News & Analysis

RFR Holding lands $360m loan for Manhattan luxury tower

Industrial and Commercial Bank of China has lent $360m in construction financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood. The long-stalled project, originally conceived as hotel and condo development, hit the brakes with the recession. RFR Holding, the lead on the development, brought China Vanke and Hines in to push forward with revised plans.

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Industrial and Commercial Bank of China has loaned $360m in construction financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood.

100 East 53rd RenderingThe long-stalled project, originally conceived as a hotel and condo development, hit the brakes with the recession. RFR Holding, the lead on the development, brought China Vanke and Hines in last year as co-developers to push forward with revised plans.

The 61-story property, at the corner of East 53rd Street and Lexington Avenue, will have 94 condominium units, ground- and second-floor retail and restaurant space.

Due for completion in 2017, it will feature studio through four-bedroom units. Planned amenities include a swimming pool, sauna, steam room, fitness center, yoga room, pilates studio, massage/spa treatment rooms, lounge, media room and concierge service.

HFF arranged the financing.

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