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.
The 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.