The developers of the newly-crowned tallest residential tower in the western hemisphere at 432 Park Avenue have drawn an additional $50m in financing from an affiliate of The Children’s Investment Fund.
Harry Macklowe of Macklowe Properties and Los Angeles-based CIM Group have now called upon $160m of the total $400m that Talos Capital Limited agreed to provide in October 2012, city property records show.
The $50m loan partially secures a $200m building loan, which Macklowe and CIM drew an additional $60m from in November 2012, as they prepared to take the supertall structure vertical; and they drew an additional $50m from a separate $200m project loan this July.
The 96-story, 104-unit condominium tower, between 56th and 57th Streets, reached its peak of 1,396 feet on Friday, becoming one of, if not the tallest buildings in the city and the tallest residential tower in the Western Hemisphere.
It is nearly 150 feet taller than the Empire State Building and taller than One World Trade Center if you didn’t count that building’s notorious spire (which earned it the official title as the tallest building in the western hemisphere).
While the building’s aesthetic appeal and the need for such height have been hotly debated, the structure has, like it or not, carved out an unmistakable sliver from the city’s skyline.
“It’s almost like the Mona Lisa,” Macklowe reportedly said at a topping-out ceremony on Friday for 1,500 construction workers. “Except instead of it looking at you, you’re looking at it wherever you are. You can’t escape it.”
While some may wish they could escape it, those with the money to do so have chosen to make it their home – albeit a second home in many cases, as wealthy foreign investors look for a safe haven to park their cash.
More than half of the 104 condos at 432 Park Avenue have reportedly been sold, including a $95m penthouse, while the cheapest units run around $7m.
Though Macklowe was among the most prominent New York City developers hit hard by the recession, he’s embarked on a comeback. He recently landed a $460m loan for his acquisition of 1 Wall Street and a $65m loan for his condo development at 985 Third Avenue, among other ventures.