including water features that “blur the distinction between interior and exterior.”
Most notably, 16 of the building’s 31 units, reportedly ranging in price between $3.6m and $22.5m, will boast private heated pools that are four feet deep and up to 24 feet long.
Siras Development has a portfolio of more than 30 properties across New York City, including the Hotel Americano and the new Hudson Rise Tower. Together, the principals of the Siras Oriel Development joint venture has designed projects in over 30 cities, across 5 continents.
The lender, HSBC Bank USA, National Association, is an American subsidiary of UK-based HSBC Holdings and is headquartered in New York City.
The building is slated for completion in 2017.