The Moinian Group has secured a $539m loan for its 1.16 million-square-foot luxury residential rental tower under construction at 605 West 42nd Street in Manhattan, on the northwest corner of 11th Avenue.
The loan was provided by the New York State Housing Finance Agency. Bank of China and life insurance company Ullico also played a role in the financing, but The Moinian Group declined to specify the extent of that role, saying only in an announcement that the entities provided “credit enhancement.”
The planned 60-storey building will feature 939 market rate and 235 affordable units, with a mix of studios, one-, and two-bedroom units. Moinian will also build out a 20,000-square-foot ground floor retail space with 200 feet of frontage along 11th Avenue.
The Moinian Group’s CEO Joseph Moinian called the property “a shining example of a large-scale, out-of-the-ground residential development that realizes a bold vision, pushing the limits of luxury and convenience,” noting that SL Green has signed on as an investor.
“We are gratified to partner with the finest financial institutions in the world as we move forward,” he said.
The building sits adjacent to the 478-unit Atelier condo tower Moinian completed in 2007. The firm is also set to begin construction on 3 Hudson Boulevard, a 1.8 million-square-foot mixed-use tower in the Hudson Yards District.
The properties are part of a four-million-square-foot development pipeline on Manhattan’s West Side, the company said.
A 40,000-square-foot public health club with indoor and outdoor pools are among 605 West 42nd Street’s amenities, along with a grand lobby, lounges, public spaces, a restaurant featuring outdoor dining, and approximately 20,000 square feet of terrace and deck space.
Tishman Construction is building the glassy tower, slated for completion in 2015.