Soho Properties has received $219 million in construction loans for a $174 million luxury condominium project at 45 Park Place in Tribeca, according to a statement from Manhattan developer Sharif El-Gamal, The Real Deal reports. The deal was funded by the London branch of Malayan Banking Berhad (Maybank) and Kuwait-based Warba Bank, with Saudi investment firm MASIC providing a $45 million mezzanine loan and Italian bank Intesa Sanpaolo serving as documentation agent. The developer had previously secured $33 million in financing from Madison Realty Capital in 2014.
The funding will be used for the residential tower and an Islamic cultural museum to be built next door at 51 Park Place. The condo project, to be designed by SOMA Architects, will be a 665-foot, 43-story tower with 50 high-end apartments, including two penthouses on the top four floors. Ismael Leyva Architects is listed as the architect of record.
El-Gamal plans to build a three-story Islamic museum, designed by Jean Nouvel, on the adjacent property. The developer was the subject of controversy over plans announced in 2010 to create an Islamic center at the same site; critics objected to the idea of a “Ground Zero Mosque” so close to the World Trade Center site. That project was abandoned in favor of the residential development, as 6sqft revealed last July. The new financing for the deal is “Sharia-compliant,” meaning it complies with Islamic laws that governing lending and borrowing.
The condo offering plan with average asking prices of more than $3,000 per square foot and a projected sellout of $391.9 million has been approved by the state Attorney General’s office. In addition to residences the project will offer a gym, pool, and kids’ playroom and the property will feature a 2,821 square-foot public plaza, retail and public green space. The condos are slated to be completed by 2018 with Stribling set to launch sales in late spring.
Stay informed about construction and listings for 45 Park Place on CityRealty.
- New Details and Final Rendering for 45 Park Place, Condo Tower at ‘Ground Zero Mosque’ Site
- Tribeca’s 45 Park Place Site Cleared to Make Way for Slender 660-Foot Skyscraper
- Sharif El-Gamal Commissions Jean Nouvel to Design Islam Museum Next to WTC
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